Table of Contents Malta business account: Why the island is attractive for international entrepreneurs The best banks for your business account in Malta Business account Malta: The documents you really need Bank by bank: Specific requirements of the main institutions Malta business banking: The step-by-step opening process Costs for business accounts in Malta: What you really pay Malta banking pitfalls: Mistakes you should avoid My experiences: What I would do differently today Frequently asked questions about business accounts in Malta Malta business account: Why the island is attractive for international entrepreneurs You know, when I first seriously thought about opening a business account in Malta two years ago, my main thoughts were about sunshine, low taxes, and English-speaking bureaucracy. Today I know: that was only half the story. Malta actually offers some of the best banking conditions for international entrepreneurs in the EU – but getting there is paved with more paperwork than you might think. EU banking with a Mediterranean touch Malta has been an EU member since 2004 and has used the Euro since 2008. For you, this means: SEPA transfers (Single Euro Payments Area) work just like in Germany, your EU clients pay without extra charges, and you benefit from European banking supervision. On top of that, English is an official language here – a huge advantage if youve ever tried to deal with complex banking terms in Italian or French. Tax advantages for international structures Maltas tax refund system is legendary: If your Maltese company distributes profits to you as a shareholder, depending on the structure, you can get back between 5/7 and 6/7 of the paid corporate tax. Effective tax rates as low as 5% are possible – fully legal and EU-compliant. But only if you meet the substance requirements and actually conduct real business activity in Malta. Banking hub for Fintech and gaming Malta has established itself as a blockchain and gaming center. The Malta Financial Services Authority (MFSA) is progressive when it comes to digital assets, and the banks have developed relevant expertise. If your business operates in these sectors, youll find banks here that understand how you make your money – an advantage you should not underestimate. Reality check: Malta is not the offshore tax haven it is sometimes made out to be. The EU has tightened the reins, substance requirements are regularly increased, and Maltese banks also conduct strict due diligence. The best banks for your business account in Malta Based on my own experience and conversations with other international entrepreneurs, five banks have proven particularly suitable for foreign business clients. Each has its quirks – and its pitfalls. Bank of Valletta (BOV): The Maltese market leader Bank of Valletta is Maltas largest bank and often the first stop for international clients. It has the broadest branch coverage (important if you need physical banking services) and relatively solid online banking platforms. Pros: Established, extensive branch network, English-speaking service Cons: Often overloaded, longer waiting times, conservative about innovative business models Best suited for: Traditional service providers, trade, established companies HSBC Malta: International expertise HSBC Malta benefits from the global HSBC network and is particularly strong for international transactions. If you regularly do business with non-EU countries, HSBC is often the top choice. Pros: Global network, experienced with international structures, modern online platform Cons: Higher minimum requirements, fewer branches Best suited for: Import/export, international consulting, tech companies APS Bank: The local specialist APS Bank is smaller, but often more flexible and personal in its service. Especially with more complex structures or if you need quick decisions, APS has an advantage. Pros: Personal service, flexible solutions, local expertise Cons: Smaller network, fewer international services Best suited for: SMEs, local service providers, entrepreneurs with specific requirements Lombard Bank: The boutique option Lombard Bank positions itself as a premium provider and is especially popular with affluent clients and family offices. Pros: Exclusive service, experienced with complex structures Cons: High minimum requirements, higher fees Best suited for: High-net-worth individuals, family offices, investment firms Revolut Business: The digital alternative Revolut Business technically isnt a Maltese bank, but it has a license to operate in Malta and offers a full EU IBAN. For digital businesses, its often the most modern solution. Pros: Modern app, low fees, fast account opening Cons: No local service, less suitable for complex structures Best suited for: Startups, e-commerce, digital service providers Bank Minimum deposit Account fee/month Special features Bank of Valletta €2,500 €15-35 Largest branch network HSBC Malta €5,000 €25-50 Global network APS Bank €1,500 €12-30 Flexible service Lombard Bank €10,000 €40-80 Premium segment Revolut Business €0 €0-25 100% digital Business account Malta: The documents you really need Heres where things get real. After around twenty different checklists from various banks and two failed appointments, I learned: The document requirements are similar, but the details are what make or break your application. Basic company documents Every