Opening a bank account with a local Maltese bank isn’t always straightforward. Each application is reviewed individually, and approval depends on a number of factors.
Banks will usually look for substance, meaning your business should have a real presence in Malta. This can include:
- Having employees locally
- Appointing local directors
- Demonstrating that your business operates in or from Malta
Requirements can vary from bank to bank, and the process can take anywhere from 3 to 6 months.
Looking for a Faster Option?
If timing is important, we can also help you open an account with reputable Electronic Money Institutions (EMIs).
These are well-established alternatives to traditional banks.
The process is much quicker – in many cases, accounts can be set up within 2–3 working days.
Malta business bank account documentation checklist
While each bank in Malta has its own internal policies, the due diligence process is broadly similar across the board. In most cases, you should expect to provide the following:
- Identification documents
Certified copies of passports for all shareholders (typically those holding 10% or more), directors, and ultimate beneficial owners, along with recent proof of residential address (such as utility bills or bank statements). - Company documentation
This includes certificates of incorporation/registration, Memorandum and Articles of Association, and documentation relating to any shareholder entities (if applicable). - Proof of good standing
For existing companies, banks may request a Certificate of Good Standing or equivalent confirmation that the company is compliant and active. - Bank reference letter
A reference from your current bank is often required to demonstrate your banking history and relationship. - Business plan and activity overview
A clear explanation of your business model, expected transaction flows, target markets, and counterparties. Maltese banks pay particular attention to understanding how your business operates in practice – not just on paper. - Company structure (organogram)
A visual overview of the ownership structure, especially where multiple jurisdictions or corporate shareholders are involved. - Supporting commercial documentation
This may include contracts, agreements, invoices, or any documents that help demonstrate your source of funds, source of wealth, and the nature of your business relationships.
A quick note on Maltese banks
It’s worth keeping in mind that Maltese banks take a risk-based approach to onboarding. This means they may request additional documentation depending on your business activity, jurisdictions involved, or ownership structure.
In practice, this often translates into:
- More detailed questions around source of funds and wealth
- Closer scrutiny of international trading activities
- A strong preference for businesses with a clear link to Malta (substance)
So while the list above covers the standard requirements, it’s quite normal for banks to come back with follow-up questions or request further clarification during the process.
