Opening a Business Account in Malta (US Business Guide)

Malta is an attractive place for businesses looking for ways to access European markets, with English as an official language, a business friendly environment and some of the lowest tax rates in the EU.

If you’re thinking of expanding your US business into Europe, Malta may be an ideal base for you. Let’s look at how you might get a business account in Malta to allow you to trade effectively, if that’s the next step for your US based business. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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When do US Businesses Need a Business Account in Malta?

US businesses looking to expand into Europe may decide to register an entity in Malta to do business there and get a foothold in the EU. Depending on the entity type you register there you might be required to also have a local business account - and even if this isn’t mandatory, it can be a smart way to manage your EUR finances and cut the costs of some international transactions.

It’s important to know that opening a business bank account in Malta isn’t always an easy feat. The Maltese government’s investment division warns that banks have very tight controls on account access¹, following the country’s short-lived greylising by the Financial Action Task Force. This ended in 2022 after concerns in banking transparency were addressed. As a result banks in Malta are now considered very safe, but they do also have rigorous documentation requirements when you sign up for an account.

Expanding Your Business Reach into Europe

One excellent reason to expand your US business into Malta is its great location to allow you to expand further into the continent. Pair this with Malta’s place as a Eurozone country, and you've removed many of the barriers to market access that may slow the pace of expansion.

Streamlining Payments and Transactions in the EU

Malta is a Eurozone country and a member of the Single Euro Payment Area (SEPA) Zone. This means that when you transact in Malta you’ll use euros, and you can also make payments to any of the 36 SEPA countries as quickly and easily as you would within Malta itself.

This streamlines your processes within Europe considerably, as SEPA payments can cost just a few cents, and arrive no later than the following banking day after processing - with some instant SEPA transfers also available.

Benefits of a Maltese Business Account for US Companies

As well as easy market access, another common reason for US businesses to open an entity in Malta is the low tax rate you’ll pay there. Malta’s investment agency states that the country has the lowest effective tax rate in the EU², with no capital gains taxes and no withholding taxes on many income types, including proceeds from liquidation distributed to non-residents.

Once you have a Maltese business, opening a business account which can be used to hold, send, spend and receive euro payments can help keep down your overall costs to make sure your company is as successful as possible.

How to Open a Business Account in Malta: A US Business Guide (4 Steps)

Let’s look at the most commonly required steps to open a business bank account in Malta. Individual banks may have their own processes so do reach out to your preferred provider before you apply, to confirm their requirements.

Step 1: Research and select banks or providers which may meet your needs

We’ve got a few ideas coming up to help kick start your research - but finding the best business account in Malta will take a bit of homework. You may want to look at banks and also specialist services like Wise Business to compare options and pick the perfect match.

Step 2: Gather the documents needed to apply

Whichever bank you pick, you’ll be asked to have a suite of supporting documents when you apply. The exact paperwork needed varies based on your entity type and the bank itself, but it’s common to need the following if you have a registered LLC:

• Certification of Registration from the Malta Business Registrar (MBR)
• Memorandum and Articles of Association (M&A)
• Details of company Ultimate Beneficial Owner (UBOs)
• Identification for UBOs, key business controllers, representatives and legal representatives

As a US person you may also need to complete specific application processes related to FATCA - your bank can advise you on what’s needed.

Step 3: Apply online or in person

It’s very common to need to visit your bank branch in person, or mail in hard copies of documents when opening a Maltese business bank account. You might also be able to register your interest in an account online and then have a member of the bank call you back to start your application before arranging an appointment.

Step 4: Upon approval get account collateral and start to transact

Your account documents will be checked and once approved you can start to use your account.

Choosing the Right Bank or Financial Provider in Malta

You’ll need to do some homework to select the best account for your business in Malta. However, the good news is that there are several options across both banks and specialist providers which can suit most business types. Here are a few to consider:

HSBC Malta Business Accounts

HSBC Malta³ has business services for companies of all sizes, from digital solutions for companies which need a smaller range of services, through to relationship management, FX support and research for larger businesses. There’s also HSBC Malta Fusion⁴ for accounts, cards and loans for resident business owners.

