Smart business account fully online

What documents do you need to open an online business account with Finom?

At Finom, we want to make it as easy as possible for you to open your online business account. The required documents depend on your company form:

Online opening of a business account for registered companies (GmbH, UG, AG, OHG etc.):

• Commercial register number: This number is essential for opening a business account online.
• Information on the beneficial owners: Details of the persons who manage or benefit from your company
• ID and video identification of the legal representatives: In principle, each representative must identify themselves by video and present their ID. However, if you have more than two representatives, you can choose two of them.
• Within 90/180 days of opening the business account:
  • Tax number and tax identification number of all representatives. If the representatives are legal entities, we need their tax number and VAT ID number instead.

Online opening of a business account for companies in formation (GmbH i.G., UG i.G., AG i.G.):

• Formation documents: Articles of association, memorandum and articles of association, sample protocol, certificate of incorporation and, if applicable, a separate list of shareholders
• ID and video identification of the legal representatives: As for registered companies
• Within 90 days of opening the business account:
  • Commercial register number and, if applicable, extract from the commercial register if we are unable to obtain this ourselves
  • Tax number and tax identification number of all representatives (after receipt of the commercial register number). If the representatives are legal entities, we require their tax number instead.

Online opening of a business account for freelancers:

• ID card and video identification
• Within 90/180 days of opening the business account:
  • Tax identification number

Online opening of a business account for non-registered sole traders:

• Trade license: Can be submitted within 90/180 days of opening the business account, but should not be older than 90 days
• ID card and video identification
• Within 90 days of opening the business account:
  • Tax identification number

Online opening of a business account for GbR (civil law partnership):

• Trade license
• Articles of association
• ID and video identification of all partners
• Within 90/180 days of opening the business account:
  • Tax number and tax identification number of all partners

Note: We may request additional documents in individual cases.

What information about owners and beneficial owners does Finom need to open an account online?

When opening your Finom business account online, you will be asked to provide information about owners and beneficial owners after you have provided your company details.

Beneficial owners are natural persons who:

• own more than 25% of the company’s shares or
• carry out a transaction on behalf of the company.

To open a business account with Finom online, you must be the legal representative of the company. It is possible that the legal representative and the beneficial owner can be the same person – in this case you. If this is not the case, all names of the persons involved and their personal data must be provided.

In the case of SMEs, the beneficial owners are usually the co-founders of the company.

Further details on the beneficial owners can be found in your company declaration.

Is identity verification required to open a business account online with Finom?

What are the requirements for opening an online business account with Finom?

The following requirements apply to opening a business account online with Finom:

1. Company registration: your company must be registered and active with the relevant authorities or be in the process of being established. In both cases, valid company documents are required.
2. Identity verification: The identities of the business owner and all authorized persons must be verified by means of an identity card or passport.
3. Residence or place of business: You or your company must be based in one of the countries in which Finom operates.
4. Industry and business activities: Certain industries and activities may be excluded from opening an account.
5. Compliance with regulatory requirements: Your company must comply with all legal and regulatory requirements, particularly in relation to Anti-Money Laundering (AML) and Know-Your-Customer (KYC) measures.
6. Online opening and verification is completely digital, making the process quick and convenient.

How long does it take to open a business account online with Finom?

Who has to open a business account in Germany and for whom is it recommended?

In Germany, corporations such as GmbH, UG, AG, KGaA and SE must open a business account in order to clearly separate private and business finances and meet legal requirements.

For partnerships (OHG, KG, GbR) as well as freelancers and the self-employed, a business account is not required by law, but is highly recommended in order to manage finances transparently and present a professional image. Associations and small businesses also benefit from a separate business account for a better overview and financial transparency.

What are the advantages of opening a business account online with a fintech like Finom?

A business account with a fintech like Finom offers the following advantages compared to traditional banks:

• Quick and easy online opening without paperwork or appointments
• Lower fees and transparent pricing
• Integrated accounting and invoicing features for easy financial management
• Mobile app and digital banking for flexible access anytime, anywhere
• Automated payment reconciliation and expense management that save time on bookkeeping

These modern features make fintech business accounts particularly attractive for freelancers, start-ups and small businesses.

How does Finom protect your data when opening and using an online business account?

At Finom, protecting your data is our top priority. We use state-of-the-art security measures to keep your information safe at all times.

Advanced data encryption

Your sensitive data is encrypted at rest, in transit and at application level before it is securely stored. This protects it from unauthorized access.

Multi-factor authentication with Passkeys

We enable the most secure two-factor authentication with Passkeys. This passwordless technology protects your account from unauthorized access while simplifying the login process.

Improved 3D Secure authentication

Our 3D Secure system uses both SMS and push notifications in the app, eliminating the need for manual verification codes while increasing security and convenience.

Universal payment protection

Finom’s payment protection applies not only to card payments, but also to SEPA, SWIFT and other transfer methods to ensure comprehensive security for all transactions.

Passkey verification technology

Passkey verification enables online payments to be confirmed without passwords, offering greater security and a seamless payment experience.

Multi-channel authentication

You have the flexibility to choose how you want to verify your identity – via push notification in the app, with passkeys or conventional SMS codes. This ensures maximum security and convenience.

Biometric customer authentication

We support fingerprint and facial recognition to meet the requirements of strong customer authentication.

Real-time notifications and access control

Stay up to date with instant push notifications of suspicious activity. You also have full control over who can access your account, including flexible access rights for employees.

Regular security audits and 100% GDPR compliance

To ensure the highest security standards, Finom has regular security audits carried out by independent cyber security companies. We are fully GDPR compliant; however, you can withdraw your consent to data processing at any time.

With Finom, you can open and manage your business account securely, knowing that your data is protected by the highest security standards in the industry.

Is it expensive to open and manage a business account with Finom?

Opening and managing a business account with Finom is very affordable. We offer several flexible pricing models:

• Solo (free of charge): For freelancers with basic features for €0 per month
• Basic (€9/month excl. VAT): For growing businesses with advanced features and cashback
• Smart (€19/month excl. VAT): For sole traders and companies with cashback, higher limits and dedicated account manager

In addition, Finom offers free SEPA transfers and free virtual and physical VISA cards from the Basic tariff and has 30 accounting integrations. The Solo account is therefore the ideal way to get started without fixed costs.