Open an account for sole proprietors

No, sole proprietors are legally not required to maintain a separate business account. This obligation only applies to corporations such as GmbH or UG.

However, there are several advantages to handling income and expenses through a dedicated business account.

A separate business account allows you to clearly separate private and business transactions and maintain a clear overview of your business finances at all times, which simplifies accounting.

If you use your personal account as a business account, you can easily lose track of private and business transactions. Preparing taxes also becomes more complicated in many cases.

Moreover, business account providers often offer features tailored to the needs and requirements of sole proprietors.

Qonto's business account impresses with innovative tools for accounting, receipt management, invoice management and issuance and much more.

The choice of the “best” banking provider for small business owners strongly depends on individual requirements. It is worth comparing the different business accounts. Some important criteria when deciding on a business account are:

1. Cost structure: Transparent and fair fees for account management, transactions, and additional services.
2. Online banking features: Intuitive, user-friendly interface and mobile app for efficient banking.
3. Customer service: Accessible, competent customer support, ideally in multiple languages.
4. Additional services: Accounting integrations, invoicing functions, and other tools that facilitate business operations management.
5. Flexibility: Account models that can scale with the growth of the business.
6. International capabilities: Support for foreign currency transactions for sole proprietors operating internationally.

Qonto is often mentioned as an interesting option for small business owners as it meets many of these criteria.

In addition to transparent and fair fees, a user-friendly platform and multilingual customer service, Qonto offers specialized services and innovative tools tailored to the needs of small businesses.

Want to switch from another provider to Qonto? Use the free account switching service.

In the business account comparison, a management fee between 0 and 98 euros per month is a common standard. This, of course, also depends on the specific account model you choose.

Overall, the question of how much a business account for sole proprietors costs per month cannot be answered universally. For example, seemingly free business accounts often have hidden additional costs. It's worth taking a look at the fine print.

At Qonto, you can choose between plans starting at 9 euros per month (with annual payment). The included features are clearly and transparently described, and there are no hidden additional costs. Your needs change over time? No problem, in this case, you can easily switch plans.

For sole proprietors, it is important to have a financial reserve to manage fluctuations in business operations. A good guideline is to keep enough money in the business account to cover operating costs and personal expenses for 3 to 6 months.

This provides security during periods of lower income and allows you to seize unexpected opportunities or invest in business developments. It is also advisable to set aside reserves for taxes and unforeseen expenses.

The exact amount varies depending on the business model, fixed expenses, and personal lifestyle.

To ensure that your business remains stable even in uncertain times, sole proprietors should regularly review their financial situation and make adjustments if necessary. Careful financial planning, understanding your own cash flow, and regular budget control are crucial to securing the financial health of the business.

Qonto supports you with dashboards and integrated tools for financial reporting and tracking.

The opening of your Qonto business account takes only a few minutes – unlike most traditional banks. Additionally, the account opening is completely online. With a few clicks, you can customize the business account to your needs.

The following documents should be ready when you open your Qonto business account as a sole proprietor:

1. Valid proof of identity (European ID card, European passport, or residence permit for Germany)
2. Business license with signature and stamp

Here you can find more details about the required documents.

If you have any questions, feel free to contact our customer service – we respond quickly and are happy to assist you with any inquiries.