Table of Contents Malta Business Account: Why Banks Are So Cautious Opening a Business Account in Malta: What Documents You Really Need The Best Banks for Your Malta Corporate Account Compared Malta Business Account Requirements: How to Convince the Bank Step-by-Step: Successfully Opening Your Malta Account Common Mistakes When Opening a Malta Business Account Costs and Fees: What to Expect Alternative: Online Banks for Malta Business Accounts Frequently Asked Questions About Opening a Malta Business Account Want to open a business account in Malta? Buckle up—Maltese banks aren’t exactly known for rolling out the red carpet to international entrepreneurs. After three years on the island and what feels like a hundred bank appointments, I can tell you: It’s possible, but you need the right strategy. The good news: If you know how the game works, you can win the bankers over. The bad news: Malta’s banking system is built on distrust of anything that even remotely smells like offshore business. But I’ll show you how to reach your goal anyway. Malta Business Account: Why Banks Are So Cautious Let me be honest: Maltese banks carry some trauma. After the Pilatus Bank scandal in 2018 and several EU warnings about money laundering, they’ve become hyper-sensitive. Every international applicant is initially treated as a potential money launderer—even if you just want to move your small consulting business from Germany to Malta. The Reality of the Maltese Banking System Malta has just six major banks, and the top three—Bank of Valletta (BOV), HSBC Malta, and APS Bank—dominate the market. Today, these banks are so cautious they’d rather turn down a potentially legitimate customer than risk the slightest compliance error. What does this mean for you? You’ll need to prove that you are: A genuine entrepreneur with a transparent business model Free from any undisclosed beneficial owners Able to fully document your funding sources Intending to be economically active in Malta The Difference Between EU and Non-EU Entrepreneurs As an EU citizen, you have a clear advantage. The banks can better verify your background and previous banking relationships. If you come from a non-EU country, things get much trickier—you’ll often need a local reference or have to use an international bank with branches in Malta. My practical tip: Forget the stories about Malta as an offshore paradise. Those days are over. Today, you need to show real economic activity. Opening a Business Account in Malta: What Documents You Really Need The document requirements are a nightmare—and every bank wants something slightly different. I’ve compiled a checklist for you that works for all the major banks. Spoiler: It’s more paperwork than you think. Basic Company Documentation Document Required Malta-Specific Notes Commercial Register Extract Yes No older than 3 months, apostilled Articles of Association Yes Notarized Directors Certificate Yes Current extract with signature specimen Beneficial Owner Declaration Yes All persons with >25% shareholding Business Address in Malta Yes Lease agreement or proof of ownership Personal Documents for All Directors Heres where it gets personal. Every director and beneficial owner holding more than 25% of company shares must submit the following: Passport or national ID card (certified copy) Proof of residence from your home country (utility bill, bank statement—not older than 3 months) Malta Residence Certificate (if already tax resident in Malta) CV focusing on business experience Reference letter from your main bank Bank statements from the last 6 months (yes, really!) The Dreaded Source of Funds Proof This is where most people trip up. You must be able to prove exactly where your money comes from. The banks want to see: Tax returns from the last 2-3 years Salary slips or profit distribution records For asset sales: purchase agreements and sales receipts For inheritance: wills and probate documents For gifts: gift contracts and tax certificates Real talk: I’ve seen people rejected because they couldn’t explain a sizeable cash deposit from two years ago. Banks have become relentless. Business Plan and Financial Projections Forget the PowerPoint overkill. Banks want a solid, realistic business plan including: Clear description of your business model Revenue forecasts for the next 2 years Your reasons for choosing Malta as a location Proof of local economic activity Expected account flows (in and out) The Best Banks for Your Malta Corporate Account Compared Not all Maltese banks are created equal. Based on my own experience and that of other entrepreneurs, there are clear differences in service quality and willingness to deal with international clients. Bank of Valletta (BOV) – The Market Leader BOV is Malta’s largest bank and paradoxically both the hardest and best choice. Hardest, because their requirements are the strictest. Best, because they offer the widest range of services. Pros: Largest branch network in Malta Comprehensive online banking International transfers in all currencies Well versed with business clients Cons: Longest waiting times (4-8 weeks) Highest rejection rate Often requires personal guarantees High minimum deposit (often €10,000+) HSBC Malta – The International Option HSBC Malta is part of the global HSBC Group, making it especially interesting if you’re