Malta Company Bank Account EUR SEPA / IBAN

jackfrost

Building Trust
Entrepreneur
Hi,

following scenario:

- fresh Malta Limited
- held by a Gibraltar Limited 100%
- Director German but moving to Malta, also holds the Gibraltar Limited 100% himself
- no bank reference letter
- bank statement of German online bank with 100k funds available
- fully official IT Consulting business, paying official taxes, nothing shady, no crypto, clients/income from US Inc500, Europe, Asia, no blacklisted countries, etc pp

- approx. 20-30k will be moved through the account on average a month, sometimes nothing sometimes 50+k

A company account is urgently needed for the Malta Limited that has a unique IBAN and can do proper SEPA incoming + outgoing transfers. Should not cost percentage and nothing crazy like 30-50 Euro per transfer. Small fee is fine.

So basically any basic European company current account will do. Doesn't matter in which country. Problem is banks in Malta don't give a fuck at all especially without reference letters and most outside banks are like uhhhh we don't do business with Malta companies or want substance in our country or whatever crap.

Currently trying to setup transferwise, paysera, leupay, mistertango and waiting for reply from b2bpay, on waiting list of revolut business but that seems like a year long project. Trying SEB LT bank tomorrow.

Any recommendation on how to get a bank account (absolut basic only needed) for the Limited without any fuss like reference letters, substance in the banks country etc pp? Especially i need it kind of fast to be able to get Paypal to lift limits on the new Limited company Paypal account which it will only do with linking a bank account....

My hope is transferwise as i already do business with them in Germany but all those EMI are really not something i want to rely on for keeping larger sums etc so proper banks would be preferred especially since most of those EMIs dont have proper statements exports for bookkeeping etc.

At the moment i would be happy with anything that has a proper unique EUR IBAN and no hilarious costs to be able to get a few paypal invoices out.

Any advice to get a basic account really quick in the name of the LTD?

After that any advice for longer term proper banks to keep larger sums in a proper place?

Can't fuckin be real that it is so hard for a proper business with 100k+ deposits lying around to get a couple real bank accounts without some stupid reference letter and / or substance in the banks country especially since SEPA / discrimination clauses etc should have gotten rid of that.

Thanks a lot
 

jackfrost

Building Trust
Entrepreneur
I dont need a company formation provider. I need a company bank account :)

The LTDs etc are all in place that is not the issue and no on Malta it is not as simple as having an introducer. If you think banks in Europe are ancient you have not dealt with banks in Malta yet. Without a bank reference that they request from your existing bank (joke in itself) and which takes a month at least they won't even talk to you - in addition to the introducer.

It does not have to be a Malta account - i would actually prefer a EEA / EUR SEPA bank outside of Malta as the whole legal system and banks in Malta is just a big joke.

Paying for someone to open the door at a decent European EUR/SEPA bank would be no issue. Registration certs, tax ids, id card, business reference letter, bank statement etc I all have - just no bank reference letter and they don't create any / respond to requests.
 

Tamarind

Building Trust
Entrepreneur
So what are you hiding then? Bank reference takes max 24h to be produced by your Bank. You obviously have a Bank now, why won't they give you a reference?. At 50-100K a month you should avoid all EMI's and Bank with a serious Bank, Malta or not. If your Bank is in no mood to supply you with a reference, why would a new Bank want you as a client?
 

jackfrost

Building Trust
Entrepreneur
Nothing to hide, you are absolutely wrong to think that all banks simply produce a reference letter in 24h. Most banks will only produce them when getting inquiries by the other bank, some will not give a fuck and not do anything at all etc. Bottom line it can easily take 2-4 months.

Problem got sorted out though. Revolut Business did the job. The timing was the problem not the "hiding something".
 

jackfrost

Building Trust
Entrepreneur
PS: The reference letter of a large German Bank did arrive... after almost 3 months. So much for 24h.
 

David97255

Banned User
BANNED MEMBER
Business Angel
It's seems to be too Kosher to be 100% the truth but anyway.
Concerning the emi's you done well and it looks like you will finish with several emi's accounts, then you can split the money.
Concerning the banks side, just find a real introducer and he will find you a real bank, maybe in East europe
 

cyprus123

Member
I can recommend a local auditor in Gozo to you, just PM me. She will help you with the account opening for a small fee.
You can even try to visit a local bank yourself, with a local company and even residence there shall be no major problems with a bit of patience and persistence.

