How to open a bank account in Malaysia in 2020

How to open a bank account in Malaysia in 2020

All new companies have an opportunity to open a corporate account in Malaysia in accordance with the policies and requirements of the respective bank specified in the application for opening a bank account.

If you are interested in registering a business in Malaysia, YB Case specialists will provide you with qualified individual advice on Malaysian bank account opening.

Preparation of documents

Typically, opening an account for a company in Malaysia requires the following:

  • A bank application form;
  • A company stamp;
  • A decision of the company's board of directors to open an account.

Also, in order to open a corporate account with a Malaysian bank, you will need to provide certified copies of these documents:

  • A company registration certificate;
  • An address of a registered office;
  • Data of director and a company secretary;
  • A distribution of shares;
  • MoA and AOA.

However, a lot of banks in Malaysia does not allow a non-resident director (without a valid work permit or business visa) to be an authorized signatory when signing a company check or an authorized person when maintaining an account of the company.

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If you are intended to open a Malaysian company account, keep in mind that all local banks must abide by strict laws and regulations.

If you are interested in opening a corporate account in Malaysia, then you must know that this country takes the AML policies, combating illegal operations very seriously.

Products and services

When opening an account with a Malaysian bank, please note that corporate banking in Malaysia includes a wide range of traditional products and services for businessmen, including:

  • Investment products (insurance and mutual funds);
  • Credit facilities (including revolving credit lines);
  • Money transfers;
  • Financial products and services (trade and business finance);
  • Bank guarantee funds;
  • Supplier finance.

Those, who want to open an account for a Malaysian company, must know that banks provide medium-term and long-term loans for investment and long-term financing for specific projects in various business sectors.

QUALIFIED ADVICE

You have an opportunity to open an account with MayBank, UOB, RHB Bank, Standard Chartered Bank and other reliable banking institutions.

When planning to run a business in Malaysia, it is worth to carry out additional preparations.

We recommend you asking for personal advice on opening a bank account in Malaysia from YB Case specialists. Our experts will assist you in preparing the necessary package of documents and provide with support services in the account opening with Malaysian banks.

In order to learn more, please use the contacts listed on the site.

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