Business Bank Account

3 posts in this topic

I have lived in Germany for over 5 years. I have had businesses in the US and a GmbH here in Germany where I hired a local to be the CEO.

 

I wanted to open a small business account at a local bank for a small self employed business that I plan to start. The girl called me and told me Commerzbank would require additonal details on every transaction coming and going because I am an American Citizen. I have tried to work around this, but no luck so far.

 

Does anyone have a suggestion on a business bank account for the US Expat self employed?

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1 hour ago, Americanguyinulm said:

Commerzbank would require additonal details on every transaction coming and going because I am an American Citizen. I have tried to work around this, but no luck so far.

 

Does anyone have a suggestion on a business bank account for the US Expat self employed?

 

Following the 2008 crisis several measures intended to reduce the potential risk of a similar crisis have been introduced. One major effect of such legislation was on non-US banks and financial institutions which had any presence or representation in the US market. They were the first to be threatened with huge financial penalties if they failed to cooperate with the US FACTA and FBAR regulations which together mandated compliance with requirements to provide  details of any accounts held by US citizens, or US green card holders, whether those account holders were US residents or based overseas.

 

More recently similar legislation has been, or is being, adopted by all OECD member states so, for example, all EU states will enact and introduce their own equivalent regulations in 2018/2019.

 

The core aspects of your question have been addressed many times over the last 6 or 7 years in Toytown and I'm sorry but I don't know of any relevant suggestions which have not been proposed, discussed, dismissed or accepted on several existing threads already.

 

I suggest you put 'FACTA' into the TT search box and review some of the 20 topic threads that kicks up. If the info posted in those threads doesn't answer all your needs on the subject try the same with 'FBAR'.

 

Btw, I'm inclined to think your topic would be more 'at home' in the Finance forum where it might attract the notice of those TTers who have a more specialized interest in banking matters so you might want to move it accordingly. To do so click on 'Edit this topic' (at the top beside the coloured 'Reply to this topic' button) and scroll down to the selection window.

 

2B

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You can open a business account with N26 Bank with zero hassle. If you are more traditional then Deutsche Bank. 

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