If I am targeting international investors or markets, yes. You don’t need a local operating company for a ltd. in Germany.

If you are raising a Germany-targeted consumer business, a UG or GmbH might make sense. However, I hate the notary process with a passion, the German online fundraising rules are a joke, and the additional amount of paperwork is just too cumbersome in my eyes.

You could potentially flip later, but it’s a lot easier and cheaper to add a local German operating company later if you need that.

There were some arguments for INVEST Zuschuss, which might have some sway. Again, depends on who your investors are.