bank requires these, regardless of where your company is registered: Certificate of Incorporation – not older than 3 months Memorandum and Articles of Association (company constitution) Certificate of Good Standing – confirms your company exists and is in good standing Current Company Search or commercial register extract Board Resolution – account opening resolution signed by all directors Personal documents of shareholders and directors For each shareholder with more than 25% shares and all directors: Passport (copy of all pages, not just the main page!) Utility Bill (electricity, gas, water bill) – not older than 3 months Bank Reference Letter – reference from your main bank CV/Resume – yes, really! The banks want to understand your professional background Professional Reference – reference from an accountant, lawyer, or other professional contact Business-specific evidence This is where the wheat is separated from the chaff. Banks want to know how your business makes money: Business Plan – doesnt need to be Harvard level, but should clearly explain what you do Financial Projections – realistic sales and profit forecasts for 2-3 years Contracts/Agreements – sample contracts with clients or suppliers Licenses – if your business is regulated (fintech, gaming, etc.) Audited Financial Statements – if available, especially for established businesses Maltese specifics If your company is registered in Malta, these documents are also needed: Form RP1 – registration at the Malta Business Registry VAT Registration Certificate – if VAT liable Employment License – if you employ staff Lease Agreement – proof of business address Insider tip: All documents should be in English. If your documents are in German, French or other languages, youll need certified translations. That costs time and money – plan for it! Digital vs. paper copies Most banks now accept scanned documents for initial review, but require original or certified copies for the final account opening. Revolut and other neobanks are more relaxed here, while traditional banks like BOV often insist on physical originals. Bank by bank: Specific requirements of the main institutions Now to the specifics. I tried all the big banks and learned: the devil is in the details, and each bank has its foibles. Bank of Valletta (BOV): Conservative but thorough BOV is the most traditional of Maltese banks and accordingly bureaucratic. But you do get the most solid service. Minimum deposit: €2,500 for standard business account Special requirements: In-person appearance of all directors (remote opening only in exceptions) Detailed interview about your business model Proof of physical presence in Malta (office or registered office) Reference letters from at least two business partners Processing time: 2-4 weeks after submitting all documents Online banking: Functional, but not especially modern HSBC Malta: International but demanding HSBC has the highest standards, but also offers the best international integration. Minimum deposit: €5,000 (may be higher depending on business model) Special requirements: Proof of at least €50,000 annual turnover (projected or existing) Detailed source of funds documentation Enhanced due diligence for innovative business models HSBC internal credit checks even for non-credit clients Processing time: 3-6 weeks Online banking: Modern platform with global integration APS Bank: Flexible and personal APS is often the best choice for smaller businesses or if you need a quick account. Minimum deposit: €1,500 Special requirements: Less strict revenue requirements Flexible with innovative business models Personal meeting with relationship manager Simpler document requirements for EU companies Processing time: 1-3 weeks Online banking: Simple and functional Lombard Bank: Premium with high hurdles Lombard targets wealthy clients and family offices. Accordingly, the requirements are high. Minimum deposit: €10,000-50,000 depending on account type Special requirements: Proof of significant wealth (€500,000+) Detailed wealth source documentation Introduction by existing client or professional Regular relationship reviews Processing time: 4-8 weeks Online banking: Premium platform with personal service Revolut Business: Digital first Revolut is the newcomer, but often the best option for digital businesses. Minimum deposit: €0 Special requirements: Fully digital onboarding process Selfie verification and liveness check Automated document verification Less stringent business verification for small companies Processing time: 1-5 days Online banking: Best app, modern features Criterion BOV HSBC APS Lombard Revolut Personal appointment required Yes Yes Yes Yes No Malta presence required Yes Recommended No Yes No Innovative business models Conservative Open Flexible Selective Very open International business Basic Excellent Good Premium Good Reality check: Requirements change all the time. What worked last year might be rejected today. Banks have become more cautious, especially in fintech, crypto and other innovative sectors. Malta business banking: The step-by-step opening process Okay, youve chosen your bank and gathered all your documents. Now comes the actual process – and here it will be decided if you have a working business account in two weeks or if youll be sending emails back and forth for three months. Phase 1: Preparation and first contact Initial research and