As a business owner, you need a business account to manage your company's finances. This account is different from a personal bank account because it is specifically designed for business transactions.
People setting up a company in Malta would need to open a business account. A business account is usually one of the first steps in setting up a company. This process involves providing a financial services provider with certain documents to verify your identity and business activities.
Today we'll walk you through the process of opening a business account in Malta, what documents you'll need, and how to get started.
Why do you need a business account?
A business account is a necessity for any company, regardless of size or industry. It is the best way to manage and monitor your company's finances. This account is different from a personal bank account because it is specifically designed for business transactions.
Apart from that, there are multiple benefits of having a business account, such as:
It helps you track your expenses and income: This is important for budgeting and financial planning purposes.
It makes it easier to manage payroll: If you have employees, they will need to be paid through a business account.
It helps you build business credit: This can be helpful if you ever need to apply for a business loan in the future.
It separates your personal and business finances: This makes it easier to manage your finances and avoid any mix-ups.
It gives you access to financial products and services related about your business: This includes things like business loans, lines of credit, and merchant services.
It makes your business look more professional: Having a business account shows that you are serious about your business and helps to build credibility with customers and suppliers.
What documents do I need to open a business account?
The documents required to open a business account vary from country to country and from provider to provider. However, there are some common documents that you will need in order to open a business account in Malta.
The first step is to incorporate your company. Once you have done this, you will need to provide the following documents to a provider:
- The company's certificate of incorporation
- The company's memorandum and articles of association
- A utility bill or another form of proof of address for the company
- The passport or ID card of the company's directors and shareholders
- A business plan
- Personal guarantees may be required from the directors and shareholders
- Completing account opening forms
Alternatively, you can use services like Revolut and TransferWise to open a business account online. These services are faster and easier than traditional institutions, and they often have lower fees. However, in Malta, there are chances that you might get waitlisted with these options and the process might take more than the expected time. If you wish to get the process expedited, wamo offers multiple services to open your business account in minutes and hit the ground running.
How wamo is making it easier than ever
Currently, wamo is enabling company owners, freelancers and corporations to open a business account in just 10 minutes. The process is easy and fast if you have all the required documents in place.
It further offers a borderless account, which is a multi-currency account that allows you to hold and manage money in multiple currencies. This can be helpful if you are doing business
If you are a sole trader, it is making it easier than ever for you. All you need is
- Basic details like your name, email and phone number
- Proof of identity
- And, if needed, documents to verify your sole trader status
For registered companies(e.g. LLC), wamo needs
- In addition to basic information about yourself, we will also ask for:
- Company registration name and number
- Memorandum of Incorporation and Articles of Association
- Proof of shareholder structure
- Proof of identity for any directors, UBOs, and shareholders. You can use your national identity card, passport or driving license as valid forms of identity.
With wamo, you can get started without having to visit them in person. Everything can be done online in a few minutes without being in Malta.
How much time does it take?
Opening a business account with wamo only takes a few minutes. Once you have incorporated your company, you can open a business account and begin using it immediately.
On the other hand, institutions in Malta have distinct procedures and requirements. You may have to visit branches in person and submit a range of documents. The process can take several days or even weeks depending on their policies.
In all, opening a business account can make your business run smoother. It can also help you build business credit and access important financial products and services. wamo makes it easier than ever to open a business account in Malta. All you need is your company's incorporation documents and you can be up and running in just a few minutes. For opening your business account in 10 minutes, register now!