Find out how to open a corporate account with a bank in Malta and what requirements your business needs to meet in order to complete the procedure. The service is suitable for Maltese companies with a presence in the country.
Malta is actively used to register holding companies, investment funds, IT startups (including in the field of blockchain and cryptocurrency), and trading businesses. The registration of yachts and aircraft to minimize taxation is a separate niche to occupy. They provide licenses for electronic money issuance (EMI), gambling business creation, financial and other specialized activities.
Malta is an EU member, so you gain access to the European market by starting a business here.
Maltese companies can open a corporate account with banks in Malta.
If you set up a company in Malta in 2022, you are sure to find many banking services here that will be useful for your business, such as transfers, payment deposits, letters of credit, or checkbook instruments.
How to Choose a Bank to Open a Corporate Bank Account in Malta?
The banks of Malta are divided into 4 levels:
- Largest: HSBC, Bank of Valletta (BOV).
- Medium: Sparkasse, APS Bank, etc.
- Small
- Specialized – used for specific tasks or even companies.
It is easier to open an account with large banks. The choice of a bank depends on the purpose of the business, the field of activity, the bank’s policy, and other factors.
Each bank has its own financial requirements, such as minimum initial deposit, credit rules and risk appetite differs from bank to bank as well, so our experts can help you match your needs with the possibilities provided by a particular institution. Overdraft limits can usually be negotiated.
It is a great advantage if you have an account with an international bank that has a branch in Malta as Maltese banks prefer to work on a referral basis. In this case, compliance background checks can take much less time.
Besides traditional banks, Malta has digital ones licensed as electronic money institutions.
Traditional banks require strong links with Malta (read on to find how we can help with them), but offer a depositor compensation scheme. Digital ones do not fall under this scheme but offer advanced technological features. They are very popular with start-ups as no bank account track record is required.
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Opening of Corporate Accounts in Malta: Bank Requirements
It is almost impossible for non-residents (third-country nationals and foreign companies) to open an account in Malta. The companies registered in Malta and persons with strong links with the country have a higher chance to open a corporate account here to deposit their share capital.
The account usually becomes fully functional after the initial deposit has been made. Following that, the bank activity can be initiated outside the bank office – through the internet, e-mail, fax or phone.
What do “string links with Malta” mean for business? This is about real presence (substance). The substance may include a full-fledged office on the island and hired employees who can perform the tasks assigned to them. The implementation of the main business process may also constitute substance.
If a holding company is registered to own foreign assets, it is incredibly difficult to open a corporate account.
Banks will require to describe the essence of the business and provide a business plan, which shows what kind of links are planned with the country.
Why would banks do that? The jurisdiction seeks to protect itself from the reputation of being “offshore” and introduces additional security measures. One way is to limit the number of applicants for opening a bank account.
You will also be required to provide proof that your funds are not connected with crimes or any illegal activities. If Maltese banks have the slightest doubts about that, they usually refuse to start banking relationships.
Existing businesses must provide a complete set of documentation on their activities, while start-ups can submit IDs of owners and shareholders only as they lack business history.
There are no exchange controls in Malta, and you can open an account in any currency you want.
List of Documents to Open a Corporate Account in Malta
Here are the documents you will need to provide to open a bank account:
- Company’s statutory documents: Articles of Association, Memorandum, etc.
- Certificate of Good Standing
- Bank references that list the company’s shareholders and directors
- Bank forms filled in without errors (“Know-Your-Client” form (KYC), an application for opening a bank account)
- Documents of beneficial owners, shareholders, signatories and directors: foreign passports, proof of residence address
- Business Plan (with anticipated turnover)
- Proof of legal origin of beneficial owners’ funds
- Office rental contract
- A certified copy of the registration certificate in the Maltese company register
- Statements of the company’s secretary if the entity is listed on the stock exchange
- References from the country of origin (if your company contains entities or structures from other countries than Malta), such as a reference from a lawyer
The banks in Malta may require additional documents, especially from companies engaged in less popular industries (cryptocurrencies, etc.).
If your company’s head office is located outside Malta, the bank may need translations of your company’s documents. As for authentication of translations, requirements vary from bank to bank and will be provided to you by our experts.
If there is a link with Malta or you are ready to create it, please contact us.
Opening a corporate account begins remotely, but a personal visit to the bank by the director or beneficial owner is required later on. Alternatively, you can use a local agent.
We would like to remind you that we can help with opening bank accounts in other countries as well if you need to. Make an appointment for a free account selection before you pay for the account opening service or even register a company. Yes, even business registration starts with selecting an account for your needs!
Costs of Opening a Maltese Corporate Account
The cost of assistance in opening a corporate account in Malta is 3999 EUR provided that you have a strong link with the country (substance in most cases).
The price includes:
- Preliminary consultations
- Selection of an appropriate bank upon request
- Assistance in the preparation of documents
- Local agent’s services
- Intermediary services when communicating with the bank, filing of documents
- Account opening
Additional costs:
- Translation of documents into English and their certification
If you register a company, find an office and create a real presence in the country with our help, we will open an account for you at a discount.
We have a similar offer for those who decide to get a residence permit, permanent residence or citizenship of Malta jointly with InternationalWealth.info experts.
The final decision to open a corporate account is made by the bank, and the duration depends exclusively on the bank’s requirements for documents and their verification.
How to Open a Corporate Account in Malta: Procedure
Please let us know that you would like to open an account in Malta by email, telephone or via chat on the portal.
Answer the consultant’s questions for us to make sure that we can open an account for you (for example, you may have a registered company with an office in Malta, and we should be aware of that).
Pay 3999 EUR for assistance in opening a corporate account. If you decide to open a company with us or get other services, the price will be adjusted.
Provide a complete set of documents to open an account.
We will open a corporate account after we receive payment and a full set of documents. Ask questions and get the service at info@offshore-pro.info or by contacting the messengers: +372 5 489 53 37 .
