Best Business Account 2024 in 10 minutes

A business bank account is an account provided by a banking or payment institution to facilitate financial operations for freelancers, small and medium-sized businesses (SMEs), startups, and other types of companies. Through this account, companies can process incoming and outgoing transactions related to their business needs. This type of account usually provides integrations with accounting services and offers options to add different roles and manage permissions. However, the basic function remains the same: making and receiving payments. Companies usually open at least one business account right after the registration process. Depending on its particular needs, a company can also have several business accounts in different banks or financial institutions.

The business account expenses depend on several company and account parameters, as well as business specifics, such as:

• Annual or monthly basic fee for the account plan.
• Number of employees.
• Costs for virtual or physical cards.
• Number of monthly transactions.
• Costs for each paper-based or paperless booking (transfer, standing order, direct debit).
• Number of cash withdrawals from ATMs.
• Fees for each cash withdrawal from ATMs.
• For a digital account: any charges for accounting functions.
• Fees for international transfers.
• Account management costs.

Price and fee differences will differ between traditional banks and neobanks. Often, a conventional bank or neobank offers different account models associated with different account management fees. Companies with business bank accounts should consider all the details. Usually, having several business bank accounts for different operations may be a good idea. Vivid offers several subscription types for a business account based on the company size requirements. You do not need to give up your current bank account. You can open a new business account in Vivid and evaluate new features for free.

You can open a business account 100% online without an appointment or a call. Just set up your digital business account online anytime and from any place. The simple and fully digital account opening process takes about 10 minutes. If you have any questions, you can contact the Vivid support team, which is available 24/7. To open a free business account, you must be your company's director(s) (as listed in the company's articles of association). If you open the account using a management power of attorney, we will require proof of identity from you and the director(s).

Who can Vivid supports the following registered legal forms in the Handelsregister:

• GmbH
• GmbH & Co. KG
• AG
• UG
• KG
• eK

We will soon support these types of legal entities:

• Freelancer
• Sole traders

Vivid’s digital business account offers many advantages:

• 100% online: open your company account in minutes, get a German IBAN instantly, and order your physical or virtual visa cards.
• A digital account in neobanks helps make company accounting easier with automated receipt-matching technology and more.
• Enjoy integrated invoicing, cash flow, and supplier management tools.
• Designed for teams: you can add team members and roles and check and approve each transaction.
• Dedicated customer support: our team is available via chat 7 days a week, 24 hours a day.

Vivid offers a digital business account with DE IBAN and all the classic banking services you need (e.g., SEPA real-time transfers, foreign payments, card payments, online banking, etc.). Vivid also offers tools to simplify transactions, bookkeeping, and tax management, such as accounting integration with DATEV. Moreover, Vivid offers customizable physical and digital Visa cards. A digital business account is opened online and managed via a smartphone.

The documents you need to open a free company account depend on your company's legal form. Businesses usually have to provide the following: 1) Proof of identity of directors in the form of an identity card or passport. 2) Proof of business activity: depending on the legal form, e.g., current extract from the commercial register for corporations such as GmbH or UG.

Online registration for a Vivid digital business account usually takes about 10 minutes. First, you register an account and go through identity verification. Then we verify the company information you entered. We’ll get back to you with an update within less than 48 hours.