Company industry: Online gaming
Company jurisdiction: Malta
Shareholders: 70% UK company, 30% Swiss individual
Banking needs: To receive payment from their merchant account outside of the EU – SWIFT EURO
Banking difficulties in Malta
- The bank limits the company to operate only in EUR and only for SEPA so that means they can’t accept their income outside of EU.
- They came to us asking for assistance to open business bank account in Europe with SWIFT EUR and also a financial institution that understand their business model so their account will be approved easily.
- We face those issues with Maltese banks quite often in recent couple of years. The problem caused them to hold their income in their merchant account. Their merchant account is not an operational account.
- Although the legal structure was not so simple, we understood it in a second and created for them and for the bank an infographics that shows their business and legal structure.
- We assisted them to approach an EMI’s in Europe that will be able to service them in swift EUR
What were the steps:
- Identify their needs and current difficulties.
- Collect company shareholder’s information – both the Uk company (taking the information from company house), gathering the information on the UK company ultimate beneficial owners and from the Swiss individual.
- Filling in the information in the financial institutions applications/ Corporate Questionnaire.
- Work with the bank to ensure application is full for smooth account opening.
- financial institution approved the application and open the company an account with the required services.
Case study Summery:
It took to open the account from first contact to us until bank approved the application about 4 weeks.
Since partnering with us, the company has working with their account that was opening with our assistance without any problems as of 13.12.2020.