Opening a business bank account in Malta can seem like a daunting task, but with the right information it will be easy. This guide will explain when it's necessary to open a business bank account, what documents you need and what are the different types of accounts available in Malta.
What is the difference between a personal and a business bank account?
There are two main types of bank accounts: personal and business.
A personal bank account is used for your own personal use, both for paying bills and receiving money from other people. You can also use it to open up a business account (see below).
A business account is set up specifically for your company, so that you can deposit money into it and pay out expenses from there. In most cases, opening up a business bank account will require that you apply with the government as well as the bank itself, in order to get all the right paperwork done before they'll allow you to begin using it regularly.
Which documents do I need for opening a business bank account?
- Your passport
- Proof of address (you can use a utility bill)
- Business registration certificate or similar document provided by the Malta Chamber of Commerce, as well as proof that you are legally registered in Malta and have permission to operate your business there (e-residency and company registration certificates are also accepted). If you do not have any of these documents yet, we will help you obtain them as part of our services at no extra cost! Just ask us for more details when opening an account with us at [email protected]
- Proof that you have been living in Malta for at least 6 months (for example, a recent electricity bill), or some other proof that proves residence in Malta for more than 183 days per year if coming from another country outside Europe like USA or Canada etc., but without having to provide any specific documentation upfront before obtaining permission from the Maltese authorities themselves first; this means applying directly through their webpage where they'll confirm whether they need anything else besides these four pieces mentioned above before granting access - it's all automated so should take only seconds!
What are the different types of business bank accounts?
The difference between a personal bank account and a business bank account is that the latter is for businesses.
There are several types of business bank accounts, including:
- Business account (also known as corporate or commercial) - This type of account allows you to keep your personal and business finances separate so that they can be managed separately. It's normally used by small businesses with low transaction volumes and high cash balances.
- Corporate/Commercial account - This type of bank account is usually required if one wants to open a startup in Europe or anywhere else in the world. It provides additional support, such as financial advice from professionals at the bank who can help you expand your company over time while also helping you save money on expenses like taxes or legal fees by giving advice on how best to structure your business legally within various regions' laws governing companies operating within their borders
Opening a business account in Malta may seem like a daunting task, but it will be easy.
Opening a business account in Malta may seem like a daunting task, but with the right business account,it will be easy. Digital banking solutions can help you to open business account easily and faster.
Best Option: wamo
wamo is a fintech company that provides businesses in Malta with an easy-to use mobile app and website. It offers unique business accounts with some useful features. Also you can create your business account in Malta without going to Malta!
For example, all wamo business accounts have features to help you manage your business smarter. Also, you can create sub-accounts and virtual debit cards for each of those people who work with or for your company—like salespeople.
wamo offers excellent customer service. You can reach them easily whenever you want, and it takes just 10 minutes to open an account!