Banking in Malta

As a top jurisdiction of choice for financial services, Malta has seen a dramatic increase in foreign investors expanding their business operation to Malta over the past decade. Further to this, the small Mediterranean island has also seen the demand for skilled foreign employees, which has created an economic expansion within the sector. Such an increase has also created a rise in the market for local banking services to support such opportunities that were created within the local financial sector.

Malta is home to more than 20 operating Banks, and each offering accounts for individuals and companies in Malta. All banks operating in Malta fall under the supervision of the Malta Financial Services Authority (MFSA). Being that the MFSA is the competent authority responsible for the licensing, regulation and supervision of credit institutions, electronic institutions and financial institutions in Malta, it is their obligation when issuing banking licenses that the credit institution in question meets all of the requirements and upholds itself as a reputable banking facility.

How to Open a Bank Account in Malta

All EU national are entitled to a basic bank account by law, providing that the applicant does not already hold a similar account in any of the other licensed banks operating in Malta.

The basic payment account offers access to the following services:

1. Checking/deposit;
2. EU direct debits;
3. SEPA transfers;
4. Online banking.

How to Open a Corporate Bank Account in Malta

All business require a business account to contiune operating successfully. The key elements that should be taken into account is the access, user ability, physical presence, the services offered and fees.

Pior to the bank opening the account the bank will require a standard set of documentation in order to better understand the company and the use of the account. Banks in Malta typically collect information regarding the proposed intention for the account, due diligence documents for all indivduals behind the company and any authorised users for the account. Apart from the individuals the banks will also require a set of coporate documents for the company and an understanding of the business activities of the company.

Types of Accounts Offered to Businesses

Banks in Malta provide a variety of accounts, all with different options and fees available. The following generic accounts are often available from banks in Malta:

1. Business Checking/ Deposit Account;
2. Business Savings Account;
3. Business Loan;
4. Business Credit Card;
5. Business Overdraft;
6. Start-Up Business Account

Why Malta?

1. Strong Economy;
2. Strategic Location;
3. Diverse Business Markets;
4. An array of Double Taxation Agreements;
5. International Trade Currencies

For more information on how Zeta can assist you please contact our Business Development team on bd@zeta-financial.com.