A. INTRODUCTION

When servicing international investors doing business through Malta, it is of utmost importance to have in place the right banking network that will be able to serve and support the business needs of the investors. Banks should be able to understand the general principles of tax planning and international tax structuring in order for them to perform their services in an efficient and effective manner.

In this brochure we analyse the banking services offered by our firm which enable the management and control of our clients’ banking activities in Malta. We shall also include an indicative list of the banks with which we cooperate.

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B. BANKING SERVICES OFFERED BY OUR FIRM

The banking services offered by our firm are generally broken down into two main functions:

1. Opening of bank accounts
2. Management and administration of bank accounts
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I. Opening of bank accounts 

We have, over the years, developed a solid relationship with banks operating in Malta. It is due to this that we can assist our clients with the opening of corporate and personal bank accounts, as well as assist them with any other banking related functions such as obtaining internet access to their accounts and arranging for the issuance of debit and/or credit cards.

In section E below, we list the names of the banks with which we enjoy a good working relationship, as well as a generic overview of the facilities they offer.

II. Management and Administration of bank accounts

Our firm can assist with the management of bank accounts on behalf of clients – irrespective of whether we have assisted in opening the specific bank account or not.  We can provide regular assistance with regards to the day to day operations of a company’s bank account.

Managing the bank account of a Maltese company from Malta is of imperative importance since it significantly enhances the establishment of substance in Malta and is a very good indication that the management and control of the company is exercised in Malta.

Bank signatory services

We also provide bank signatory services where we allocate members from our office to be the signatories of the bank account.

Mailing address service

Banking correspondence received from the Bank addressed to the company can be kept in our files. We can assist in mail forwarding of the banking correspondence upon request and according to each client’s requirements.

C. DOCUMENTATION TO BE SUBMITTED TO THE BANKS

I. Documents required for the Company

1. Most recent Memorandum & Articles of Association of the Company/ies, By-laws or similar documentation (if other Companies are shareholders/directors/secretary of the Company opening the bank account, certified true copies of these will also be required);
2. Certificate of Incorporation;
3. Recent (not older than 3 months) Certificate of Incumbency/ Good Standing from the relevant authority, (if applicable). This should also include a list of the parties involved in the Company;
4. Share Certificate (if applicable);
5. Certified Register of Members (if applicable);
6. Business Plan and Financial Projections (3 years);
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II. Documents required for Directors, Ultimate Beneficial Owners, Signatories and Company Secretary
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1. Certified true copies of an unexpired ID Card/Passport;
2. Recent (not older than 3 months) utility bill;
3. Original Bank Reference;
4. Detailed C.V.
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III. Notes on Required Documentation
 

A Bank Reference should always be presented to Banks on the Foreign Bank’s letter head in original (not copy) and should include the following information:

1. The number of years the bank has known the customer (not less than 2 years);
2. Confirmation of customer’s residential address;
3. Confirmation that the customer is suitable to maintain a bank account and is able to understand the conditions governing the use of the account;
4. Full name, designation, signature, signature number (where applicable) and contact details of the banker;
5. Bank reference must also include bank’s stamp;
    

Certifications:
All the documents requested must be certified by any one of the following:

1. A legal professional;
2. A notary;
3. A person undertaking financial business;
    

Such certifications should be evidenced by a written statement stating that:

1. The document is a true copy of the original document;
2. The document has been seen and verified by the certifier;
3. The photo is a true likeness of the applicant for business or the beneficial owner;​

The certifier must:

1. sign and date the document;
2. indicating his name clearly beneath the signature;
3. clearly indicate his profession, designation or capacity on it; and
4. provide his contact details.
    

Translations:
Documents not in English should be translated by an independent certified translator and must state in writing:

1. The document is a faithful translation of the original;
2. Signature and date of translation;
3. Full name and contact details of the translator.

Further Documentation: 

Banks reserve the right to ask for additional documentation at their own discretion. Therefore, the list provided must not be treated as an exhaustive list of required documentation.

Documentation in our Records: 

The documentation to be provided to the banks cannot be the same documentation that is provided to our firm upon onboarding of the client. We are bound by law to have our own set of documentation in our files and cannot pass the same set of documents to the bank. Therefore, a fresh set of documentation must be compiled for the opening of bank accounts.
 

D. SUBSTANCE REQUIREMENTS

Banks in Malta are increasingly favouring clients / companies that have substance in Malta and hence that engage employees, have proper offices and effectively conduct business from Malta.

We can assist the clients to set-up substance in Malta should this be of interest.

E. TIME FRAMES AND DECISIONS TO OPEN A BANK ACCOUNT

Kindly note that the banks consider opening of accounts on a case-by-case basis. Though we will do our best to assist the client, we do not have any control on any decision taken by the bank, documentation asked for or on any time-frames.

To this effect, the banks can request any other documentation and information at their sole discretion.

It is crucial that all bank’s requests are replied to in a timely manner, as this may have a material decision on whether they will accept the client or otherwise.

Any business plans submitted to the banks must be detailed, clear and present an accurate picture of the company’s proposed activities. Incomplete forms, vague replies and inconsistencies will only lead to undue delays or suspension of account opening.

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F. BANKS AND PAYMENT INSTITUTIONS WE COOPERATE WITH IN MALTA

Banking in Malta is regulated by the Central Bank of Malta and our legislation is fully harmonized with EU legislation and directives.

The banks and payment institutions mentioned in this section are those with whom our office has a positive cooperation. The overview provided is based on our awareness and knowledge to date of publication. All the information is subject to change without prior notice.

Any of the banks mentioned in our correspondence or brochure are not a recommendation from our end. It is up to the client to conduct his own research on the particular bank and whether it will fit his personal needs.

DISCLAIMER

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.

Contact us:

malta@kinanis.com

OUR FIRM

We are a Law Firm with offices in Malta and Cyprus and a representative office in Shanghai China comprising of more than 70 lawyers, accountants and other professionals who advise, international and local clients.

The Firm has been offering legal and consulting services since 1983 evolving from a traditional law firm to an innovative cutting-edge multidisciplinary law firm combining exceptional expertise in law, tax, vat and accounting.

From its establishment the Firm’s focus has been heavily business oriented and always abreast with the latest global developments and innovations. Drawing from our pool of experienced professionals we provide our clients’ businesses full legal and accounting support on an everyday basis as well as customized solutions in today’s global financial and legal challenges.

We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.

Kinanis LLC

Lawyers’ Limited Company
12 Egypt Street, 1097, Nicosia
P.O. Box 22303, 1520 Nicosia, Cyprus
Tel: + 357 22 55 88 88 – Fax: + 357 22 66 25 00
E-mail: KinanisLLC@kinanis.com – Web site: www.kinanis.com

Kinanis

Civil Partnership, Law Firm
Kinanis Fiduciaries Limited
Suite 20, The Penthouse, 4th Floor, Ewropa Business Centre,
Dun Karm Street, Birkirkara, BKR 9034, Malta
Tel: + 356 27 54 00 24, Fax: + 356 27 54 00 25
E-mail: malta@kinanis.com – Website: www.kinanis.com

Kinanis (China) Limited

China Representative Office
Unit 661, 6/F CIROS PLAZA,
388 Nanjing West Road, Huangpu District,
Shanghai City, 200003, China
Tel: + 86 18 410 072 690
E-mail: china@kinanis.com – Website: www.kinanis.com