A bank will normally ask for various documents and information when a company opens a bank account. Although each bank has its own procedures for opening an account, the following list of documents can be used as a guideline:
1. “Know Your Client -KYC” form, properly completed.
2. A request to open an account stating the kind of account, currency and preferred method for paying taxes.
3. A copy of the Memorandum of Association and Articles of Association, along with a certified copy of the Registration Certificate issued by the respective Companies’ Register, as soon as the company is registered. The Bank may also require a description of the company’s activities, its past turnover and business forecast.
4. Confirmation of the permanent address of Managers or Directors on a completed identification statement, certified by a “prime” bank or the Maltese embassy in the country of residence. The bank may also require authenticated identification documents for all representative Managers or Directors, final beneficiaries and secretaries. An original and copy of a utility bill may also be necessary.
5. Bank reference letters for all foreign Managers or Directors, foreign representatives and final beneficiaries. The references should be issued in a personal capacity and be addressed to the bank, otherwise the bank may reserve the right to verify references with the respective institutions.
6. If the shareholders are trustees, the bank will require the names of final beneficiaries along with an authenticated copy of their passports.
7. If a final beneficiary is a listed company, the bank will require a statement to that effect from the company secretary.
8. A form filled out and signed by the Managers or Directors appointing the bank.