If you’re looking to open a business in Malta, opening a payment account is a crucial step to establish your business operations in Malta.
Malta has established itself as a hub for local and international businesses, attracting the likes of entrepreneurs and investors from all around the globe. As of 2022, there were over 33,000 SME businesses in Malta. Opening a business in Malta comes with an array of benefits and incentives to help you kickstart or take your operations to a further level.
Requirements to open a business bank account in Malta
- Company registration documents – your business must be registered with the Malta Business Registry before applying for a business bank account. When operating as a sole trader, there is no need to have a registration with the Malta Business Registry unless you choose to register a trading name, which is optional. For sole traders, you simply register yourself as self-employed with JobsPlus and the tax authorities.
On the other hand, limited liability companies and partnerships must be registered with the Malta Business Registry and are required by law to have a minimum share capital deposited into a temporary business account in formation. This allows you to present a deposit slip to the MBR, obtain the certificate of registration, and then proceed with opening a fully operational account.
- Identification documents – this typically requires passports or ID cards of all company directors and shareholders
- Proof of business activity – these could be any supporting documents to verify your operations such as a holistic business plan, invoices, and contracts
- Proof of address – these can be utility bills or rental agreements for both the company and its directors/shareholders
- Due diligence checks – banks will conduct Know Your Customer (KYC), and Anti-Money Laundering (AML) checks to ensure compliance with financial regulations
- Initial deposit – depending on the type of business bank account, some banks require an initial deposit
Banks in Malta and digital alternatives
It’s important to be aware of the available business banking solutions, and luckily, this is not a scarcity in Malta! There are several traditional banks in Malta such as Bank of Valletta and HSBC, that provide local business bank accounts, cards, lending and more. However, these typically require in-person visits, extensive documentation and very lengthy processes, which may take around 3 to 6 months.
This is where alternatives such as Moneybase who provide a faster, smoother and more cost efficient solution to managing business finances. Moneybase stands out due to the all-rounded digital offering, allowing business account opening in 48 hours with a unique Maltese IBAN, starting from only €9.99 per month whilst still having 4 branches across Malta and being a widely trusted financial services group with roots dating back to 1971 where it pioneered the local financial services industry.
Your business in one place, from anywhere
Moneybase enables businesses to open a business account in just 48 hours! Here’s all you get with a Moneybase Business Account:
- Simple and online account opening process, in just 48 hours
- A trusted local business account supercharging payments globally to over 185 countries in 24 currencies
- Ultra competitive currency exchange rates with a low 0.25% spread compared to 2% that local banks charge.
- All your business finances on one single, end-to-end platform available on mobile and web.
- Creation of multiple wallets, with specific access and permissions assigned to specific users
- Setting up of payments approval flows and different wallets for different purposes such as salaries, propriatory, expenses and other.
- Different business plans for business of all sizes, at just €9.99 per month
- Investment features including liquidity management tools such as Treasury, Money Market Funds and reports such as income reports and tax certificates
- Access to over 40 international exchanges and more than 20,000 stocks, ETFs, bonds and funds on a multi-award-winning platform.
- Robust security systems to protect you, your business, and your finances
- ISO-certified customer support, available 7 days a week
Whether you’re a local looking to open a business or an entrepreneur looking to move your operations to Malta, Moneybase is an efficient digital alternative to local business bank accounts. For assistance, you can easily speak to our customer support through the in-app live chat, call us on +356 25 688 688, or simply visit any of the Calamatta Cuschieri Branches in Mosta, Birkirkara, Fgura and Sliema.
FAQs
To open a business bank account in Malta, you’ll need your company registration documents, identification of shareholders, proof of address, proof of business activity, completion of due diligence checks, and an initial deposit. Moneybase offers a digital alternative to a traditional business bank account with a fully online application process whilst still offering branch support if needed.
For a company account opening you’ll typically need company registration documents, identification of shareholders, proof of address, proof of business activity, completion of due diligence checks, and an initial deposit. For freelancers and sole traders, the required documentation is more straight forward. Check how to open a business account on Moneybase for more information on the documents required to ensure business account opening in 48 hours.
While Maltese banks require you to visit their premises to complete the process, digital alternatives like Moneybase allow you to open business accounts online, without visiting a physical branch, and approved in just 48 hours!
Both are used for business transactions. In Malta, “current account” is the more common term, but both allow payments, transfers, and deposits. Discover Moneybase business account features and plans, starting from €9.99 per month and approved within 48 hours.
For traditional banking services, Bank of Valletta and HSBC Malta are trusted choices in Malta. However, if you’re looking for a faster, smarter and established alternative, Moneybase is a trusted Financial Institution that offers an all-in-one solution to manage your finances in a simpler and more digital manner. Financial management from payments to investments – all through one digital platform. Backed by ISO9001-certified customer support and an award-winning platform, Moneybase is a modern way to simplify your finances without the hassle of long processes, fees, high exchange rates, often imposed by banks.
Payment services are brought to you by Moneybase Limited (MB) C 87193 which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. All investment services are brought to you by Calamatta Cuschieri Investment Services Ltd (CCIS) C 13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Calamatta Cuschieri Investment Services Ltd is a member of the Maltese Investor Compensation Scheme (“Scheme”). Investments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). MB and CCIS are both subsidiaries of the Calamatta Cuschieri Moneybase plc with their registered address situated at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta.
