Open a Merchant Account in Malta

Malta is appreciated for the financial services industry which is one of the largest contributors to the country’s Gross Domestic Product (GDP). Moreover, this sector is very well regulated which is why the number of companies offering financial services, including online payment processing services, has increased a lot over the last several years. This is also led to an increase in the establishment of merchant account in Malta.

Small and large companies can now create merchant bank accounts under a new law which was enabled by the government several years back. Our lawyers in Malta can offer information on the Electronic Payment Service Policy Regulations created in 2011.

Requirements to create a merchant bank account in Malta

According to the Electronic Payment Service Policy, Maltese companies can request the establishment of a merchant account with the National Bank or with a private bank operating here. At this moment, there is only one private bank offering merchant bank account services in Malta. E-commerce companies setting up merchant accounts in Malta can process payments related to buying certain products or services, but also payments related to the population paying their bills online which the main reason of the enabling of the Electronic Payment Service Policy.

Our law firm in Malta can assist foreign investors opening companies in this country to set up various types of bank accounts, including the corporate bank account which is required when registering the business with the Trade Register.

Registering a merchant account in Malta

Companies and even sole traders interested in starting a merchant account in Malta must sign an agreement with the National Bank or the private bank supplying the services by submitting the following documents:

• -          information related to the services the merchant account will be set up for;
• -          information on the person asking for the creation of the account;
• -          information on the department of the company creating the account;
• -          a prescribed application form.

The documents are usually sent by mail.

For assistance in opening a merchant bank account in Malta, do not hesitate to contact our attorneys. Our Maltese lawyers can also assist those interested in registering a business in this country.