Malta Company Bank Account EUR SEPA / IBAN

[JohnLocke]

This is how it works in Russia. For me it looks like the Russian's are looking for new ways to make money.

 

[Martin Everson]

Yes they are definitely looking for new ways of keeping the money flowing when crunch time comes with U.S .

However, why on earth would Revolut even think about opening a Moscow office...they deserve the Darwin Award. Is Russia that important to their business? . They are even applying for a banking license in Russia and looking for a head of banking .

"We are looking for a Head of Banking responsible for acquiring and maintaining a banking licence in Russia. This position requires an entrepreneurial operator looking to make an impact. The right candidate will serve as the local focal point in jurisdictions and interact with regulators to drive the application."

https://www.revolut.com/careers/location/moscow

They can kiss goodbye to being allowed to continue processing USD payments soon and in fact kiss goodbye to their UK business. Be very careful when dealing with Revolut as their business is on a suicide mission. Revolut is going to end up being a Russian laundromat.

 

[DeepDrilling]

They are plain stupid or really hungry for new markets.

 

[jackfrost]

simple, keep brokerage IB e.g. that will accept pretty much everything and everyone and just like martin described stash leftover money there. i fully realize that revolut can go both ways in terms of bust or glory but it just works and does so better than -any- other emi/bank that i have ever used (business account that is). mobile app missing but since they opened their api and support variety of syncs no issue there.

but yes since this has been heating up i have reduced cash balance exposure.

i wish bunq would expand their business offering.

 

[jackfrost]

btw transferwise has also been absolut rock solid without any issues. not as nice in terms of interface and certainly not as good business cards etc but mobile app decent and they have started to properly report ACH counterparties, proper exports for whichever month etc pp.

one annoying thing is their change of account holder from <business name> to the FBO <business name> crap which will need adjustment with some services that only pay to the exact business / owner name or expect payment from such and dont have fuzzy logics.

also never had any issues with them, same turnover.

 

[jackfrost]

Ok things are getting interesting. With the recent developments at Revolut + USD + money laundering allegations they (as part of compliance...) now asked me for 3 months of statements from the accounts that i use to transfer in most funds (transferwise which i use for ACH to EUR) as well as a few transfers from the US (client that pays via transferwise directly into revolut business EUR account) specifically from an US client. That might just be coincidence though as that is really the only two incoming sources so guess they want to verify any incoming money sources. Also the usual other crap like what is your business about, URL etc.

I provided them with the info and they said they need to check and will get back to me.

Nothing is closed or whatsoever.

 

[Mark Rucken]

Who formed the entity? Local law firm in Malta? Just get in touch with them to suggest the bank for you, pay introduction fee and let them do the work.

Having an entity in a reputable jurisdiction like Malta with an account in some payment processor that can freeze your funds literally whenever they want and you have no physical place where to go and complain is absurd in my honest opinion.

 

[jackfrost]

Absurd is keeping a bank account in Malta.

I only keep a fraction of funds in Revolut Business.

 

[TurnedToRobot]

Having an entity in a reputable jurisdiction like Malta with an account

It is not a reputable jurisdiction any longer. For Holidays it's a fine place but for business f**k Malta!

 

[Mark Rucken]

It is not a reputable jurisdiction any longer. For Holidays it's a fine place but for business f**k Malta!

Still better than BVI or Seychelles. Not to mention if you register for VAT you basically have every right like any other company in EU.

 

[TurnedToRobot]

What are the costs to open a Malta company? setup costs, recurring / renewal costs and not to forget accounting and filing of tax reports, if you have the numbers it is possible to compare with other EU countries.

 

[Martin Everson]

What are the costs to open a Malta company? setup costs, recurring / renewal costs and not to forget accounting and filing of tax reports, if you have the numbers it is possible to compare with other EU countries.

I wouldn't bother with Malta. I tell you they should have stuck to selling ice-creams to tourists. Costs cannot be compared to cheapness of a UK company for example.

Approximate costs are:

Min. paid up Share Capital 20% of 1,165
Incorporation 1500
Registered office 500
Audit (turnover > 93k & >2 employees) 600
VAT Return assistance (per quarter) 120
Annual Return 120

Optional costs if you want 5% tax (full imputation) and not 35% tax rate:

Holding Company Setup 50-1000
Holding Company running Costs 100+

 

[Mark Rucken]

Malta is not for everyone, but there is a reason why someone would go for Malta over some other jurisdictions. Hint: license for certain lucrative industries

Incorporating in Malta if you are trading with cucumbers would definitely not be a smart thing to do, that's why there are consultants and legal advisers.

 

[andycash]

jackfrost will Transferwise give you business debit cards with a Maltese company? Do you live in Malta as well?

 

[jackfrost]

Yes without any issue. Same goes for Rev etc. Yes i live in Malta.

 

[jackfrost]

It is not a reputable jurisdiction any longer. For Holidays it's a fine place but for business f**k Malta!

Because some kids got burned by a shady EMI that people warned against long before? Do your homework first. The whole point of setting up shop in Malta is not to keep money in Maltese banks.

And no you don't want to go on holidays in Malta.

 

[UScorp]

Hi, formed a Malta Ltd last month. Opened Bank account with Revolut and Sogexia. During a visit in Malta I opened an account with Lombard Bank. Bank of Valleta and Sparkasse Malta is in queue.

 

[Martin Everson]

Hi, formed a Malta Ltd last month. Opened Bank account with Revolut and Sogexia. During a visit in Malta I opened an account with Lombard Bank. Bank of Valleta and Sparkasse Malta is in queue.

Are you resident in Malta? I can't believe Lombard would open you a business account as a non-resident nor will BOV.

 

[UScorp]

No I'm not a MT resident.. forget to mention that I have several Ltd's in MT and existing accounts

 

[Lejla]

Yeah really congratulation for Sogexia!