Anyone willing to set up a company in Malta will sooner or later be in need of a business account for the company, to be able to proceed with day to day operations. Many founders, especially those who are dealing with setting up a company in Malta for the first time, expect that this will be done in the same way as opening a private account. However, this is not the case. Opening a Bank account in Malta has become a time consuming and intricate exercise. Apart from that, many local Banks are also undergoing a de-risking process which is prompting a detriment on companies and individuals operating in Malta.
Compliance order must be completed by every bank in Malta
Banking industry has become subjective to rigorous compliance processes. Banking compliance means complying with regulations, laws, and guidelines, whether internal or external. The function of Banking compliance department is to prevent, detect and address any and all deviations, illegalities and nonconformities in the company’s operations. Banking compliance is also responsible for the processing and scrutinization of the information that is collected during the initial stage of the account opening process. They are also responsible for the security, risk management, ethical conducts and other controls and also for data reliability (to check whether the data provided is in line with what was purported during onboarding stage and that there are no links with Money laundering).
The level of due diligence needed by all local Banks and EMIs is almost the same as they all have to comply with a so-called compliance order. This also depends on the trading activity of the applicant and also the jurisdictions that will be involved. Total networth and the scrutinization of source of wealth of the ultimate beneficial owners of a company is being given high importance by local Banks and EMIs that are constantly working hand in hand with Authorities in detecting and combating money laundering and the financing of terrorism.
Time required to open a bank account in Malta
Usually due to these complex processes to open a local bank account the whole process takes between six to eight weeks, and there are instances where the process takes roughly three to four months depending on the institution dealing with and the complexity of the application.
Here in Malta there are more than 20 operating Banks and each one of them can maintain the domestic funding in the market and credits for local and foreign individuals and companies in Malta. There is a clear distinction between the local retail banks that offer a wide range of financial services to corporate and private clients, and the internationally focused, specialised foreign banks that have been set up in Malta and which have almost no interaction with the domestic economy.
These 10 banks are eligible for a Malta Limited corporate bank account
At the beginning of all considerations about opening a corporate bank account in Malta is always the choice of bank. We at Dr Werner & Partner work with various banks, depending on the needs of the client.
Here at Dr Werner & Partner, through our expertise and our formidable relationships with both local Banks and Foreign Banks we can assist our clients in finding the right banking partner in a timely manner.
If our client’s company is to offer gambling, for example, the BOV (Bank of Valletta), Banif Bank or the Malta Savings Bank usually come into consideration. With the former, unfortunately, there are always delays in opening a bank account, which can take months. The Banif Bank takes about 8 weeks to process your application and the Savings Bank about 4 weeks.
Some of the major Banks and EMIs that are usually recommended to our corporate clients, depending on the company’s needs and the trading activities are
- Bank Of Valletta p.l.c,
- HSBC Bank Malta p.l.c,
- BNF Bank p.l.c,
- Lombard Bank Malta p.l.c,
- APS Bank p.l.c, Medirect Bank (Malta) p.l.c,
- Sparkasse Bank Malta plc,
- AgriBank PLC,
- Finance Incorporated Limited (PayMix Ltd),
- Papaya Ltd,
- Finductive Ltd.
Do you need assistance in applying for a corporate account or do you have basic questions about Malta Limited? Please use the contact form: https://philippsauerborn.com/en/contact/
We look forward to hearing from you.