APS Bank Business Banking

APS Bank⁵ has relationship management services as standard for customers, with a full range of services including accounts but also credit cards, loans and overdrafts. This could particularly suit growing businesses in Malta which need financing to support growth ambitions.

MeDirect Business Accounts

MeDirect Business Accounts⁶ are offered for medium to large sized businesses and include call, notice and fixed term accounts for different customer needs. The bank also offers more complex products around currency exchange and corporate lending as well as payments around the world to connect Maltese businesses to their contractors and suppliers.

BNF Bank Business Accounts

BNF Bank⁷ has business accounts for micro businesses right through to large corporations looking for lending and more expansive service arrangements. Applications are managed through an online form to allow you to talk through your needs with a member of the bank staff before applying.

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Navigating the Application: Tips for US Businesses

Many Maltese banks require you to attend a branch in person to apply, which will mean a member of staff can talk you through the application process and requirements. Some US business owners also choose to use a company formation agent in Malta to register a business, who can also help with the business bank account application. In either case here are a few important things to know.

What to Expect During the Onboarding Process

The application for a Maltese business bank account will take a little time to complete. Applications typically ask for a large amount of information about yourself, your business, other individuals involved in it, how you expect to transact and the type of work you do. This process is completed for security and is an important step in keeping the bank legally compliant - and your money safe.

Common Pitfalls to Avoid When Opening a Maltese Account

Here are a few final thoughts and tips on how to avoid common problems for US business owners opening an account in Malta:

• Expect strict Know Your Customer (KYC) checks - banks in Malta are extremely thorough in their KYC checks so you will need a full suite of identification documents for yourself, all beneficial owners and other key individuals
• Make sure your documents can be accepted - ensure documents you submit are in date, and check if any need to be translated or notarised before you can submit them
• Provide evidence of the source of any funds you deposit - you may be asked to provide proof of the source of your funds to comply with anti money laundering rules, so keep accurate records and be prepared to show them
• Check the eligibility requirements for your account - some banks do not accept non-resident applications, while others may not accept applications from companies in all sectors, so do check all the details before you submit your application
• Be aware of account fees before you sign up- finally don’t get caught out by high or unexpected fees - read account conditions carefully and don’t expect the costs to be exactly the same as for your US business account

Save Time and Hassle With Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Wise makes it easy to send, hold, and manage business funds in currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. Simply add the local account details when billing international customers to receive international payments with no fees.

Account opening is 100% online, with no need to visit a branch or book appointments.

Once you’re set up, you can connect to software such as Wave, FreshBooks, and more. You can also withdraw funds from Stripe without currency conversion fees.

Open a Wise Business account online

Some key benefits of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Access to BatchTransfer. Fast payment of up to 1,000 people.

Frequently Asked Questions About Maltese Business Accounts for US Companies

What do I need to apply for a business bank account in Malta?

Maltese banks require extensive paperwork to check and verify your business bank account. Ask for the full list of documents needed in good time so you can get everything sorted before you apply - you'll need individual ID documents for all business owners, as well as business registration details and documents.

Can I apply for a Maltese business bank account online?

You’re not usually able to open a business bank account in Malta without a visit to a branch - ask your preferred bank what their application options are before you proceed.

What does it cost to open a business bank account in Malta?

There’s not often a fee to open a business bank account in Malta, but you may pay monthly charges and transaction fees. You will normally have to pay if you have an agent supporting your business bank account application.

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1. Invest in Malta - financing
2. Invest in Malta - tax
3. HSBC Malta Business Accounts
4. HSBC Malta Fusion
5. APS Bank Business Banking
6. MeDirect Business Accounts
7. BNF Bank Business Accounts