A functional bank account is crucial for any company’s success, as it enables seamless financial transactions, accurate bookkeeping, and efficient management of funds. It’s the backbone of a business’s financial structure, allowing you to accept payments, pay suppliers, manage employee salaries, and more. Without a working bank account you will not be able to run any business operation in Germany.

However, in recent years, activating a bank account for a company has become increasingly challenging, especially for foreigners coming from outside the European Union. One of the primary reasons for this difficulty are the strict regulations and restrictions implemented by the financial services supervision. These restrictions are applied to prevent money laundering, terrorist financing, and other financial crimes. Certain countries have been placed under increased monitoring by the german BaFin which currently is listing 22 countries, making it even more difficult for entrepreneurs from these nations to open a bank account for their companies.

As a result of these mentioned measures, banks are becoming more cautious when it comes to accepting new clients, and they conduct thorough background checks before approving a bank account application. This can lead to lengthy delays and, in a lot of cases, end with an rejection. making it a significant barrier for foreign entrepreneurs looking to establish a business presence in Germany.

At readymadegermany, we understand the challenges and complexities associated with opening a bank account, especially for foreign clients. That’s why we prioritize clear communication and transparency when discussing the difficulties of obtaining a working bank account for your company. Our goal is to provide you with an honest assessment of your chances, considering your country’s standing for the bank and any other relevant factors that might affect your application. Our team of experts is dedicated to guiding you through the entire process, offering tailored solutions to increase your chances of success.