How to open a business account in Malta as a small business
Communication Team
Communication Team

August 29, 2022

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How to open a business account in Malta as a small business

Malta has become the fastest-growing economy in the European Union, and small businesses have played a big role in this success story.

The Maltese government has been striving to create an environment that is conducive for businesses to open and operate in Malta. This has been done through various initiatives, including the setting up of specialised agencies such as the Malta Enterprise and the Malta Industrial Parks Ltd. In addition, a number of fiscal incentives have been put in place to attract foreign investment.

Additionally, Malta has signed a number of double taxation treaties which help to make it an attractive destination for international businesses. This makes it an ideal jurisdiction for setting up a small business. As a result of these efforts, Malta has become an attractive destination for small businesses.

There are a number of different types of businesses that can be set up in Malta, each with its own advantages and disadvantages. In this blog, we'll give you a brief about the various types of businesses that can be set up in Malta, as well as what you need to open a business bank account.

Types of small businesses in Malta

In Malta, usually the small businesses are the ones that have a maximum of 50 employees. There are different types of small businesses, each with its own benefits.

Sole proprietorships: These are businesses owned and operated by one person. The owner has complete control over the business and gets to keep all the profits. However, he or she is also liable for all the debts and losses incurred by the business.

Partnerships: These are businesses owned by two or more people. The partners share the profits and losses equally. Each partner has unlimited liability for the debts and losses of the business.

Limited liability companies (LLCs): These are businesses that have limited liability. This means that the owners are not personally liable for the debts and losses of the business. LLCs are more complex to set up than sole proprietorships and partnerships, but offer greater protection to the owners.

What do you need to open a business bank account in Malta?

As a small business owner in Malta, it is essential to open a business bank account in order to manage your finances and maintain a good relationship with your bank. There are different types of business bank accounts available, and they offer varying levels of features and benefits. It is important to compare the different options in order to find the best account for your business.

To open a business bank account in Malta, you'll need the following documents:

-A valid passport or ID card -Proof of address -Proof of registration with the competent authority (e.g. Trade Register) -A utility bill -The minimum deposit required by the bank

Once you have all the required documents, you can approach any of the banks in Malta and open a business account. Some of the best business bank accounts in Malta are offered by HSBC, BOV, and APS.

Alternatives for opening a business bank accounts in Malta

Malta's growing business economy allows business owners to open a bank account for small businesses remotely.

There are a number of services like Revolut, wamo and Wise that offers business bank accounts for small businesses in Malta.

You can open a business bank account with these services without having to visit them. Additionally, they offer a number of features and benefits that are designed specifically for small businesses.

The main advantages of using these services are:

  • You can open an account quickly and easily
  • You can manage multiple currencies
  • Virtual debit and credit cards are available
  • The process is much simpler and smoother than the ones with banks
  • There are no minimum balance requirements
  • You get a dedicated account manager to help you with your account
  • You get free transfers within the EU
  • You get access to a range of business tools and services required to manage finances

What should you go for: banks or financial services?

There is no right or wrong answer here. It all depends on your specific needs and requirements. If you are looking for a simple business bank account with basic features, then going for a financial services provider like Revolut, wamo or Wise makes sense. However, if you need a more comprehensive suite of banking products and services, then opting for a bank is the best option.

Related: Best business accounts for small businesses in Malta

In all, small businesses are more dynamic, innovative and customer-centric. They are the backbone of any economy and contribute to the overall growth and development of a country.

If you're thinking of starting a small business in Malta, then it's better to opt for flexible services offered by financial companies that offer quicker services, easy account opening, and a host of other benefits.

wamo further eases the process for you as it just needs you to ● Get your passport, ID or driving licence ready ● Download the wamo app from Google Play or the App Store ● Complete the sign-up process in minutes. ● Enter your business details and verify your identity and you are good to go!

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner

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.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner