The Republic of Malta offers multiple benefits to local businesses. From its low taxes to the cost of formation and maintenance of companies, entrepreneurs consider Malta as one of the more favourable destinations from which to run a business.
Additionally, the country has become a transparent financial hub with an open door to European markets with a population of more than 500 million people.
Setting up a company in Malta is straightforward, and anyone can establish a business in the country, as long as you are aware of the right processes and business requirements, and have a business account.
Today, we'll cover all aspects of opening a company in Malta and how you can get started with your business right away.
Documents needed for a corporate account
As a new business owner in Malta, the first thing you need to do is to open a business account. You can either do this in Malta or in the country of your residence. You do not necessarily have to be present in the country to do so.
If you have chosen your company type, i.e. public, private, or limited liability company and company name, it's time to gather up all your documents for the business account.
Laine Redpath
Firstly, you need the Memorandum and Articles of Association that incorporates important information like
- the company name
- the company address
- the registered office
- the type of shares and number of shares -The number of directors and their identification details
- The name and address of the company secretary.
- Identification of each shareholder, director, legal and judicial individuals, and company secretary
You will also need a document that proves your identity such as your
- Passport
- National ID card, or residence permit.
If you are not a Maltese citizen, you must provide a document that proves your residential address in Malta, such as
- a rental agreement
- a utility bill, or
- a bank statement.
Additionally, it’s suggested that you keep these company documents handy
- Certificate of Registration
- Tax Registration Number certificate, and
- VAT registration certificate (if applicable).
Finally, it's important that you have a registration certificate for the company's business that is regulated by a professional body in Malta, if this is required.
Where should you open your business account?
There are multiple traditional banks and financial service providers that enable you to open a business account in Malta. All these platforms have their individual requirements and processes, so, it is important to do your research before you approach them.
Usually traditional banks like Bank of Valletta, HSBC Bank Malta, and APS Bank are more stringent in their process when compared with other financial service providers. There are new fintech companies like wamo, Revolut, Wise that enable you to open a business account faster and are more flexible with their requirements.
Sinan Elver
Open a business account with wamo
wamo is a financial management platform that helps small and growing businesses to open and manage their business accounts, regardless of their location. Established in recent years, the financial platform has gained popularity for its low-cost financial services, minimum requirements and fast account opening process.
wamo is especially popular with those business owners who want to open an account digitally. Some of wamo’s features include access to multiple accounts, virtual and physical Visa debit cards, spending money around the world with real exchange rates, international transfers in all G10 currencies and excellent, bespoke customer service.
Open a business account in Malta with wamo
It's very quick and easy to open a business account with wamo. In fact, if you have got everything in place, it only takes 10 minutes to get started.
You can start by downloading the app from Google Play or App Store and have your passport, ID or driving licence to hand. You will also need just one of the following documents in order to initiate your account opening (but note that all 5 will ultimately be required so if you have them to hand, submit all 5):
- Memorandum and Articles of Association (M&A)
- Proof of company address
- Proof of shareholder structure
- Incorporation Document
- Registry Extract
Now that you have everything ready, open the wamo app and:
- Pick a passcode and enable face ID (this is optional but much faster and more secure)
- Select your business type, country, and industry
- Enter your company name, address and registration number and one document
- Next, you’ll add your director’s name (or names) and details
- Add the company’s Unique Beneficial Owners (UBO) details: name, residence, date of birth
- Lastly, choose the account holder (probably you!) and scan their ID
The rest is a breeze! Your documents will be reviewed and once they are approved, you’re good to go! Apart from enabling businesses to run a company in Malta, wamo also offers business accounts for individuals, expats and freelancers who want to manage their finances and get started with their business.