bank selection Compare the fee structures in detail Check your business models compatibility with the bank Read up-to-date reviews from other international clients First contact and preliminary discussion Contact the business banking department (not retail!) Have an informal talk about your requirements Ask for the current document list – it changes frequently Document preparation Gather all required documents Order translations if necessary Prepare certified copies Phase 2: Formal application Fill in application form Be precise and honest – discrepancies delay the process Describe your business model in detail, but clearly Provide realistic revenue forecasts Submit documents Digitally in advance, hard copies at the appointment Use an organized folder with a checklist Prepare backup documents (alternative proofs) Make an appointment Book early – good slots are often booked weeks in advance Plan at least 2 hours Bring all original documents Phase 3: The personal meeting This is where the real magic happens – or the drama. The personal interview often determines approval or rejection. Prepare for the interview Know your business model inside out Prepare answers to tough questions Practice explaining complex structures in simple terms The meeting itself Be punctual and professionally dressed Bring a local contact if possible Be transparent about risks, but focus on opportunities Ask your own questions – it shows real interest Phase 4: Due diligence and approval Enhanced due diligence The bank checks all information in detail Possible further document requests Compliance checks take 1-4 weeks Conditional approval Initial approval, often with conditions Fulfil all requirements promptly and completely Ask questions if something is unclear Final approval and account opening Sign the final contracts Transfer minimum deposit Receive online banking credentials Typical timeline by bank Bank Preparation Application Due diligence Total Revolut Business 1-2 days 1 day 1-5 days 1 week APS Bank 1 week 1 week 2-3 weeks 4-5 weeks Bank of Valletta 1-2 weeks 1 week 3-4 weeks 5-7 weeks HSBC Malta 2 weeks 1-2 weeks 4-6 weeks 7-10 weeks Lombard Bank 2-3 weeks 2 weeks 6-8 weeks 10-13 weeks Insider tip: Start the process with two banks in parallel. Few admit it, but rejections do happen – even with perfectly prepared applications. A backup saves months. Costs for business accounts in Malta: What you really pay Lets be honest: The advertised minimum fees are just the tip of the iceberg. The real costs are hidden in the details, and they can quickly add up to several hundred euros per month. Basic fees: The obvious part These costs are transparent and predictable: Bank Account fee/month Minimum deposit Setup fee Debit card APS Bank €12-30 €1,500 €50 €25/year Bank of Valletta €15-35 €2,500 €75 €30/year HSBC Malta €25-50 €5,000 €100 €40/year Lombard Bank €40-80 €10,000+ €150-300 €50/year Revolut Business €0-25 €0 €0 €6/month Transaction fees: Where it gets expensive The hidden cost driver is transaction fees. Here you pay for every transfer, standing order, every incoming payment: Outgoing SEPA transfers: €0.50-2.50 per transaction Incoming SEPA transfers: €0.25-1.00 per transaction (yes, even incoming!) International transfers: €15-45 plus 0.1-0.25% of the amount Express transfers: Additional €10-25 Cash deposits: 0.1-0.5% (minimum €5-10) Hidden costs: Nasty surprises These fees are often buried in the small print and can double your monthly costs: Account analysis fee: €25-50/month if minimum balance is not maintained Compliance monitoring: €10-25/month for international structures Statement fees: €2-5 per paper statement Returned payment fee: €15-30 per failed transaction Currency exchange margin: 1-3% on foreign currency transactions Dormancy fee: €20-50/quarter for inactivity over 6 months Realistic cost examples Let me show you three realistic scenarios, based on actual usage patterns: Scenario 1: Small e-commerce (20 transactions/month) Bank: APS Bank Account fee: €20/month SEPA transfers: 15 × €1.25 = €18.75 Incoming: 5 × €0.50 = €2.50 Debit card: €2.10/month Total: approx. €43/month Scenario 2: Consulting firm (50 transactions/month) Bank: HSBC Malta Account fee: €35/month SEPA transfers: 30 × €1.50 = €45 Incoming: 20 × €0.75 = €15 International transfers: 2 × €25 = €50 Express service: €15 Total: approx. €160/month Scenario 3: Fintech startup (200 transactions/month) Bank: Revolut Business Account fee: €25/month (Professional Plan) SEPA transfers: 150 × €0.40 = €60 Incoming: 50 × €0 = €0 Foreign currency: €200 × 0.5% = €10 Premium features: €15 Total: approx. €110/month Fee optimization: My learnings After two years of Malta banking, Ive learned how to cut costs: Batch your transfers: Instead of daily, collect payments and send them out 2-3x per week Use the right channels: Online banking is often cheaper than phone or in-branch Negotiate at high volumes: From €50,000 monthly turnover, individual deals are possible Check for package deals: Flat rates are cheaper for many transactions Keep an eye on your balance: Dropping below the minimum deposit will cost a lot Reality check: Plan for 50-100% higher costs than the advertised base fees. Transaction fees are the real cost driver, especially if your business has lots of small payments. Malta banking pitfalls: Mistakes you should avoid Ive made them all – the classic Malta banking mistakes. So you can learn from my blunders, here are the biggest pitfalls and how to avoid them. Mistake #1: Underestimating substance requirements This was my most expensive beginners mistake. I thought a registered office and a Maltese phone number would be enough for the bank. Wrong. What the banks really want: Real economic activity in Malta (not just a mailbox) Proven local staff, or at least yourself based locally Management and important decisions must be made in Malta Regular physical presence of the directors Solution: Invest in real substance. A virtual office for €50/month may seem cheaper than a physical one for €500, but the bank will spot it instantly. Better: Rent a small office, work from Malta regularly, hire a local employee (even part-time). Mistake #2: Wrong expectations about processing time 2-3 weeks says the brochure. The reality: 6-12 weeks is normal, for more complex structures even 4-6 months. Why does it take so long? Enhanced due diligence for international clients Internal compliance committees only meet weekly External reference checks take time Incomplete documents lead to repeated follow-ups Solution: Start the banking process at least 3 months before your planned business start. Keep your existing account open as long as possible. Apply to 2-3 banks in parallel. Mistake #3: Incomplete or inconsistent documentation A wrong date, a differing address, a missing page – small inconsistencies can delay the whole process by weeks. Typical inconsistencies: Different addresses in different documents Outdated company searches or certificates Missing signatures or stamps Inaccurate beneficial ownership information Conflicting information in business plan vs. application form Solution: Create a master checklist with all details (names, addresses, dates, percentages). Check every document against it. Have a lawyer or tax advisor review the final documentation. Mistake #4: Underestimating AML compliance Anti-money laundering (AML) is the scarecrow of every Maltese bank. After some scandals, everyone is extremely cautious. Avoid red flags: Complex structures without clear purpose Business models that are hard to explain Connections to high-risk countries Vague or evasive answers about source of funds Unrealistic turnover forecasts Solution: Be over-the-top transparent. Explain complex structures simply. Document every euro of your start-up financing. Prepare for intense questioning and always be honest. Mistake #5: Neglecting ongoing compliance Account open, done? Not quite. Maltese banks conduct regular relationship reviews, and they can even freeze existing accounts during this process. Ongoing requirements: Submit annual financial statements Report changes in shareholder structure Have significant business changes re-approved Regular source of funds updates Suspicious transaction monitoring Solution: Keep a compliance calendar. Allow 1-2 days a year for banking compliance. Proactively inform the bank of major changes. Use a local lawyer for continuous compliance support. Mistake #6: Wrong bank for the business model Not every bank fits every business. I tried to open a fintech account at conservative BOV – doomed to fail. Business model Suitable banks Unsuitable banks Traditional services BOV, APS, Lombard – E-commerce APS, Revolut, HSBC Lombard (too expensive) Fintech/Crypto Revolut, specialized providers BOV, Lombard International trading HSBC, Lombard Revolut (limits) High-volume gaming Specialized gaming banks Retail banks Mistake #7: Neglecting local networks Malta is an island – sometimes it feels like a village. Personal relationships and referrals open doors that remain formally closed. Useful contacts: Maltese lawyers specializing in banking Tax advisors with international clients Other entrepreneurs in similar sectors Malta business network groups Relationship managers at the banks Solution: Invest time in local networking events. Join business associations. Use LinkedIn to connect locally. A warm intro from an existing client can work wonders. Most important tip: Malta banking is a marathon, not a sprint. Allow plenty of time and budget, keep backup options ready, and build local relationships from day one. The island rewards patience and perseverance. My experiences: What I would do differently today After two years of Malta banking, three account openings (yes, I needed that many) and a fourth failed attempt, here are my honest learnings. Had I known all this, I’d have saved months of stress and a few thousand euros. Learning #1: Start with the “wrong” bank Sounds crazy, but it’s my key insight. I would have started straight away with Revolut Business, even though it wasn’t my final solution. Why thats smart: You’ll have a working EU business account in 1-2 weeks You can invoice and receive payments immediately You build banking history, which traditional banks later assess You learn your actual banking needs You have time to carefully select the “right” bank In parallel, start applications at 2-3 traditional banks. After 6-12 months, switch to the better solution. The €25-50/month for Revolut is well spent. Learning #2: Invest in real substance from the start My biggest cost mistake was trying to do Malta “cheaply”. Virtual office for €50, nominee director for €200, minimum presence – all money wasted. What I’d do today: Rent a real office (€300-800/month depending on location) Spend at least 