You've decided to start a business in Malta. Congratulations! What's next? You'll need to choose the correct business structure, register with the relevant authorities, open a bank account and more. Fortunately, starting a business in Malta is pretty easy as we'll explain below.
Why Malta? Advantages of opening business in Malta
Malta is an ideal place for setting up a business. It has a very good reputation in the EU and is a member of the EU. Malta has a population of over 400,000 people, who speak different languages like English, Italian, Maltese and some others.
It is important to know that you can open your own bank account in Malta with less than $500 US dollars (USD) or Euro (EUR). For this reason it can be considered as one of the cheapest places on earth to start an offshore company if you have no more than $500 USD or 1,000 EUR available for opening your offshore account.
Choose Your Type Of Business
Choosing the right business structure for your new venture can be a daunting task. Malta offers several options, each with its own advantages and disadvantages. Here's what you need to know about each option:
- Sole Proprietorship: The simplest form of business structure, in which you are in charge of everything from hiring employees to paying taxes on profits. As such, there are no complex legal requirements for starting this kind of company—you simply register with the government through a procedure called registration of non-EU companies (RNEC) and start doing business as soon as possible!
- Partnership: This arrangement is similar to sole proprietorships except that more than one person is involved; however, all partners must agree on every decision made by their firm because there is no separation between personal and business assets when it comes time to pay taxes or make decisions about hiring/firing employees (among other things). Partnerships fall under RNEC rules just like sole proprietorships do; however, they have some additional requirements related specifically towards keeping good records regarding how much money each partner contributes each year into their shared pot before being able to claim losses incurred during years where income was negative due to bad investments made by members within said partnership itself."
There are some documents you need to fill out when you apply to start a company. You can start your company establishment process by filling out these documents completely. Here are the documents you need;
- Company application form
- Due diligence documents
- Memorandum and articles of the company
Complete these documents and complete your application. Your application will be processed in a few business days. Then you need to open a business bank account. To open a business bank account, you need to collect some documents.
Documents required to open a business bank account in Malta
You need detailed documents to open a business bank account in Malta. It is also important to make sure that all information is complete. Because opening a bank account in Malta is very detailed and it is difficult for everyone to be accepted. Here are the documents you need to fill out completely:
- The company's certificate of incorporation
- The company's memorandum and articles of association
- A utility bill or another form of proof of address for the company
- The passport or ID card of the company's directors and shareholders
- A business plan
- Personal guarantees may be required from the directors and shareholders
- Completing account opening forms
Open business account without paperwork
There is an easy way to open a business account! try wamo! wamo allows all business owners to open a business account in just 10 minutes. You can open an account in just 10 minutes without getting lost among documents and paperwork.
Besides that wamo offers an unlimited account which is a multi-currency account. In this way, you can do business in the currencies you want. If you are exporting or trading this might be helpful
Just fill in the wamo registration form online. Information requested from you:
- Your name, email address, phone number and proof of identity
- Registered company name
- You’ll be asked to record a short video so we can verify it’s you.