already an HSBC customer elsewhere or plan to operate internationally. Pros: International network Experience with multinational clients Good online banking Often accepts existing HSBC relationships Cons: High fees Few branches Focus on larger companies Complicated onboarding APS Bank – The Insider’s Choice APS is smaller, but often more accessible for small and medium-sized companies. My personal recommendation for most founders. Pros: More personal service Flexible minimum deposit Faster processing times Willingness to work with small businesses Cons: Limited international offerings Fewer digital services Smaller branch network Comparison Table: Corporate Account Terms Bank Minimum Deposit Monthly Fee Transfer Fees Processing Time Bank of Valletta €10,000 €25-50 €15-30 4-8 weeks HSBC Malta €25,000 €45-75 €20-40 6-10 weeks APS Bank €5,000 €20-35 €12-25 3-6 weeks My advice: Apply to two banks at the same time. Rejection from one doesn’t mean others will automatically do the same. Malta Business Account Requirements: How to Convince the Bank Now for the most important part: How do you convince the bank that you’re a trustworthy customer? It’s not just about documents, but about how you present yourself. The Malta Substance Rule The magic word is economic substance. You must prove your company will really be active in Malta, not just a mailbox. Specifically, that means: Physical presence: A real office, not a PO box Local staff: At least one employee in Malta (can be you) Business activity: Clients, suppliers, or partners in Malta/EU Decision-making: Key business decisions are made in Malta The Perfect Bank Appointment: What to Expect With Maltese banks, there’s no account opening without an in-person meeting. Here’s what I’ve learned to ace these appointments: Preparation Is Everything Book your appointment: Call at least 2 weeks in advance Have all documents on hand: Plus copies and digital versions Business attire: Malta is conservative; a suit is always good Polish your English: The meeting will be in English The Critical Questions The banks will always ask the following. Prepare your answers: Why Malta? What is your business model? Who are your customers? What will be the average transaction volume? Do you have any connections to high-risk countries? The Best Answers to Hard Questions Why Malta? Bad: Because of the tax. Good: As an EU member, Malta offers legal certainty, English as an official language, and access to the EU market. My customers are mainly in Europe. Explaining your business model? Bad: Consulting (too vague) Good: I advise German SMEs on digitizing their sales processes. Average project volume €15,000, 6-month contracts. Expected account activity? Bad: It varies a lot. Good: Monthly 3-5 incoming payments between €5,000 and €25,000, mainly SEPA transfers from Germany. Expenses primarily for software licenses and marketing. Red Flags: What You Should Never Say Certain answers will guarantee rejection: Anything that smells like tax avoidance Crypto connections (unless you’re fully licensed) Cash flow from non-EU countries without clear documentation Business models you can’t explain in two sentences I’m only investing—that’s banking, not a business Insider tip: Bring along a local reference client if possible. A Maltese customer who confirms they want to work with you is worth gold. Step-by-Step: Successfully Opening Your Malta Account Now for the practical part. Here’s your complete process—from initial research to your first online banking login. Phase 1: Preparation (4-6 Weeks Before Application) Step 1: Establish a Malta Presence Before you even consider opening an account: Set up your company in Malta: No company, no business account Rent an office: Real address, not a PO box Plan your stay in Malta: You must be there in person Register for tax: Sign up with the Maltese authorities Step 2: Gather Documents Collect all documents from the checklist above. Especially important: Get everything apostilled/certified Professional English translations Have your business plan drafted (if needed) Request a reference letter from your main bank Phase 2: Choose Your Bank & Initial Contact (2-3 Weeks) Step 3: Create Bank Ranking Based on your requirements: Your Profile Recommended Bank Reason Small business (<€100k turnover) APS Bank More flexible, lower minimum deposit International business HSBC Malta Global network Stable, larger business Bank of Valletta Best services, highest acceptance Already HSBC customer HSBC Malta Internal reference possible Step 4: First Contact and Appointment Call the business banking division Briefly introduce your company Ask about specific requirements Arrange appointment for account opening Phase 3: Application Process (2-4 Weeks) Step 5: The Bank Appointment On the day itself: Arrive 30 minutes early (Malta time is real) Have all documents at hand Dont rush the banker – they take their time Ask detailed questions about fees and services Note your advisor’s contact details Step 6: Follow-Up After the meeting comes the waiting game: Request confirmation that your application is complete Follow up weekly (politely!) Provide additional documents immediately If needed: request follow-up meetings Phase 4: Account Opening & Getting Started (1-2 Weeks) Step 7: Activate Your Account Once approved: Deposit the minimum (from a documented