How to open a business bank account in Malta as a non-resident

Do you find yourself in the difficult position of being a non-resident of Malta who needs a business bank account? We know that it’s not easy to do and that sometimes it can feel like the banks are actually working against you. But it has certainly been made easier for non-residents over the last few years.

Let’s take a look at the traditional bank options in Malta and some alternative options.

If you’re a non-resident looking to open a business account in Malta and just want to get on with it - we understand! Go check out wamo - you can have a business account up and running in 10 minutes.

How to open a business bank account with a regular Maltese bank.

The most popular and largest banks in Malta are HSBC Malta plc, Banif, APS, Bank of Valletta (BOV) and Lombard. There are other banks but these are likely the ones who have streamlined the process as much as is possible for a traditional bank to do.

What documents do I need to open a business bank account in Malta as a non-resident?

As a non-resident person wanting to start a business in Malta, you’ll need the following documents to open a business bank account for your company (which you really should do, more on why that is, here). Requirements may vary slightly from bank to bank and will depend on whether you are requesting a business account as a company or a sole trader.

They are:

• a reference from another bank that you or your company have a history with and a banker’s reference for the company. (This is the most complained about requirement for opening a business bank account here.)
• authenticated copy of your passport or ID - for each beneficiary and/or shareholder as well
• authenticated proof of address - for each beneficiary and/or shareholder as well
• copies of the company’s articles of association (“memorandum”) and the organisation’s statute.
• completed “Know-Your-Client” (KYC) form - needed to open any type of bank account in Malta
• a certified copy of the registration certificate in the Maltese company register.
• a certified copy of the company’s activities along with current and anticipated turnover.
• statements of the company secretary if the entity is listed on the stock exchange.
• references from the country of origin – banks may require these documents if there are entities or persons from outside Malta in the structure of your company. Banks usually accept letters of reference from a lawyer, for instance.

For most Maltese banks you will start by submitting an application form online after which the bank will set up a meeting with you and you will take it forward from there.

Alternative options to traditional the traditional business bank account

There are other options for non-residents looking to open a business bank account in Malta. ‘Challenger banks’ like Revolut and e-Money platforms like Wise. This is also where wamo comes in. To see a comparison of Revolut, Wise and wamo to help you see which would best suit your budget and your business, we have created this comparison table: https://wamo.io/blog/wise-vs-wamo-comparison

These challenger banks and financial management or e-Money or Payment platforms offer full suite business accounts with features and a user experience that is well suited to today’s businesses. You’re generally able to open a business account faster (with wamo this can be done in 10 minutes) and need far less in the way of documentation than you do with regular banks. Prices are more competitive and customer service is generally good. At wamo we pride ourselves on our friendly and efficient customer service in particular and customer queries are answered in Chat in under 3 minutes.

To open a business account as a non-resident in Malta with wamo you’ll initially need

• Proof of identity (passport, ID or driving licence)
• Registered company name
• You’ll be asked to record a short video so we can verify it’s you.

Once your information has been verified you’ll be able to start making and taking payments straight away. Ultimately your choice will come down to your business needs. If what you need is an easy, fast application process, personal attention through good customer service, great rates and excellent features - look no further than wamo.