Corporate Bank Accounts in Malaysia
In consideration that after the company is incorporated and setup, as a business owner and investor, the corporate bank account will be needed in order to operate your business. In Malaysia, our banks have the most advanced banking system in the world and provide the facilities like internet banking, debit card, digital security token, multi-currency accounts, Letter of Credit and more. The largest local banks in Malaysia are Maybank, CIMB, RHB, Public Bank Bhd, Hong Leong and AmBank and the biggest international banks include HSBC, OCBC, UOB, Citibank, BNP Paribas and JPMorgan Chase.
We are partnered with most of the local banks in Malaysia like Maybank, Hong Leong and also the international banks like OCBC, UOB, Citibank and HSBC which we are able to arrange a bank account opening for your company.
After the Company has been incorporated, the bank is required to review the company business supporting information and the company requires to provide the business supporting documents before the bank can accept the application.
In addition, for foreigners who would like to act as the authorised signatory of the company’s bank account must have a Malaysian work permit/working visa.
In general, the bank will take around 2-6 weeks to review the application. However, if have further investigations, a longer time might be required.
What are the procedures for Malaysia corporate bank account opening?
After the Company is incorporated, the company may proceed to apply for the corporate bank account. For foreign businessmen, the following documents are compulsory and several documents have to be presented in the form of certified true copies by the company’s secretary for most of the banks:
- Complete bank account application form signed by the authorised signatories;
- Recommendation of an introducer;
- Company’s stamp;
- Copies of the passports of the company’s directors.
Generally, different banks will have different requirements as to the opening of bank account(s). However, the below business supporting documents which are commonly required by all the banks in Malaysia:
- Resolution from the Board of Directors for the opening of bank account;
- Memorandum and Articles of Association certified by the Secretary of the company;
- Certificate of Incorporation (to be certified by the Sectary of the company and an original copy must be sighted);
- Certificate to Commence Business, if public limited companies (the original copy must be sighted);
- A list of all Directors and Secretary together with their home addresses (Form 49);
- A proof of the fact the company’s directors are not bankrupt;
- Other relevant documents upon request by the Bank.
In Malaysia, all banks must comply with local legislation. Therefore, they may require additional documents and carry out investigations on their potential clients before opening corporate bank account. Additionally, most banks require account signatories and directors be physically present in Malaysia for signing the official documentation at the time of opening corporate bank account.
Please take note that the corporate bank account is subject for final approval by their compliance team.
If you need further details on procedures of opening bank account, please feel free to contact us.
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