Malta corporate bank account in 2021
Healy Consultants Group PLC project manages all procedures on behalf of our Client for opening a corporate bank account in Malta. Our Maltese expert will prepare all necessary documents and attend a bank interview (if required) on your behalf. Where applicable, our team will attend bank interviews on your behalf and assist with applying to the full range of corporate banking services available.
Please read below for further information regarding corporate banking services in Malta.
Malta banking sector
- Over the last decade, there is a significant transformation in the banking sector of Malta. Previously, the banking sector, one of the backbones of Malta, was tightly controlled and publicly owned. Currently, the publicly owned sector has been transferred into a liberalised one and with predominant foreign ownership participation;
- This aforementioned transformation, along with the ideal geographical location of Malta, has attracted several highly reputable financial institutions to establish operations in Malta, such as i) HSBC ii) Deutsche Bank and iii) Commonwealth bank;
- In Malta, banking institutions are regulated by the Banking Act. This Act is based on European Union legislation and follows the Basle Core Principles. Meanwhile, the non-bank financial institutions are regulated by the Financial Institutions Act;
- Due to the robust regulatory and legislative framework, Malta ranked 20th out of 140 economies for strength of auditing and reporting standards and 15th for soundness of the banking sector in the World Economic Forum’s Global Competitiveness Report 2015-2016.
Malta corporate bank account
- Healy Consultants Group PLC recommends our international Clients to open their Malta corporate account with an international bank with which they already have a bank account in another country, because many Malta banks prefer to operate on referral basis. And this can also reduce time spent on compliance background checks;
- Important large banks in terms of assets in Malta include i) APS Bank ii) Bank of Valletta iii) FCM Bank and iv) Lombard Bank. They are also good choices for private banking and wealth management services in Malta;
- Foreign banks present in Malta include i) Erste Group ii) BNP Paribas Fortis and iii) Raiffeisen Bank.
Our Malta corporate banking services
Healy Consultants efficiently assists our Clients to open a multicurrency corporate bank account in Malta. Please read below for further information:
- To facilitate easy corporate bank account opening, Healy Consultants Group PLC will project manage this process on the ground without our Client’s travel required. Our Client can expect to receive corporate bank account numbers within 4 weeks and thereafter activate internet banking facilities within another 2 weeks;
- Healy Consultants Group PLC will liaise with the banks from A to Z, actively preventing our Clients from travelling to Malta. However, there is still a 20% chance that the bank’s compliance department may request our Clients to attend a bank meeting in Malta. There will be a fee discount if you have to travel;
- Some Maltese banks do not courier internet banking tokens to overseas address thereby Healy Consultants Group PLC will direct the bank to mail the tokens to our local office and then we will courier the same to the preferred international address of our Client.
Ongoing banking support
If required by our Client, Healy Consultants will also be pleased to communicate and secure additional bank financial support for their projects in Malta:
- Healy Consultants may assist our Clients with obtaining various financial instruments such as: i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) documents for payment and acceptance. Please contact Healy Consultants Group PLC for inquiries regarding these services and related fees;
- Healy Consultants Group PLC will prepare a quality business plan or a feasibility study on behalf of our Client to support a quality application for various financial instruments. Based on the requirements from the bank, the business plan will also include i) availability of collateral assetss ii) adequate background of senior management and iii) last 3 years audited financial statements.
Steps required to open an account
Healy Consultants Group PLC banking team and our Client will follow these steps to open a corporate bank account on our Client behalf:
- After company incorporation,Healy Consultants Group PLC banking team completing the Argentina bank account application form on behalf of our Client;
- The Client receives the forms fully completed and should i) print, ii) sign, and iii) e-mail back to the Healy Consultants Group PLC address;
- Healy Consultants Group PLC prepares a detailed business plan relating to our Client’s company to support the Malta corporate bank account application;
- Healy Consultants Group PLC e- mails full onboarding pack to Malta bank;
- Once the bank receives the documents the process starts and the account is expected to be opened within 20 days;
- On behalf of our Client, Healy Consultants Group PLC applies for corporate internet banking facilities in Malta;
- On behalf of our Client, Healy Consultants Group PLC applies for corporate credit card, corporate ATM card, and corporate cheque book;
- Healy Consultants Group PLC receives the Malta corporate bank account internet login and password information in a sealed letter that is passed directly to our Client;
- Healy Consultants Group PLC receives a corporate cheque book in a sealed letter that is passed directly to our Client;
- Healy Consultants Group PLC receives credit and ATM cards in a sealed letter that is passed directly to our Client.
Exchange controls and other regulation
- Malta does not implement exchange controls, except notification will still be required to provide to the customs if any person enters or leaves Malta carrying cash or other monetary value over €10,000;
- Multiple foreign currencies are available in Malta for corporate bank accounts, including €, US$ and £;
- There are no limits for account holders to keep in their bank accounts on the amount of foreign currency.