Registered share capital

The statutory minimum registered share capital, which must be
subscribed in full, is € 25,000 for a GmbH and up to € 50,000 for
an AG. If contributed in cash, only one quarter of the registered
share capital of a GmbH (but not less than € 12,500) must
be paid in by the date of the application for registration in the
commercial register.

In the case of an AG, one quarter of the
registered share capital and the entire premium, if any, must be
paid in. The capital of a GmbH or AG must be paid in full or secu-
rity must be given in respect of outstanding capital if the GmbH
or AG is established by a single shareholder. Contributions in
kind must be fully contributed in such a way that the assets are
permanently at the free disposition of the managing directors/
board of management.