Opening a Business Bank Account in Malta for Your Limited Company

If you are planning to set up a company in Malta, you will inevitably need a corporate bank account to handle your day-to-day business. In my experience, many founders—especially those setting up a structure in Malta for the first time—expect this to be as straightforward as opening a personal current account.

I have to be honest with you: it isn't.

Opening a bank account in Malta has become a time-consuming and often complicated affair. Banks here are going through a rigorous "de-risking" process, which unfortunately makes life harder for both companies and individuals operating on the island.

The Compliance Hurdle: What Banks Are Actually Checking

The banking sector is now subject to extremely strict compliance protocols. While "compliance" technically just means adhering to laws and regulations, for you as a founder, it means scrutiny. The job of a bank's compliance department is to prevent, detect, and fix any potential risks or legal issues before they happen.

When you apply for an account, these departments process and audit every piece of information you provide during the onboarding phase. They aren't just ticking boxes; they are looking for discrepancies. They verify security, risk management, ethical conduct, and—crucially—the reliability of your data. They need to ensure that what you claim on paper matches reality and, most importantly, that there are absolutely no links to money laundering.

The level of due diligence required is high across the board, whether you are dealing with a traditional local bank or an Electronic Money Institution (EMI). They all operate under similar compliance orders. The intensity of the check often depends on your specific trading activity and the jurisdictions involved.

From what I see daily, banks and EMIs place massive importance on the "Source of Wealth" of the Ultimate Beneficial Owners (UBOs). They work hand-in-glove with the authorities to combat money laundering and terrorist financing, so be prepared to prove exactly where your money comes from.

How Long Does It Take?

Because of these complex checks, you cannot expect a quick turnaround. In my experience, the entire process usually takes between six and eight weeks.

I have also seen cases drag on for three to four months, depending on the institution involved and the complexity of the application. If your business structure is complicated or involves high-risk jurisdictions, patience is key.

Malta has over 20 operating banks. There is a clear distinction between the local retail banks, which offer a broad range of services to the local economy, and the specialised international banks that have set up here but have little interaction with the domestic market.

The Top 10 Banks for a Malta Limited Account

Choosing the right bank is the first step in the process. At DW&P Dr. Werner & Partners, we work with various banks depending entirely on the client's specific needs. There is no "one size fits all" solution here.

Thanks to our long-standing presence in Malta, we have built strong relationships with both local and foreign banks to help our clients find the right partner.

For example, if a client's company offers online gaming, we typically look at Bank of Valletta (BOV), BNF Bank, or Sparkasse Malta.

• BOV: Unfortunately, I often see delays here; opening an account can sometimes drag on for months.
• BNF Bank: You should expect a processing time of around 8 weeks.
• Sparkasse Malta: In my experience, they are often quicker, averaging around 4 weeks.

Here is a list of the main banks and EMIs I generally recommend to corporate clients, depending on their business model and trading activities:

• 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
• Lidion Bank PLC
• Finance Incorporated Limited (PayMix)
• Papaya Ltd
• Finductive Ltd

Do you need support with your business bank account application, or do you have fundamental questions about the Malta Limited structure? Please feel free to use the contact form below.

Contact Philipp M. Sauerborn

I look forward to hearing from you.