The admission of new shareholders to a GmbH is a crucial milestone that not only changes the ownership structure but also has far-reaching legal, economic, and strategic implications. This process offers the opportunity to generate financial resources, acquire strategic partners, or reorient the company. At the same time, it requires precise preparation, legal expertise, and thoughtful planning to minimize risks and ensure a smooth integration.
Capital increase – Legal regulations
The German Limited Liability Companies Act (GmbHG) and the GmbH's articles of association form the legal basis for admitting new shareholders. Section 55 (1) of the GmbHG is particularly relevant, as it describes a capital increase as one of the most common methods for admitting new shareholders. Key requirements are:
- Formal requirements: Increasing the registered share capital is a change to the articles of association and requires a shareholders' resolution, which must be passed with a majority of at least 75% of the votes and notarized. The shareholders' resolution not only regulates the amount of the capital increase and the new nominal values of the shares, but also determines who is entitled to acquire them. Furthermore, the new shareholder must expressly declare that they will acquire the new shares and make the agreed contribution. This can be done as Cash capital increase (cash payment) or as Capital increase in kind (contribution of material assets).
- entry into the commercial register: The capital increase or amendment to the articles of association will only become effective upon registration in the commercial register. This requires the notarized documents and the capital contribution.
- Rights of shareholdersExisting shareholders generally have subscription rights for new shares. If a new shareholder is to be admitted to the GmbH, the existing shareholders must waive their respective subscription rights.
- The Articles of Association: In addition to legal requirements, the articles of association can define further requirements, such as consent requirements, share valuation rules, or specific profit sharing arrangements. These individual provisions provide clarity and protect the interests of existing shareholders.
Special form: Authorized capital
Since a capital increase through a resolution amending the articles of association can be complex, it is possible to authorise the managing directors in the articles of association to issue new shares (authorized capitalThis facilitates the admission of new partners, as a notary appointment is not required for all partners each time.
Transfer of shares by existing shareholders
An alternative option is for one or more existing shareholders to transfer their shares to a new person. This requires:
- Notarial certification of the transfer agreement (Share Purchase Agreement), which precisely defines the transfer of shares. The purchase price and any guarantees to protect the buyer should be contractually regulated.
- Examination of transfer restrictions or pre-emption rightsArticles of association: Articles of association often contain provisions regarding the pre-emption rights of other shareholders or requirements for the approval of the shareholders’ meeting.
- Practical implementation: This includes a due diligence review by the new shareholder, the preparation of a contract, notarization and updating of the shareholder list.
Strategic and practical preparation
A successful acquisition requires strategic planning:
- Company valuation: A sound valuation serves as the basis for determining the value of the shares. Methods such as the income approach or the discounted cash flow method can be used.
- Contract design: Clear regulations regarding purchase price, guarantees, non-competition clauses and exit clauses minimize future disputes.
- Communication and integration: Transparent communication with employees and stakeholders facilitates the integration of new shareholders.
Special case: Cancellation and reissue of shares
If a shareholder grossly violates their obligations (e.g., violations of non-competition clauses), their share can be confiscated. The shareholders' meeting can then issue new shares, which are then acquired by a new shareholder. The consideration is then not the purchase price, but rather the payment of a settlement to the excluded shareholder.
Capital increase vs. share transfer
The two methods differ in the following points:
- Capital increase: Fresh capital flows into the company as the new shareholder pays his contribution to the GmbH.
- Transfer of shares: The purchase price goes to the existing shareholder; the company itself does not receive any new capital.
The decisive factor is therefore the goal: if it is a question of raising capital, a capital increase is the better choice.
Special challenges and design questions
- Subscription rights of existing shareholders: An exclusion of subscription rights must be specifically justified in legal terms.
- Valuation issues and tax aspects: The valuation of the shares influences the purchase price and tax burden. Real estate transfer taxes or income taxes on capital gains may be incurred.
Conclusion and recommendations for action
The admission of new shareholders to a GmbH is a complex process that requires legal, tax, and strategic considerations. Companies should consider the following points:
- Check the legal basis and the articles of association
- Analyze strategic and economic impacts
- Make contracts clear and comprehensive
- Obtain professional advice from legal and tax experts
With careful planning and a clear strategy, the addition of new shareholders can help strengthen the company's financial and strategic position and shape its future sustainably.
