11.09.2018
Thanks to technology, the world is becoming increasingly smaller and business nowadays is not done locally anymore. Despite this, the difficulties are still there, and every business person knows how hard it is to work internationally. Many businesses are currently enjoying the excellent business environment and opportunities that Malta offers however it’s not all plain sailing because in the past few years, banks in Malta put a stop sign for the bank account opening for foreigners. Unfortunately, without a proper corporate bank account, a company cannot function properly.
What happened exactly?
Banks in Malta started putting restrictions on nationalities and activities, and corporate service providers and foreign investors saw the negative effects on the current accounts and future of banking industry in Malta. Compliance approvals were taking long, and some banks even stopped offering accounts to foreigners owning Malta companies. Banks started asking for more and more proofs of existing businesses in one’s own home country, matching profile of the customer with the business line, historic information and more due diligence documents, which is all legitimate, however, it led to major delays in opening of new bank accounts. Furthermore, meeting all the criteria did not ensure a successful opening of the bank account. In the past two years there has been a huge change in bank accounts with some banks closing accounts of running business.
The way forward
As banks have become strict, they are however improving the quality of the services and the safety of the bank itself. Patience and the way the client is ready to present the documentation, is also very important. This and the wait are all worth it especially if your business is planned properly. Transparency and matching activities are essential for the bank to keep a healthy bank account active.
What if however, you need a quick and easy solution? In this case, our team will advise you about other business banking and payment solutions. You do not necessarily need to follow the traditional business paths and go for the traditional bank account. Digital banking is the way forward, offering a quick, reliable and easy solution. These electronic money institutions are licensed and are currently replacing banks worldwide.
Fairwinds Management Limited acts as an introducer to various banks and digital banks. Depending on your needs and requirements we will guide on the best solutions on a case by case basis. Contact Ms Charlene Sciberras today for more info: csciberras@fairwindsmanagement.net.
