Malaysia Corporate
Bank Account Opening Service
Opening a Corporate Bank Account in Malaysia
After your company has been successfully incorporated and set up, as a business owner and investor, you’ll need to establish a corporate bank account to facilitate your business operations. In Malaysia, our banking institutions boast some of the most advanced systems globally, offering a wide range of services such as internet banking, debit cards, digital security tokens, multi-currency accounts, and even letters of credit.
Among the prominent local banks in Malaysia are Maybank, CIMB, RHB, Public Bank Bhd, Hong Leong, Alliance and AmBank, while the major international banks include HSBC, OCBC, UOB, Citibank, BNP Paribas, and JPMorgan Chase.
We have established partnerships with numerous local banks in Malaysia, including Alliance and Ambank as well as international banks such as OCBC, UOB and Citibank. Through these partnerships, we can facilitate the process of opening a bank account for your company.
Once your company is incorporated, the bank will conduct a thorough review of your business information and require specific supporting documents before accepting your application. It’s important to note that foreigners wishing to act as authorized signatories for the company’s bank account must possess a valid Malaysian work permit or working visa (for local bank).
Generally, the bank’s review process takes approximately 2 to 6 weeks to complete. However, if further investigations are necessary, they may require a longer duration.
Procedures for opening a corporate bank account in Malaysia
After successfully incorporating the company, the next step is to initiate the corporate bank account application process. For foreign businesspersons, specific documents are mandatory, and many of these documents need to be provided in the form of certified true copies by the company’s secretary for most banks. These required documents include:
- A duly completed bank account application form, signed by authorized signatories
- A recommendation from an introducer (mostly local bank)
- The official company stamp
- Copies of the passports belonging to the company’s directors
Generally, various banks may impose different requirements for opening bank accounts. However, the following business support documents are typically required by all banks in Malaysia:
- Board of Directors’ resolution authorizing the bank account’s opening
- Memorandum and Articles of Association/Constitution, duly certified by the company’s secretary
- Certificate of Incorporation, also certified by the company’s secretary (an original copy must be presented)
- Certificate to Commence Business, if applicable for public limited companies (an original copy must be provided)
- A comprehensive list of all directors and the secretary, including their residential addresses
- Proof confirming that the company’s directors are not declared bankrupt.
- Any other relevant documents as requested by the respective bank.
In Malaysia, all banks are obligated to adhere to local regulations, which may necessitate additional documentation and due diligence on prospective clients before granting approval for the opening of a corporate bank account. Moreover, it’s typically a requirement for account signatories and directors to be physically present in Malaysia to complete the official documentation during the corporate bank account opening process.
Please be aware that the final approval of the corporate bank account is subject to the bank’s compliance team.
If you require more comprehensive information regarding the bank account opening procedures, do reach out to us for further details.
Premia TNC has the optimal solutions for all your business needs.
Get in touch today for a FREE consultation.
No hidden costs, no obligations.
Feel free to drop us an email too!
[email protected]
Premia TNC has the optimal solutions for all your business needs.
Get in touch today for a FREE consultation.
No hidden costs, no obligations.
Feel free to drop us an email too!
[email protected]