You can also open accounts outside Malta with banks in Austria, Poland, Lithuania or another EU country.
 

jackfrost

Building Trust
Entrepreneur
Nothing non-kosher simply a time problem since i had to bill some invoices over the new company, do some payments etc and didnt have the time to wait for months for BOV or whatever to do their "we write your bank and wait for them to respond" which did take almost 3 monthy at the end as well as the issue that most European banks simply have a problem with non-resident companies - especially Maltese & Co one... Also my German bank did not accept non-resident accounts so it was also an issue for my private funds.

For anyone in a similar situation:

Revolut Buisness
Transferwise Borderless Business

did the job just fine and can both be connected to Paypal Business with full SEPA Direct Debit etc which is necessary for withdrawal-enabled accounts.

Both did not have an issue with either the Holding outside of Malta or the Maltese Ltd itself. Revolut Business made me choose the $200 a month (1 year) level though to get ahead of the waiting line but at least instantly approved the holding for the $25 / month level instantly afterwards.

Private side as a quick fix or in general Bunq is -HIGHLY- recommended and Transferwise Borderless Private, Monese Plus, Revolut also did the job + provide some diversification.

Bunq (apart from real bank license) also provides the best high powered cards that have high (50k per transaction + day, 10k for "dubious" transactions) decent limits unlike the other EMIs which also dont have a bank license.
 

jackfrost

Building Trust
Entrepreneur
I can recommend a local auditor in Gozo to you, just PM me. She will help you with the account opening for a small fee.
You can even try to visit a local bank yourself, with a local company and even residence there shall be no major problems with a bit of patience and persistence.

You can also open accounts outside Malta with banks in Austria, Poland, Lithuania or another EU country.

Thanks i decided to not hold any accounts in Malta as this creates several problems on the private side (landlords abusing Maltese law) and tax side.
 

devnull

Building Trust
Entrepreneur
lol, you were in the same situation as I am.

Revolut nowadays are quick with Malta companies as they are advertising his services in Malta at the moment. The verification did not take 1-2 days long for me.

I am also using Transferwise and Revolut, but atm Revolut primary on MT company and Transerwise for an external UAE / HK company for banking and getting my consult fees.
 

DeepDrilling

Building Trust
Entrepreneur
Revolut Buisness
Transferwise Borderless Business

did the job just fine and can both be connected to Paypal Business with full SEPA Direct Debit etc which is necessary for withdrawal-enabled accounts.
You setup with Malta company? will it be the same with Cyprus or UK company?
 

DeepDrilling

Building Trust
Entrepreneur
I spend the time doing research on what I need and went with a Cyprus company and bank account. After some long waiting I finally got the account setup.
 

jackfrost

Building Trust
Entrepreneur
I got transferwise + revolut business setup very quick. Revolut buisness i needed to go up to the medium level plan to expedite waiting list. The GIB parent company i expedited through support of first company. They let me scale down to the lower tier after 1 year again without issues. Pulled med 6 figures through both without issue but all legit, all from reputable sources etc pp. Both wanted the company documents, utility bill etc on signup. No issues so far.
 

Lejla

Building Trust
Entrepreneur
Thank you for the feedback about Revolut. I have also only had te best experience with them.
Dear Admin, for how long have you been using Revolut?
Customers locked out of Revolut accounts and left in the lurch abroad | This is Money

Here I read that they are blocking the accounts and transfers under statement that they would do further compliance check. I have read reviews that people's and business' money are stuck for weeks, some are saying that they can't even withdraw the money?
 

Martin Everson

Offshore Consultant
Business Angel
That's not happened to me but that sounds terrible :(. However I will never give any Russian owned EMI like Revolut my tax return. They can close my account. I think Revolut's Russian CEO is just operating a Russian laundromat like 99.9% of all Eastern European EMI's. I see they are having issues now with their new banking license in Lithuania ns2. Let the evidence come out thu&¤#.

Revolut: Could Allegations of Russian Involvement Sidetrack a Fintech Revolution?

--- quote
"the father of Revolut CEO Storonsky was a director at a division of Gazprom, a company with close ties to the Kremlin, and that one of Revolut’s shareholders (DST Global Fund) was owned by Russians."
"
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