Malaysia Corporate
Bank Account Opening Service
Business Bank Accounts in Malaysia
Following the establishment and registration of your company, it becomes necessary as an entrepreneur or investor to open a corporate bank account to effectively manage your business operations. Malaysia boasts an outstandingly developed banking sector, offering top-notch features such as digital banking, debit cards, secure digital tokens, multi-currency accounts, Letters of Credit, and much more. Prominent Malaysian banks include Maybank, CIMB, RHB, Public Bank Bhd, Hong Leong, and AmBank, while notable international players encompass HSBC, OCBC, UOB, Citibank, BNP Paribas, and JPMorgan Chase.
We have formed strategic partnerships with many of these leading Malaysian banks, such as Maybank and Hong Leong, as well as with global institutions such as OCBC, UOB, Citibank, and HSBC. This broad network enables us to assist with the bank account opening process for your company.
Once your company has been officially formed, the selected bank will need to analyze your company’s business-related information. This necessitates the provision of supporting documents related to your business before your application can be approved.
For non-resident individuals aspiring to become authorized signatories for the company’s bank account, it is imperative to possess a valid Malaysian work permit or visa.
Typically, the entire review process undertaken by the bank can span anywhere from two to six weeks. However, depending on the complexity of the case and the depth of investigation required, the timeline might extend further.
Understanding the Process of Opening a Corporate Bank Account in Malaysia
Once your company has been officially registered, you can begin the process of setting up a corporate bank account. For international business owners, there are several mandatory documents, many of which must be certified as true copies by the company’s secretary, for most banking institutions:
- A filled-out bank account application form, signed by the approved signatories;
- An introducer’s recommendation;
- The company’s official stamp;
- Passport copies of the company’s directors.
Please note that specific requirements may vary between banks when it comes to account opening. Nevertheless, the following business-supporting documents are generally requested by all Malaysian banks:
- A resolution from the Board of Directors for the opening of a bank account;
- The company’s Memorandum and Articles of Association, certified by the company secretary;
- The Certificate of Incorporation (must be certified by the company secretary and the original copy must be seen);
- The Certificate to Commence Business, if applicable for public limited companies (the original copy must be seen);
- A detailed list of all directors and the company secretary, including their residential addresses (Form 49);
- Proof that the company’s directors are not bankrupt;
- Any additional documents that the bank might request.
Remember, it’s vital to provide accurate and complete documents to ensure a smooth bank account opening process.
In Malaysia, adherence to local laws is mandatory for all banks. As a result, they may solicit additional paperwork and conduct due diligence on prospective clients prior to initiating the process of a corporate bank account setup. Importantly, most banks stipulate that account signatories and directors must be physically available in Malaysia to sign the necessary legal documentation at the time of the corporate bank account inauguration.
Kindly bear in mind that the final authorization for the corporate bank account is at the discretion of the bank’s compliance team.
For any additional information or clarifications on the procedures of opening a bank account, don’t hesitate to reach out to us.
We’re always here to assist you. Feel free to connect with 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]
