Banking is one of the biggest headaches for businessmen who are about to incorporate their new company formation.

A natural choice would be to bank with a first-rate international bank located in the country of jurisdiction. But not all banks are suitable to all clients. For example, some offshore banks require heavy minimum account balances to be kept all year round so having a substantial amount ‘blocked’ in your new account is not ideal.

Some banks are certainly more suitable for actively trading customers, while other banks cater to the specific needs of high-net-worth clienteles, with an array of wealth management, investment and private banking services.

Therefore upon getting to know the client, bank introductions are made depending on the business activity and profile, financial investments and personal background of the ultimate beneficial owners.

Fairwinds Management has established client-introducer relationships with a number of reputable banks in Malta and other banks across the world. Some banks require a personal meeting with the directors and/or shareholders prior to the opening of the account. Generally, the bank first requires a company profile for a pre-approval. Once the bank gives the go ahead, we are able to submit the documents required. Together with the bank forms which are handled directly by our corporate services team, the client is also requested to provide the following to the bank:

  • Passports/ID Cards of all directors and shareholders
  • Bank reference of all directors and shareholders
  • Proof of address of all directors and shareholders not older than 3 months
  • Curriculum Vitae of main shareholders and directors
  • Business plan/company profile.

Also to note is that occasionally the banks requests more information, such as source of funds declarations, competence and experience in the business, accounts of foreign company business and so on.

It is important to note that bank account opening is not automatic or guaranteed as banks have different client-acceptance policies and may reject prospects depending on the due diligence reports recovered, clients originating from certain countries, or others with certain types of trading activities or businesses.

The opening of bank accounts timeframe solely depends on the bank suggested, and generally may take from two weeks up till six weeks. Most of the banks we are able to introduce you to come with internet banking and debit card facilities for your ease of use.

Should you require further information or for a bank introduction service for a personal bank account or a business bank account please do not hesitate to contact us on csciberras@fairwindsmanagement.net or +356 2704 0903.