Opening a Business Bank Account in Malta

Opening a business bank account in Malta can be surprisingly challenging—especially if you’re a non-resident entrepreneur setting up a new Maltese company or expanding your existing one. Malta’s banking sector is heavily regulated by the MFSA and closely aligned with EU-wide AML/CFT rules, which means that compliance and due diligence are taken seriously.

For non-residents, the process often goes beyond the usual paperwork. Banks expect a clear business case for why you need a Maltese bank account, proof of real economic activity, and transparent source-of-wealth documentation for every shareholder or UBO. 

The bar is even higher if you operate in a high-risk sector such as crypto, iGaming, forex, or cross-border trading, where banks must perform enhanced due diligence (EDD) before approving your application.

This makes opening a business bank account in Malta one of the most time-consuming steps for foreign founders—yet it’s also one of the most critical. A well-chosen Maltese banking partner can give your business credibility with local clients, seamless access to SEPA payments, and a reliable MT IBAN for Eurozone transactions. But to get there, you’ll need to navigate documentation requirements, compliance scrutiny, and sometimes weeks of back-and-forth communication.

This guide breaks down everything you need to know—from eligibility rules and bank shortlists to timelines, fees, and proven strategies to speed up approvals—so you can avoid delays and start trading faster.

Can a Non-Resident Open a Business Bank Account in Malta?

Opening a business bank account in Malta is extremely difficult for a foreign company that isn’t registered in Malta. Most local banks simply won’t onboard a company incorporated abroad unless there’s a very strong Maltese economic link — such as a physical branch, staff on the island, or a government contract.

However, it becomes possible if you register a Maltese company (for example, a Maltese LTD or PLC) even if the ultimate beneficial owners (UBOs) are non-residents. Banks are far more open to working with entities incorporated under Maltese law because they fall under the local regulatory and tax framework, making compliance and monitoring much easier.

That said, it’s not effortless. A Maltese-registered company with non-resident UBOs will still face enhanced due diligence (EDD) — including detailed source-of-wealth and source-of-funds checks, live or video interviews with directors or shareholders, and sometimes requests for local substance such as a registered office lease or VAT registration.

If you’re a foreign entrepreneur looking to expand into Europe, the fastest and most reliable way to open a business bank account in Malta is to set up a Maltese company first. Here’s where Binderr Concierge comes in:

Step-by-Step Process to Open a Business Bank Account in Malta

Opening a business bank account in Malta isn’t a simple formality — it’s a structured compliance-driven journey. Banks follow a risk-based process under MFSA and FIAU Malta regulations, which means every step must be handled carefully, especially if you’re a non-resident entrepreneur or your business operates in high-risk sectors such as crypto, iGaming, or forex.

Below is a detailed breakdown of how the process actually runs, along with the key requirements and challenges you should expect.

1. Introduction & Pre-Screen

The process usually starts with a discovery call or an initial email exchange between you (or your adviser) and the bank. Here you’ll:

• Share a business profile summary, explaining your company structure, activity, and why you need a Maltese account.
• Provide a document pack index (incorporation certificate, shareholder chart, UBO details, licences if applicable).
• The bank will pre-screen your application to see if it fits their risk appetite and set realistic timelines for account opening.

For non-residents, this stage is crucial. If your company is incorporated outside Malta, chances are slim. But if you have a Maltese-registered company with foreign UBOs, banks are far more likely to proceed — though you’ll still face enhanced due diligence.

2. Full Application & KYC Submission

Once pre-screened, you’ll be asked to submit a complete application with certified KYC documentation. This includes:

• Corporate documents: Certificate of Incorporation, M&As, shareholder and director registers.
• Personal KYC: Passports, proof of address, tax ID numbers, and CVs for directors, signatories, and UBOs.
• Business plan & payment flows: A clear outline of your activities, expected counterparties, jurisdictions, and transaction volumes.
• Licences & registrations: If you operate in regulated industries like crypto exchanges or iGaming, you must submit relevant Maltese or foreign licences.

Pro tip: declare all jurisdictions and unusual flows up front. If you’ll be transacting with high-risk regions or handling multi-currency flows (USD, GBP, AED alongside EUR), disclose it early — it builds trust with the compliance team.

3. Bank Onboarding (and CDD and EDD Check)

This is the heart of the Maltese business bank account onboarding process. Expect back-and-forth with compliance officers who will dig deeper into:

• UBO Source of Wealth (SoW): Proof of how shareholders made their money — salaries, dividends, business sales, or investments.
• Source of Funds (SoF): Documentation showing where the actual funds deposited into the account will come from.
• Counterparties & partners: Details about your suppliers, clients, and payment flows, including contracts and invoices.
• Reason for Malta: Why are you opening a business bank account in Malta instead of another EU jurisdiction.
• Substance: Evidence of your Maltese footprint — office lease, local staff, tax registrations, or board control.
• Ongoing monitoring approach: How your business plans to comply with AML rules, especially in high-risk industries.

