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). These are simply a set of rules which all local banks are required to follow in order to comply with international regulations for money laundering prevention.
When opening a new Business Bank Account in Malta, you’ll benefit from a reliable, effective and fully featured banking system that caters to all your typical needs. From having access to all major worldwide currencies to getting a fully featured and safe online banking platform, you will get all the needed options to perform international transactions and run your modern business effectively.
Simply put, these are the main reasons to have your Business Bank Account In Malta: you will benefit from a strong and versatile banking system that provides reliable and safe online baking, available to both residents as well as non-residents.
What information is required to open your Business Bank Account in Malta?
As you might expect, Maltese banks will require several key documents as well as specific information from any business looking to open a new account. While the exact procedure will vary depending on the bank, here are the general guidelines to keep in mind:
– A carefully completed KYC form providing all the required “Know Your Client” information.
– A specification of the exact type of account you want to open, along with choosing a main currency and declaring which method you plan to use for tax payments.
– A description of your business activities along with business forecast and previous profit marks; this information should be matched with a certified copy of your company’s Certificate of Registration, along with a regular copy of your Association’s Memorandum and Articles.
– Proof of address of all specified Managers and Directors of your company, along with a copy of all their respective identification documents; these documents must be certified and authenticated either by a major bank or by your local Maltese embassy. Some banks may also require similar information for all beneficiaries of your firm including your secretaries, as well as a utility bill to confirm your company’s offices address.
– The entire management body of your company or director board must individually provide bank reference letters, as well as any foreign representatives and even other beneficiaries. Unless this information is clearly and personally issued and referenced, the bank might have to thoroughly verify its accuracy which may delay the application process.
– In case a company is comprised of a group of trustees, there is a chance identification of the actual beneficiaries may be required along with a verified copy of all passports.
– If another company is listed as beneficiary, your company secretary may be required to provide a detailed statement.
– Your board of directors or management group will have to fill out a form expressing their desire to open an account in that specific bank.
There are many banks available in Malta, but the most popular and respectable include: Bank of Valetta, Sparkasse Bank, Lombard Bank, Mediterranean Bank and Banif Bank. There are also companies providing corporate services and are able assist you in opening a local and global bank accounts according to your business needs.