3 important facts about opening a business account in Malta

When forming a Maltese company there are many standard procedures that must be followed, but they have become second nature to me since I have started working for Dr. Werner & Partner. There is of course the registration and tax advice, but when forming a new company there are other factors to consider as well. The company needs to be registered in the Maltese company register, and a corporate bank account needs to be opened with a Maltese bank. There are several different banks operating in Malta, among them Banif, Bank of Valletta and HSBC.

Having extensive experience with many company formations, and related bank appointments, I would like to explain a few important things that are needed to open a business bank account in Malta.

There are three essential points that should be kept in mind so that the process is not extended unnecessarily.

1. You will need a bank reference from your home country. This does not mean that you need to present a good testimony from your local bank, it can be enough to present bank statements from the last six months, in order to show good conduct. The bank does not necessarily want to see how much money you have, or how many payments you make, it is really just standard procedure.

2. To open an account you will also need certified proof of your address and a certified copy of your passport. You can obtain certified copies for example at a local notary office.

3. Be realistic about time-frames for opening an account, and do not believe any promises of two or three business days. It can often take up to four weeks to obtain all documentation necessary to use the account for transactions.

Once the account has been established it will be very similar to many other European bank accounts: you can perform most business transactions through online banking and therefore remain flexible.

Opening a corporate account in Malta is not a lot of hassle. If you know which steps to follow, it will not be a big problem. If you would like more information, or help with opening a bank account in Malta, you can contact the office of Dr. Werner & Partner, we would be happy to help you.