ERDF
HOME ABOUT US QUESTIONS & ANSWERS SERVICES BUSINESS IN MALTA NEWS CONTACT US
I would like to open a business in Malta, what do I need to get started? How can I obtain a work permit? How long does it take until I receive a gaming licence in Malta? Even the most seasoned entrepreneur will have some questions about doing business in Malta. The following questions and answers focus on a variety of topics. Use this as a guide to doing business in Malta. If you have any further questions, contact us and one of our experienced consultants will gladly assist you.
Bank Account Administration

Where can one open accounts for Maltese Companies and Structures?

There is no legal need for a Maltese company to open a bank account with a Maltese registered bank, however it is recommended to open a bank account in Malta for Maltese entities.

Wherever you opt to open a bank account our banking team is able to assist in the process as well as the maintenance of the bank accounts open. We have relationships with all locally registered banks as well as key banks in most popular jurisdictions.

How do I open a bank account in Malta?

There is no need to visit Malta in order to open a bank account. Our banking division will guide you through all the requirements and will forward any documents required for signature via courier. Opening a bank account is today somewhat more difficult than it was a few years ago a global move tighten up on due diligence requirements. To speed up the process we align our KYC requirements with those of the banks we work with and recommend collection of KYC documentation for the banks at company incorporation stage.


What types of accounts are available?

There are many different accounts available such as Savings Accounts, Term Deposit Accounts, Current Accounts, Cheque Reserve Accounts and Premier Deposit Accounts. What account you use depends on your cash management requirements and we will help you choose the account that best serves your needs. We can also arrange for Credit card or Debit cards to be issued.

What is required to open an account?

Requirements vary from bank to bank and may be more onerous for entities working in particular sectors but in the main banks will ask for:

  • Certificate of Registration;
  • Memorandum & Articles of underlying shareholders (if shareholders are corporate entities);
  • Passport copies of all ultimate beneficial owners;
  • Bank References on all shareholders and Directors
  • Completion of Bank opening forms with an estimation of annual turnover expected on the  account
  • Structure chart where complex structures are involved

How long does it take to obtain an account number?

There is no set length of time; the application process varies depending on whether one has all the correct documents in place. We always recommend to identity the bank one wishes to work with and start collection of due documents upon taking the decision to incorporate the company to reduce the time it takes to open bank accounts. Once all documents are presented it usually takes a couple of days to obtain bank account numbers.

How do I access my bank account?

Fenlex offers clients a service updating them with latest statements, balances on account and paying third parties on customers’ requests. On the other hand, you can opt for carrying out all your banking activity via the internet, e-mail, post, fax or telephone. Furthermore, many bank accounts offer credit card and debit card services allowing you easy and direct access to your funds at all times. Non residents are usually asked to place double the amount of credit they require on the credit card as security.

Is internet banking available?

Yes and users can open new deposit accounts directly through the internet banking channel. Internet banking solutions are available for both Corporate and Individual clients.

Malta Major banks pass the ECB's stress test
How did Malta fair in the ECB stress test
Wednesday, 29 October 2014
Read more...
Moody affirms Malta's A3 rating
Malta's economy credit rating affirmed A3
Wednesday, 29 October 2014
Read more...
Submit details to register >>
CONTACT FENLEX All News | Sitemap | Copyright © 2012. All rights reserved
Malta Operational Programme I – Cohesion Policy 2007-2013
Investing in Competitiveness for a Better Quality of Life
Project part-financed by the European Union European Regional Development Fund
Co-financing rate: 42.5% EU Funds; 7.5% National Funds; 50% Private Funds

Investing in your future
EU