Bank Account Opening Malta
Due to the recent expansion in Malta’s economy, which resulted from the influx of foreign skilled individuals and foreign companies, there was a sudden increase in the demand for banks to support such opportunities that were created within the local financial sector. In fact, Malta is considered as an International Banking centre and it is esteemed just as other countries within the Mediterranean region. Here in Malta there are almost 26 operating Banks and each one of them can maintain the domestic funding in the market and credits for local and foreign individuals and companies in Malta.
Malta effectively integrated with the Europe-wide system especially when it comes to transaction processing and the use of ATMs in Euro currency. This means that anyone having an account with any European Bank there is no need to open another bank account with one of the local banks, even if you intend to become a Maltese resident. On the other hand, if one intends to obtain a local mortgage, then a Maltese bank account is needed.
An entrepreneur willing to setup a company in Malta will find the banking services convenient to his or her business, which can be tailored accordingly to the needs of the company. Many local banks offer a convenient broad banking experience through their vast range of products, services and expertise. The products and services being offered for both retail and corporate clients varies from business current accounts, savings account, term deposits, credit line facilities, business overdrafts, debit/credit cards, trade finance, foreign currency accounts, foreign exchange services, direct credit, internet banking, cash letters, cheque books and ATMs
Due to the increased strict regulations within the banking industry, the process of opening a Bank account in Malta has become a time consuming and intricate exercise. Apart from that, many local Banks are also undergoing a de-risking process which is prompting a detriment on companies and individuals operating in Malta. Banking is considered as a crucial part within the organisation. A company without a Bank account will not be able to proceed with its day to day operation.
Working with us - the process
At DWP Dr Werner & Partner, once you have been identified and verified by our professional compliance team, you are provided with all the information with regards to their banking requirements. Such information includes;
- A list of Banks/Payment service providers that suits best the needs of the company
- An introduction to a bank of their choice and act as an intermediary between the client and the Bank
- Assisting client in collecting all necessary due diligence and preparing all necessary Bank forms – when it comes to due diligence documentation, we make sure that majority of Banks’ required due diligence is collected during onboarding stage to make the process mere efficient and effective
- Make sure that account is opened in a timely manner – Through our close relationship with number of local and foreign Banks, we are in a position to activate an account for you within very few weeks, keeping in mind that any delays in the process might lead to the deprivation of business opportunities and profits of you
- Providing ongoing support to all banking queries related to the Bank account administration, even once account opening process is completed and account is fully operative.
What our Service includes
Here at DWP Dr Werner & Partner, through our expertise and our formidable relationships with both local Banks and Foreign Banks we can assist you in finding the right banking partner. We try to facilitate the process for you and provide you with a tailored solution. Through our entire and continuous support service, you can rest assured that any banking related matters are in safe hands.
Having individuals who worked within the Banking Industry makes it easier to understand what is needed from the bank’s perspective. From our end we keep updated with new regulations and also hold frequent meetings with banks where we are already acknowledged introducers, to keep up with their new requirements. This will also help us to understand better risk appetites of different institutions and will also mitigate delays when opening bank accounts for you.
What our clients say about us
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Key Contacts for Bank Account Opening Malta
Frequently Asked Questions about Bank Account Opening Malta
Due to increasing compliance demands, the process is becoming ever more laborious and tedious which is what makes the process somewhat difficult. Nevertheless, we have always found a way to successfully help clients open a bank account.
If an individual wants to open a current/savings account one would need:
- A copy of your passport or ID Card
- A recent utility bill or bank statement clearly highlighting your residential address (sometimes needs to be not older than 3 months and sometimes not older than 6 months, depending on the institution)
- A bank reference from current or previous Bank clearly highlighting the number of years the customer had been using the Bank’s services and the financial status of the individual
If a company wants to open a corporate Bank account, it would need:
- A copy of company’s incorporation documents such as certificate of registration, M&A, share registry and there are instances were Certificate of good Standing and certificate of Incumbency are requested
- A copy of passport or ID Card for each Director, Shareholder, Beneficial owner and signatory on the account
- A bank reference for each Director and beneficial owner of the company
- A utility bill or bank statement as a proof of address for Directors, shareholders Beneficial Owners and signatories.
- Supporting documentation to support the beneficial owner’s wealth declaration such as payslips from previous employments, Bank statements etc.
Usually to open a local bank account takes between six to eight weeks, and there are instances where the process takes roughly three months depending on the institution dealing with and the complexity of the approach.
Yes, of course, we can assist you to opt for a fast track solution in order to be able to initiate with the trading activities of the company. We have good relationships with Electronic Money Institutions (EMIs) both locally and foreign where it would be possible to open an account within few days.
Yes, Sure, in fact we always suggest that at least a company should have two operative accounts with two separate institutions.
From our end we make sure to introduce our clients to local Banks that falls within the Depositor Compensation Scheme. The Deposit Compensation Scheme is a rescue fund for depositors of failed Banks which are licensed by the Malta Financial Services Authority (MFSA). Depositors compensation scheme is subject to the limit of Euro 100,000 per depositor.