Maltese Banking Licence

The Banking Act was introduced 1994 as a means of regulating all areas related to the banking industry and was intended to ensure the implementation of European Union Directives regulating the industry into Maltese law.
Process
Before a licence is granted by the Malta Financial Services Authority (MFSA), the authority must ensure that the application conforms with the aforementioned Banking Rule, which holds that the application form must be accompanied with:

A copy of the MOU;
Audited financial statements for the last 3 years (if applicable);
A business plan stating the structure, organisation and management;
The identity of all directors, controllers and managers;
The identity of all shareholders;
The identity of the individuals who will be directing the business of the prospective bank

Requirements

An initial capital of not less than €5,000,000;
At least 2 individuals who direct the business of the company;
Giving notification to the Competent Authority regarding the identity of the 20 largest shareholders/members which have holdings;
Confirmation that no links with the company will hinder MFSA’s supervision over the company.

Delivery Time

10-12 months