4. Approval, Activation & Channel Setup

Once compliance is satisfied, you’ll move to final approval and account activation. Here’s what to expect:

• Signing of mandates and board resolutions authorising the account.
• Completion of e-banking forms, with user entitlements for directors, finance teams, or authorised signatories.
• Testing of SEPA and SWIFT payment channels to ensure smooth international transactions.
• Issuance of bank cards, security tokens, and login credentials for online banking access.

At this stage, you’ll officially have a live Maltese business bank account with an MT IBAN, enabling SEPA transfers, multi-currency transactions, and local payments.

The step-by-step process to open a business bank account in Malta is rigorous but manageable with preparation. Non-residents and high-risk entrepreneurs should expect EDD, longer timelines, and deeper questioning, but success is achievable if you present a complete, bank-ready file with a clear business rationale for operating in Malta.

Required Documents for Opening a Business Bank Account in Malta (2025)

Each Maltese bank has its own documentation preferences, but most follow a similar compliance framework set by the MFSA and FIAU Malta. A well-prepared file not only speeds up the process but also helps avoid repeated clarifications and delays.

Company & UBO structure

• Certificate of Incorporation issued by the Malta Business Registry (MBR).
• M&As, share register, director/secretary appointments.
• Group chart with % holdings to the ultimate beneficial owners (UBOs) ≥25%.
• Board resolution authorising the account opening and signatories.

People (KYC for directors, authorised signatories, and UBOs)

• Certified passport
• Proof of residential address (≤3–6 months); 
• CVs or professional bios; 
• TIN confirmations.

Business & money flows

• Detailed business description and model; top customers/suppliers (jurisdictions, invoices/POs).
• 12-month cash-flow forecast; if live, last 6–12 months’ bank statements.
• Contracts, invoices, or LOIs supporting expected flows.

Compliance pack

• Source-of-Funds/Wealth for UBOs (evidence of dividends, exits, savings, remuneration).
• Screening disclosures (PEP/sanctions) and negative-news explanations if any.
• Licences (if regulated), e.g., gaming/crypto/payment services where applicable.

Substance evidence (if available)

• Malta address/tenancy; employment contracts; service agreements; tax/VAT registrations.

Opening a Business Bank Account in Malta for High-Risk Sectors

Getting a business bank account in Malta is already paperwork-heavy for regular companies — but for high-risk sectors such as iGaming, crypto/digital assets, forex, cross-border trading, or cash-intensive businesses, banks apply Enhanced Due Diligence (EDD) under FIAU Malta’s risk-based rules. 

Expect deeper scrutiny, longer timelines (often 6–12+ weeks), higher minimum balances, and sometimes extra fees. Here’s what to know sector-by-sector:

iGaming / Remote Gaming Companies

• Mandatory licence: Banks will only consider you if you hold a valid MGA (Malta Gaming Authority) licence or equivalent EU/EEA authorisation.
• Named PSPs & flows: You must disclose all payment service providers (PSPs), merchant IDs, and the countries where your players are located.
• AML / Responsible-Gaming controls: Provide your AML policies, KYC/age-verification flows, and responsible-gaming procedures.
• Historic banking / PSP statements: Showing clean transaction history with another PSP or bank speeds up approval.
• EDD impact: Timelines stretch due to cross-border player funds, chargeback risk, and fraud exposure.

Crypto / Digital Asset Businesses

• Regulatory registration: Show proof of VFA Service Provider licence, VARA registration, or equivalent EU crypto compliance.
• Wallet mapping: Banks want a wallet-to-wallet flow diagram to trace incoming/outgoing transactions.
• PSPs & exchanges: Identify all crypto-fiat partners (Binance, Kraken, Coinbase, etc.) and custodial arrangements.
• On-chain risk & AML tools: Demonstrate use of blockchain analytics (e.g., Chainalysis, TRM) to monitor illicit flows.
• EDD load: Crypto files face the heaviest EDD, with extra questions about counterparties, liquidity partners, and volatility controls.

Forex / Payment & Remittance Providers

• Licensing: Proof of EU/EMI or PSP licence, or at least a legal opinion showing why no licence is required.
• Liquidity & flow details: Banks need to see currency pairs, settlement counterparties, and daily/weekly volumes.
• AML policies: Include transaction-monitoring rules, client KYC onboarding processes, and segregation of client funds.

The Main Banks for Business in Malta

Malta’s corporate banking market is relatively small but relationship-driven, with a handful of well-established banks serving most businesses. 