3-4 months a year in Malta Hire a local part-time employee (even just 10h/week) Hold business meetings deliberately in Malta Register as actively trading with the business registry That costs €5,000-10,000 more per year but will save you months of frustrating bank meetings. Learning #3: Documentation is king The most successful account opening I had was at APS Bank – not because they were less strict, but because I learned how to prepare properly. My recipe for success: Create a master file: Excel with all names, addresses, dates, percentages Document checklist: Check every document against the file Professional review: Maltese lawyer reviews all documents before submission Multiple formats: All documents both in PDF and physical form Update schedule: Renew certificates of good standing etc. in time Learning #4: The person behind the counter decides Maltese banks have more discretion than German ones. The relationship manager can make or break your application. How to find the right person: Ask for the “Senior Business Banking Manager” Don’t let yourself get passed to junior staff Leverage warm introductions through existing clients Prepare for the face-to-face meeting like a job interview Ask questions yourself – this shows professional interest Learning #5: Timing is everything Malta works differently than Germany. The banks have quarterly targets, holiday seasons, and internal politics. Best times to open an account: January-March: New quarter targets, motivated bankers September-October: After summer holidays, before year-end stress Avoid: June-August (holidays), December (year-end) Learning #6: Have plans B, C and D ready Even with perfect preparation, applications can fail. Internal politics, policy changes, plain bad luck – it happens. My backup strategy today: Revolut Business as instant solution Apply to 2-3 traditional Maltese banks in parallel Prepare an EU banking alternative outside Malta (Estonia, Luxembourg) Local lawyer with banking contacts on your team The real costs My honest Malta banking bill after two years: Cost item Originally planned Actually paid Account opening fees €100 €450 (3 tries) Lawyer/tax advisor €500 €2,800 Document translations €200 €650 Travel costs for appointments €300 €1,200 First 12 months banking €600 €1,400 Total €1,700 €6,500 Sounds like a lot? It is. But compared to the tax advantages and the flexibility of an EU business account, it was worth it. My key advice: Plan for 3x the time and 2x the budget you originally thought. Malta rewards realism and punishes optimism. But if you persist and do it right, you’ll get one of the most flexible business banking setups in the EU. Frequently asked questions about business accounts in Malta Can I open a Maltese business account without a Maltese company? Yes, but its much harder. Most banks prefer Maltese companies. As an EU citizen with a company from another EU country, you have better chances with APS Bank or Revolut. With traditional banks like BOV or HSBC, its almost impossible without a local company. How long does it really take to open an account? Revolut Business: 1-5 days. APS Bank: 3-5 weeks. Bank of Valletta: 4-8 weeks. HSBC Malta: 6-12 weeks. Lombard Bank: 8-16 weeks. Timelines vary greatly depending on business model and completeness of documentation. Do I have to appear in person in Malta? For traditional banks (BOV, HSBC, APS, Lombard), an in-person appointment is required. Only Revolut Business and other neobanks allow fully digital account openings. Plan a 2-3 days Malta trip. What minimum deposit do I really need? Revolut: €0. APS Bank: €1,500. BOV: €2,500. HSBC: €5,000. Lombard: €10,000+. Watch out: These amounts need to remain on the account, or extra fees apply. What happens if my application is rejected? Rejections do happen, even with well-prepared applications. You rarely get detailed reasons. Important: Wait 6-12 months before trying again at the same bank. Apply to other banks in parallel. Use the time to strengthen your substance in Malta. Can I have multiple business accounts in Malta? Yes, thats allowed and actually makes sense. Many entrepreneurs use Revolut for daily payments and a traditional bank for larger transactions or loans. But inform both banks about your other accounts – transparency is important. What are the real ongoing costs? Expect €50-200 per month depending on transaction volume. The advertised base fees are only a portion. Transaction fees, compliance fees, and hidden costs add up. For high volumes, flat-rate packages are often cheaper. Do I need a Maltese tax advisor? Not strictly for opening the account, but highly recommended. A local tax advisor knows the bank requirements, can help with document preparation and later with compliance queries. Cost: €150-300 per hour. What about cryptocurrencies and fintech? Malta is crypto-friendly, but banks have become cautious. Pure crypto exchanges have it tough with traditional banks. Fintechs with regular models (SaaS, e-commerce with crypto payment) have better chances. Revolut and specialist providers are more open. Can I manage the account from Germany? Yes, all banks provide online banking. But: You must be able to demonstrate regular presence in Malta. Operating entirely remotely without local activity can lead to your account being closed. Plan at least quarterly trips to Malta.

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