If you want to open a business account in Malta, you must first establish a business there. Luckily when it comes to business establishment, Malta is a very good choice. Malta is an independent country located in the Mediterranean Sea. Its landmass covers just over 316 square miles and it has a population of approximately 420,000 people. Malta has been an EU member since 2004 and it has adopted the Euro as its currency.
Geographically and politically stable location
Malta is a geographically and politically stable location in the European Union. Situated as it is at the crossroads of three continents: Europe, Africa, and Asia. This makes it an ideal place for a business to base itself out of if you're doing business with any of these areas. It also means that there's plenty of cultural diversity to be found on the island nation, which can help your company grow by diversifying your workforce.
Secure and reliable financial services
Malta is one of the safest countries in the European Union. It’s a member of the EU, eurozone and Schengen area. The country has strict laws that prevent illegal activities such as money laundering and terrorist financing. Since Malta joined the European Union back in 2004, it has become an attractive destination for international investors seeking financial services like:
- Accountants who specialise in international tax planning
- Lawyers who can help you set up your business
- Institutions that offer efficient online financial services
Well-educated, experienced and multilingual workforce
Malta has a well-educated, experienced and multilingual workforce. Maltese people are very friendly and welcoming, and they offer a very high level of service. They are also largely highly trained and so there is often no need to train your employees in any particular skillset before they start working for you. In general the Maltese are known for having a strong work ethic that makes them reliable employees who work well independently. You can expect them to be honest, trustworthy and hardworking - always making sure that the job is done right first time around!
Documents you’ll need to open a business account in Malta
The first thing to know is that, while you can start the process online, in order to open a business account in Malta, you’ll need to physically be in a branch in question at some point to complete the process.
If you want to open a business account in Malta, you will need to prepare some documents. Here is a list of the documents and information you’ll need to have ready for the financial services provider you choose – this is a standard list of requirements across all brick and mortar banks in Malta:
- ID documents (such as passports) that have been certified and authenticated for each of the company’s shareholders, directors and secretary.
- Proof of address
- Certified copies of your company’s Registration Certificate and Memorandum & Articles of Association.
- A completed KYC (Know Your Client)
- A tax declaration plan
- A business plan
- Your decision on choice of trading currency and the type of business account required.
- Reference letters from a bank for the company’s senior management, shareholders, or board of directors.
- A letter of intent explaining your reason for choosing the provider.
Alternatives to traditional institutions in Malta
There are other options for opening a business account in Malta. wamo provides a full-suite business account with EU and UK IBANs, sub–accounts, virtual & physical Visa debit cards and so much more. You can open an account in 10 minutes online with wamo from wherever you are. Why not give wamo a try?