source!) Activate online banking Pick up your bank cards Set up SEPA mandates Step 8: Relationship Management Think long-term: Provide regular business updates Proactively inform of any business changes Discuss additional services (loans, investments) Maintain a good relationship with your account manager Pro tip: Account opening is just the beginning of your relationship with the bank. Maltese banks continuously monitor business accounts. Common Mistakes When Opening a Malta Business Account Over the years, I’ve seen many entrepreneurs fail—most due to easily avoidable mistakes. Here are the top 10 pitfalls you can dodge. Mistake #1: No Real Malta Substance The classic rookie mistake: You register a Malta company but have no real activity on the ground. Banks see through this immediately. Where it goes wrong: Only a PO box, not a real office No local staff or service providers All clients are abroad Management is not located in Malta How to do it right: Rent a real (even small) office Hire at least one local service provider Win at least one Maltese/EU client Spend at least 3-4 months per year in Malta Mistake #2: Incomplete Documentation Maltese banks are sticklers. A single missing document can delay your application by weeks. Typical missing pieces: Outdated commercial extracts (older than 3 months) Missing apostille on foreign documents Incomplete source of funds proof Lack of English translations Mistake #3: Unrealistic Business Forecasts Banks know what’s realistic. If you say your brand-new consulting business will turn over €500,000 in year one, no one buys it. Realistic vs. Unrealistic Forecasts: Business Type Unrealistic (Year 1) Realistic (Year 1) Solo consultant €500,000 €80,000-150,000 Online shop €1,000,000 €100,000-300,000 Software startup €2,000,000 €50,000-200,000 Import/export €5,000,000 €300,000-800,000 Mistake #4: Wrong Bank Chosen Not every bank is right for every business. Landing your tech startup at a conservative bank is like using Tinder at church. Bank–Business Matching: APS Bank: Small to medium local businesses BOV: Established firms with strong cash flow HSBC Malta: International, import/export companies Avoid local banks for: Crypto, online gambling, or very international businesses Mistake #5: Poor Preparation for the Bank Appointment Your bank meeting determines success or failure. Yet, many entrepreneurs show up unprepared. Classic blunders: Can’t explain the business model in two sentences Doesn’t know expected account activity No knowledge of Maltese law Appears unsure or evasive Mistake #6: Impatience and Pressuring Malta works differently. If you call up nervously and push after a week, you come across as suspicious. Proper timing: First follow-up: After 10 working days Further inquiries: Weekly, polite Escalate: Only after 6 weeks with no feedback Mistake #7: Poor Source of Funds Management This is the killer mistake. If you can’t explain exactly where your money comes from, you’re out. Problematic sources: Large cash deposits with no evidence Crypto profits with no trading history Winnings from online poker or gambling Gifts/loans from third parties without documentation My advice: Keep a money diary from now on—document every major transaction with evidence. It’ll really help when opening the account. Costs and Fees: What to Expect Let’s talk money—specifically, the cost of opening a Malta business account. Spoiler: It’s pricier than you think, but I’ll break it all down for you. One-Time Costs When Opening the Account Cost Item APS Bank Bank of Valletta HSBC Malta Account opening fee €150 €200 €300 Due diligence check €250 €400 €500 Starter pack (cards, etc.) €75 €100 €125 Minimum deposit €5,000 €10,000 €25,000 Ongoing Monthly Costs Account management isn’t cheap—but you get all the benefits of EU banking: Basic Fees APS Bank: €20-35 per month depending on account type Bank of Valletta: €25-50 per month HSBC Malta: €45-75 per month Transaction Fees Transaction Type Average Cost Notes SEPA transfer €2-5 Often up to 10 per month free International transfer €15-40 Plus 0.1-0.25% of amount Currency conversion 0.5–1.5% Spread over mid-market rate Incoming transfer €5-15 From non-SEPA countries Hidden Costs Nobody Mentions Here are the fees you won’t find in any brochure, but which can affect your budget: Compliance & Reporting Annual review: €200-500 per year for account maintenance Enhanced due diligence: €300-800 for suspicious transactions Account closure: €150-300 if you close your account Document requests: €25-50 for extra statements/certificates Additional Services Telephone banking: €2-5 per call Rush transfers: €50-100 surcharge Cheque processing: €15-25 per cheque Return/recall of transfers: €25-75 Cost Comparison: Malta vs. Other EU Countries To help you compare Malta with other EU countries: Country Avg. Opening Fee Avg. Monthly Fee Avg. SEPA Transfer Malta €400 €35 €3 Germany €0 €15 €1 Luxembourg €200 €25 €2 Ireland €150 €20 €2 Cyprus €300 €30 €3 Fee Optimization: How to Save Money With the right strategy, you can significantly reduce costs: Lowering Monthly Fees Check premium packages: Often cheaper beyond certain turnovers Maintain minimum balances: Many fees are waived for higher account balances Use bundled offers: Combine with loans or investment services Optimize Transaction Costs Use SEPA whenever possible: Much cheaper than SWIFT Batch payments: Fewer, larger transfers instead of many small ones Currency management: Prefer EUR transactions Online banking: Cheaper than branch/phone banking Reality check: Budget at least €1,000 total for the first year—account opening plus ongoing fees. That’s the reality of Maltese banking. Alternative: Online Banks for Malta Business Accounts If traditional Maltese banks are too difficult or expensive, there are alternatives. Online banks and fintech providers can bridge the gap—with pros and cons. Revolut Business – The Pragmatist Revolut has a Maltese banking license and offers business accounts to Malta companies. In my experience, this is the most straightforward option. Pros: Accounts often opened within 1-2 weeks Lower minimum deposits (sometimes from €1,000) Modern app and online banking Cheap currency conversions Also accepts smaller/newer businesses Cons: Limited customer service (mainly chat/email) Fewer services than traditional banks Higher fees for larger transactions Not all banks recognize Revolut as a real bank Wise Business (formerly TransferWise) – For the International Crowd Wise offers multi-currency business accounts and is especially interesting if you do a lot of international business. Ideal for: E-commerce with global customers Freelancers with clients in various countries Import/export businesses Digital services worldwide Cons: No true Malta account (UK-based) Limited credit/investment services Compliance sometimes overzealous N26 Business – The German Approach N26 accepts Malta companies but is more suited to smaller businesses. Best for: Digital nomads based in Malta Small consultancies Online businesses under €100k annual turnover Comparison: Online vs. Traditional Banks Criteria Online Banks Traditional Banks Account opening 1-2 weeks, digital 4-8 weeks, in person Minimum deposit €1,000-5,000 €5,000-25,000 Monthly costs €10-25 €25-75 Customer service Chat/email In person/phone Loans/financing Limited Comprehensive Acceptance by authorities Sometimes problematic Fully accepted The Hybrid Strategy: The Best of Both Worlds For most Malta entrepreneurs, here’s my recommendation: Use both systems. Start with Online Banks Revolut/Wise for launch: Quick start, trade operationally Build up cash flow: Document 6-12 months of business activity Strengthen Malta presence: Add real substance Upgrade to Traditional Banks Apply with a track record: Use statements as proof of trading Negotiate better conditions: Once youre established Utilize extra services: Loans, investments, etc. Compliance Warning for Online Banks Important: Online banks often have automated compliance triggers that can freeze your account on short notice for: Large, unusual deposits Transactions with high-risk countries Crypto-related payments Gambling or adult content My tip: Use online banks to complement, not replace, traditional banks. Combining both gives you flexibility and security. Frequently Asked Questions About Opening a Malta Business Account Can I open a Malta business account without a Malta company? No, that’s not possible. Maltese banks only open business accounts for companies registered in Malta. You’ll need a Maltese entity first—either a limited liability company or partnership. How long does the account opening really take? In reality: 4-8 weeks with traditional banks, sometimes longer. APS Bank is usually quickest (3-6 weeks), HSBC Malta the slowest (6-10 weeks). Online banks often manage it in 1-2 weeks. Do I have to appear in person in Malta? Yes, all major Maltese banks require an in-person appointment. You cannot apply remotely. Plan at least 2-3 days in Malta—one for the appointment, one for follow-up, and a buffer day. What happens if my application is rejected? Rejection by one bank doesn’t mean rejection by all. Each bank has different criteria. You can apply elsewhere, but make sure to understand and address the reasons you were rejected. Do I need a local director for the business account? Not strictly, but it helps a lot. A Maltese director or at least a local authorized signatory makes account opening far simpler. Many banks see this as a sign of genuine Malta substance. Can I use my Malta business account in other EU countries? Yes, that’s a major benefit. SEPA transfers work smoothly throughout the EU. Fees are higher for non-EU countries, but international banking is fundamentally possible. What are the tax implications of a Malta business account? The account itself has no tax implications—the key is your personal and company tax residency. Having a Malta account doesn’t make you automatically liable for taxes in Malta. Seek professional tax advice. How large should the initial deposit be? Minimum: The required deposit set by the bank (€5,000-25,000). Recommendation: 150-200% of the minimum shows financial stability and improves your chances of approval. Can I manage my business account online? Yes, all Maltese banks offer online banking. Quality varies—HSBC Malta and BOV have the most advanced systems; smaller banks lag behind. Mobile apps are standard. What happens if I close the business or relocate? You can close your account any time, but expect closure fees (€150-300). If your company moves to another EU country, you can usually keep the account. If you relocate to a non-EU country, it gets more complex.
