Choose a shelf company with a suitable bank account

FAQs about the purchase of a shelf company with a bank account

• What is the advantage of a shelf company in relation to the bank account?

  When a new company is founded, there are often significant delays in opening the account due to banks’ verification requirements. However, the notary can only submit the commercial register application of the newly founded company once the share capital has been transferred to the account. The duration of a company’s own foundation is, therefore, difficult to quantify, in particular because of the bank account issue.

  By contrast, purchasing a shelf company means you can deal with the bank account or transfer of the share capital at your leisure following the purchase, while the company already enjoys full legal capacity. Even if we cannot spare you or your clients the bank’s customary audit process, this sequence is a significant simplification.

• Which account model fits best when foreign buyers are involved in the purchase of a shelf company?

  That depends on the individual case. We would be happy to clarify the appropriate account model in a brief telephone call.

  We recommend you discuss the following questions with your clients in advance:
  Do the purchasers already maintain a business relationship with a certain bank?
  Should the company continue to hold an account in Germany in the future? Will the managing director be permanently, or at least temporarily, on site? Do the purchasers come from outside the EU? Do the FATCA regulations apply to purchasers with a US connection? Or is there a regional connection, e.g. to Berlin?

• Can I acquire a bank account quickly and easily by purchasing a shelf company?

  In some cases it is not easy to find a suitable bank for a planned company at short notice. Most banks have restrictions regarding shareholders’ countries of origin or the object of a company.The same conditions will apply when taking over the bank account of a shelf company.

  Even though a shelf company cannot offer a short cut to a bank account, you have full legal capacity following the purchase of the company and can take the time needed to find a bank that suits the planned business and where your company is welcome.

• When can I dispose of the account balance?

  The new managing director will be granted full access to the account and can dispose of the authorised capital following successful completion of the legitimation and KYC audit.

  We will provide you with a checklist for the KYC audit and the documents that the bank managing the account requires. The KYC audit can only begin once the bank has received these documents in full. The duration of the KYC audit then depends on the respective bank and the new shareholder structure.

  Should the bank refuse to transfer the account in an individual case, the account will be closed and the account balance transferred to an account stated by the managing director.

• Shelf companies with an account at Berliner Sparkasse

  If you purchase a company with an account at Berliner Sparkasse, we will give you the name of a personal contact person who will help you transfer the account. As in the case of all banks, Berliner Sparkasse conducts a KYC audit and identification of the new managing director. This account is a good fit for purchasers if at least one of the new managing directors is local. 

   

• Shelf companies with an account at Qonto

  Qonto is a neobank – all banking transactions are conducted exclusively via the online portal. The new managing director is identified via video chat, which is also possible from abroad. The documents for the KYC audit can be simply submitted by e-mail. A company with an account at Qonto is a good fit if you want to actively use the business account as soon as possible, and a neobank suits your planned business activity. Please note the following: If the shelf company is acquired by a company, the purchasing company must have its registered office in the EU, an EFTA state or the UK. A residence permit for Germany must be held in the case of acquisition by natural persons who are not from EU/ETFA states.

• Shelf companies with an account at Wiesbadener Volksbank

  We will appoint a personal contact person who will assist you with the account transfer. As in the case of all banks, Wiesbadener Volksbank conducts a KYC audit and identification of the new managing director. The new managing director is identified in a branch of the bank, or via PostIdent. This account is a good fit for customers with a local connection. As an alternative to the account transfer, we also issue an order cheque that can be cashed in a new company account. This allows you to remain flexible in your choice of action.