Opening a bank account for a Malta company
The company is formed in days; the bank account is the part that takes weeks. This guide explains why, and what to have ready.
A Maltese company can be registered in two or three days. Its bank account is a different matter. Maltese banks are few, conservative, and under close supervision after the country's 2021 grey-listing and removal from it in 2022; each of them applies EU anti-money-laundering rules with an appetite calibrated to the size of the country. The result is that a bank account is the slowest step of setting up here, and the one where preparation pays.
What every bank asks for
- Corporate documents: the certificate of registration, the memorandum and articles, and the register of directors and shareholders, all from the Malta Business Registry.
- Beneficial ownership: identification of every natural person who ultimately owns or controls the company, with certified passport copies and proof of address.
- Source of funds and source of wealth: where the initial capital comes from, and how the beneficial owners came to have it. Bank statements, sale agreements, tax returns and employment records are the usual evidence.
- The business: a description of what the company does, who its customers and suppliers are, in which countries, the expected volume and value of transactions, and contracts or invoices that show the business is real.
- Substance in Malta: the registered office, any staff, the directors and where they are. An account for a company with a Maltese director and a Maltese activity is opened more readily than one for a company whose only Maltese fact is its registration.
Which institutions
Two or three local banks open accounts for operating companies and look for a connection to Malta. Electronic money institutions and payment institutions licensed in Malta or elsewhere in the EU open accounts faster, often online, and are the usual answer for a holding company or an online business with no Maltese customers; they give an IBAN and card services but are not deposit-taking banks. Many companies use both: an EMI for daily operations and a bank where a lender or a counterparty insists on one.
How long it takes
A complete file at a local bank takes from several weeks to a few months to approve. An EMI can take days. An incomplete file takes for ever, because every missing document restarts the review. The practical rule is to assemble the entire file before the company is formed, so that the application is lodged the day the certificate of registration is issued.
What causes refusals
Activities the institution does not serve, such as unlicensed financial services, crypto-assets or adult content; beneficial owners from high-risk jurisdictions; source-of-funds evidence that does not add up; and a business that cannot explain, in a page, what it does and for whom. None of these is fixed by applying elsewhere with the same file.
Frequently asked questions
- How long does it take to open a bank account in Malta for a company?
- Weeks to months at a local bank for a complete file; days at an EU electronic money institution. Incomplete files are the usual cause of delay.
- Can a Malta company open an account with a non-Maltese bank?
- Yes. A Maltese company may bank anywhere in the EU or beyond. Many use an EU electronic money institution for operations and a bank where one is required.
- Do I need a Maltese director to open an account?
- Not legally, but a Maltese director and real activity in Malta make the application easier at a local bank, which looks for a connection to the country.