If you’re planning to open a new bank account in Malta, you’ll be pleased with all the available options, no matter if you’re looking for a private account or a corporate banking solution. The key to getting a fully operational bank account quickly is to precisely match all KYC formalities (Know Your Client).
There are currently a total of 26 banks for business in Malta and three of these are international branches of foreign institutions. These firms operate according to the guidelines set forth in the 1994 Banking Act as well as the 2002 Central Bank of Malta Act. They are regulated by the Malta Financial Services Authority (MFSA) and these banks are relatively stable due to the resilient nature of the Maltese financial system.
When it comes to business, money is everything. This is equally true for new startups and companies that have been firmly established for years. Knowing that money is required is only the very beginning. The difficult part is in knowing how to go about acquiring funding. This guide is here to help outline the process of business borrowing in Malta by showing some of the more common options available.
With the help of technological advancement, online lending platforms have found an opportunity to overshadow the traditional ways of lending. Over time, online lending has been able to become a huge constituent of the powerful FinTech sector. Most small business operators are now able to secure funds online and seeking loans from the bank is not even mandatory.
Any business owner needs easy and reliable access to a cash stream. For some, their own liquidity reserves are sufficient for their needs. Others may find that their liquid cash reserves are lacking or they may be uncomfortable with using them to smooth the day-to-day running of the business. If you fall into this second category, you may wonder, ‘what is the alternative?’. The answer is business credit.
Loans are great ways to finance your business, however, they also have a few limitations. Before you decide whether you are going to opt for a business loan through a bank, make sure you consider the following crucial tips.