With the Maltese government relaxing its stance on business requirements and easing ways for international businesses to run a business in Malta, now is the time for businesses to take advantage of this change and set up business accounts in the country. The advantages of opening a business in Malta are many, and include greater tax efficiency, enhanced security, and easier access to financing. In fact, Malta has purposefully created avenues to help business owners and entrepreneurs get businesses up and running remotely. That means, you don't have to particularly be present in Malta to run a business, which makes things a whole lot easier and widens the potential for taking your business to the EU market. If you're running a business in Malta or planning to do so as a non-resident, you're going to need a business account with EUR (and, ideally GBP) IBAN options that will enable you to do business remotely but like a local at the same time – in other words, transacting in euros even if you are based outside of the EU. In this blog post, we'll tell you everything you need to know about these types of accounts, including why you need one and how to get one.
Why You Need a EUR and GBP Business Account in Malta
There are a few reasons why you might need a EUR and GBP business account in Malta. First of all, if you’re going to be selling products or services online, chances are you're going to need to accept payments in both currencies. Additionally, if you have suppliers or customers located in either the European Union or the United Kingdom, having a business account in their respective currencies will make it easier to do business with them. And, perhaps most importantly, if you are planning on expanding your business into either of these markets, having a business account in the local currency will give you an excellent head start.
How to Open a Business Account in Malta
Opening a business account in Malta is relatively easy and straightforward. The first thing you'll need to do is choose a bank. There are a few large international banks with operations in Malta, as well as several smaller local banks. Some of the famous banks in Malta are Bank Of Valletta, HSBC Bank Malta and APS Bank. Once you've chosen a bank, you'll need to submit an application form and pay a registration fee. After submitting the application, the bank will process it and contact you to let you know the status. The entire process should take about 2 weeks, but sometimes it can take longer. Once your business account is approved, you'll be able to start transacting business in both euros and pounds.
Mostly, new Maltese entrepreneurs are just aware of the traditional banking services that offer these international business bank accounts. However, with the new fintech markets rising, there are numerous alternatives like Wise, Payoneer, N26, wamo etc that are much faster and more flexible towards offering these business accounts.
Unlike traditional banks, they have low conversion rates, personalised services for each business and tend to charge less than standard banks around rates and fees. The best thing about these financial service providers is that they become your go-to stop for all financial transactions as they provide holistic services for your business which includes bookkeeping, accounting, payroll and even tax services. This way you can focus on other important things like business development and leave the financial worries to the experts. So if you're looking for a EUR and GBP business account in Malta, be sure to check out some of the newer financial service providers in addition to the traditional banks. You might be surprised at how much easier and cheaper they are to work with.
Once you've chosen a bank, the next step is to gather the required documents.
Documents Required to Open a Business Account in Malta
When opening a business account in Malta, banks will typically require the following documents:
- The passport or ID card of the company's directors and shareholders
- Proof of address
- Proof of income (if applicable)
- A minimum deposit (in some cases which varies as per the provider you choose)
- 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
- A business plan
- Personal guarantees may be required from the directors and shareholders
- Completing account opening forms
Once you have all of the required documents, simply visit your chosen service provider's or bank's website and follow the instructions for opening an account. Note that these documents may vary depending on the provider you choose.
In all, if you are a small business owner or non-resident of Malta planning to open and run a business there, the first step is to get a business account. With wamo, you can open a multi-currency account in just 10 minutes and get started immediately.