Choosing the right one depends on your company’s activity, annual turnover, ownership structure, and risk profile. Below is an expanded overview of the most relevant players and what each is best known for.

Bank of Valletta (BOV) – Malta’s Corporate Banking Heavyweight

• Market leader: BOV is the largest domestic bank in Malta with the broadest branch network and corporate customer base.
• Corporate focus: Offers full-service business current accounts, trade finance, payroll, cash-management, and treasury/FX services.
• Onboarding: Publishes clear entity onboarding checklists (available on bov.com) and is generally receptive to Maltese-registered companies with transparent structures.
• Best for: Established SMEs, local trading firms, import/export companies, and businesses that value face-to-face relationship banking.
• Caution for non-residents: While open to foreign-owned Maltese entities, it applies strict AML/CFT checks on UBOs and often asks for proof of Maltese substance (lease, VAT registration, etc.).

HSBC Bank Malta – Global Reach & Trade Expertise

• International brand: Part of the global HSBC Group, bringing strong cross-border trade finance and multi-currency services.
• SME platform: Known for HSBC Fusion, a digital-first platform with solid cash-management tools, bulk payments, and card issuing for SMEs.
• Compliance: Enforces some of the toughest KYC/EDD standards in Malta; non-resident UBOs should be prepared for deeper questioning and longer timelines.
• Best for: Companies with international supply chains, FX exposure, or trade-finance needs that benefit from HSBC’s global network.

APS Bank – Relationship-Led SME Champion

• Local roots: A long-standing Maltese bank known for approachable relationship managers and a focus on small and mid-size enterprises.
• Products: Offers standard business accounts, overdrafts, term loans, and card facilities.
• Digital banking: Reliable online platform but less feature-rich than HSBC or BOV for complex treasury needs.
• Best for: Local SMEs, professional services, consultants, and startups that want direct banker relationships and responsive support.

BNF Bank – Flexible Corporate Solutions

• Growth-oriented: A mid-tier bank positioning itself as a flexible alternative for corporate and business clients.
• Dedicated teams: Offers relationship managers and customised business packages, including multi-currency accounts and lending.
• Onboarding: Often considered more approachable than the biggest players for clean low-risk files.
• Best for: Trading firms, retail operators, or SMEs seeking tailored packages and faster decision-making.

Izola Bank – Niche B2B & Factoring Specialist

• Focus: Specialises in B2B finance, factoring, invoice discounting, and working-capital solutions rather than mass retail banking.
• Client profile: Typically serves established Maltese and EU trading businesses that need liquidity and supply-chain finance.
• Banking services: Provides standard business current accounts but is most valuable for companies seeking factoring facilities.
• Best for: Importers/exporters, wholesalers, and B2B suppliers who want a strong working-capital partner.

Bottom Line

Opening a business bank account in Malta is rarely as simple as picking a bank and filling out a form. Each bank has its own risk appetite, documentation standards, and sector focus, which means the same company can be welcomed by one bank and rejected by another.

Here are some of the key challenges:

• Strict Compliance Climate: Since Malta’s FATF grey-list experience, all banks have tightened AML/CFT checks — especially for non-resident UBOs and high-risk sectors.
• Inconsistent Risk Appetite: Some banks (e.g., HSBC) enforce global KYC standards that can delay or block certain profiles, while others may be more flexible but require strong local substance.
• Sector Restrictions: Industries like crypto, iGaming, and forex face extra EDD, higher minimum balances (€10k–€25k+), and surcharges.
• Complex Documentation: Missing or mismatched details in KYC, SoW/SoF, or UBO charts often result in stalled applications or outright rejection.
• Relationship-Driven Decisions: A strong relationship manager or trusted intermediary can speed up approval, but cold applications tend to face longer waits.

How Binderr Makes It Easier:

• Bank Match: We pinpoint the Maltese banks most compatible with your business model and sector to avoid wasted applications.
• Pre-Screen & Compliance Prep: Our team audits and fixes gaps in your KYC, corporate documents, and cash-flow data before you apply.
• Specialised EDD Support: For high-risk sectors, we prepare licences, AML/KYC policies, wallet mapping, player-fund flows, SoW/SoF proofs, and present them in a bank-ready format.
• Fast-Track Activation: Binderr manages board resolutions, video-KYC, and follow-ups until your MT IBAN and SEPA/SWIFT channels are live.
• Fewer Rejections, Faster Go-Live: Our preparation can cut timelines by 30-50 %, saving you weeks of compliance ping-pong.

Choosing the wrong bank or submitting an incomplete file in Malta often means months of delay or rejection. Binderr’s bank-match, EDD-ready packs, and hands-on coordination remove these roadblocks so you can start trading faster with the right Maltese banking partner.

FAQs – Opening a Business Bank Account in Malta