How any business owner can open a business account in Malta in 10 minutes with wamo
Communication Team
Communication Team

July 26, 2022

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How any business owner can open a business account in Malta in 10 minutes with wamo

Opening a business account in Malta (as anywhere) can be notoriously tricky. Especially if you decide to go the traditional banking route. Mostly this is because traditional banks can’t be as agile as newer alternatives - due to history, size and deeply entrenched procedures that still require time and effort on everybody’s part. Challenger banks that are digital-first or digital-only have managed to automate and solve for speed and efficiency, allowing business owners to open business bank accounts in Malta quickly. However, being official banks (meaning that they operate with a full banking licence), they will still usually have a number of hurdles in place that some business owners won’t be able to clear - like the need to do a credit check or the requirement that your business is registered in a specific country.

When banking alternatives can be better

There are other options worth exploring and they go by a few names: financial management platforms, e-Money platforms, neobanks and payment platforms. Some, like PayPal and Wise, focus on providing easy global payments with multiple currencies. At wamo, our focus is on making sure that everyone that needs a business bank account in Malta gets a fair chance at having one. We hear many stories of frustration from new customers who come to us because they’ve been refused business bank accounts. Some who failed credit checks for reasons they should not be forever limited by, some who want to have a go at building a business but aren’t able to get an account because they can’t register a business as a non-resident… the reasons are endless and too often unfair or unclear.

wamo’s best features: Everyone’s business account

If you are a genuine business owner or sole trader needing a business account in Malta, here’s how to register with wamo in minutes. The key is to have your relevant documents (your ID) ready and your best camera-face on. Let’s go through the process as a sole trader first.

How to open a wamo business account in Malta as a sole trader

  • Get your passport, ID or driving licence ready
  • Download the wamo app from Google Play or the App Store.

Once you’re on the app:

  • Pick a passcode and enable face ID (this is optional but much faster and more secure)
  • Enter your business location (country), type, name and address
  • Enter your ID or passport number, date of birth and country of residence
  • Scan your ID
  • Say a few lines into the camera so we can capture a video to confirm your ID
  • Select subscription type (sole trader options are Free or €9.99/month)

How to open a wamo business account in Malta as a Company

Have the company director’s and the UBO’s passports, IDs or driving licences ready Download the wamo app from Google Play or the App Store.

Once you’re on the app:

  • Pick a passcode and enable face ID (this is optional but much faster and more secure)
  • Select your business type, country, and industry
  • Enter your company name, address and registration number.
  • Next you’ll add your director’s name (or names) and details and scan their IDs.
  • Add the company’s Unique Beneficial Owners (UBO) details: name, residence, date of birth.
  • Lastly choose the account holder and scan their ID

That’s it! Your documents are then reviewed and once clear you will be able to use your account (start taking payments, for example) instantly.

Advantages of wamo

Your choice of business account will depend on your type of business and your particular needs. The good news is that with the options and technology available today more and more people are opting for alternatives because they can be just as reliable, secure and feature-rich as challenger and traditional bank account options. They tend to be created with the customer’s rather than the institution’s needs at the front and they generally work hard to ensure your satisfaction.

If you’ve struggled to open a business account in Malta or are frustrated with your experience so far, give wamo a go! We really couldn’t have made it easier.

wamo.io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

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