Setting up a business account in Malta is not a difficult task. In fact, it can be completed in a month, depending on how fast you submit your documents. There are many institutions in Malta and here we’ll look at some general aspects of opening an account with one of them.
Types of Banks in Malta
When you are looking for a bank account, it's important to consider what type of bank is best for you. It's not just a matter of choosing the most convenient branch or ATM location. If you're opening a business account, your focus might be on the bank's business customers and services. If you're opening an investment account, your focus might be on its investment products and services.
Here are some things to consider when deciding which bank is right for you:
Is this a personal or corporate account? This can affect which type of information they need from you in order to open an account with them and how much money they will require before opening an account (such as proof of residency).
How much does it cost? Some banks charge more than others do; some offer free checking accounts while others charge fees if certain actions are performed with your account (such as overdrafts)
Opting for a Bank in Malta
The first thing you need to do is find a bank in Malta. The good news is that it’s not hard to do so. Malta is a small country, and there are only a few banks in Malta; therefore, it should take you just a few minutes to make an informed choice of which bank you want to use for your business.
If you don’t know where to start looking for banks in Malta, here are some questions that may help:
- What kind of services does the bank offer?
- What kind of support can they provide?
- Is their customer service team available 24 hours a day?
Documents Required to Open a Business Account in Malta
To open a business account in Malta, you will need to provide the following documents:
- Passport and proof of address
- Proof of identity (for example, passport or driver's license) and proof of residence (for example, utility bill)
- Business registration certificate
- Proof of ownership (for example, land registry deed)
Verifying the identity of your company directors & shareholders
The directors and shareholders must be able to provide a valid ID, a proof of address and a proof of identity. The directors must be able to prove their identity, address and legal residence on Malta.
You will need to present the following documents:
- Passport or other identification document issued by an EU Member State;
- Birth certificate (for persons born after 25 April 1964);
- Certificate of naturalization;
- Certificate of registration as citizen with right to vote;
- Marriage certificate or divorce decree if applicable;
If you wish to open an account in the name of a company, you will also need:
Including Proof of Address Documents
The institutions requires a proof of address document to open a business account. The following are examples of proof of address documents:
- A utility bill (electricity, water or gas; phone bill)
- A lease agreement
- A deed/title registry certificate (when the property is owned by you and not leased)
Additional Required Documents
In addition to the account opening form and documents, you will need to provide the following supporting documents:
- Proof of your company's registration (certificate of incorporation)
- Proof of ownership of the company (certificate of registry). The certificate must include information about each shareholder, including their shareholding and address. If your company doesn't have a physical presence, then you should provide an extract from any public register that shows that you are in fact its owner. This could be a sole proprietorship or a partnership deed if applicable.
- A copy of your business activity license with proof that it has been issued by Malta’s Financial Services Authority (MFSA).
Easiest Solution To Open Business Account in Malta: wamo
There is a way to have a business account without dealing with the paperwork of traditional institutions. Have you met wamo? Download the wamo app. You can find the app on Google Play and App Store. Complete your application in just 10 minutes by adding your identity information and company information. Your account will be approved in a few days. Then quickly focus on your business and grow your company.