This guide aims to outline the requirements for opening a corporate bank account and to aid in selecting a bank for your Malaysia-based company’s banking needs, with a focus on small to mid-size businesses. Please note that the information provided here is for general guidance purposes only. It’s advisable to confirm the account features directly with the chosen bank(s) to ensure you’re aware of their latest policies and offerings.
In recent years, Malaysian banks have tightened the process for opening corporate bank accounts. A recent update specifies that foreigners intending to act as authorized signatories for a company’s bank account must hold a valid business/working visa/permit. Failure to comply may result in disqualification as a cheque signatory.
However, the good news is that Bayabumi Sdn Bhd, as experts in setting up companies in Malaysia and facilitating bank account openings, has a strong track record of assisting numerous foreign clients in successfully opening company bank accounts. Malaysia continues to welcome foreign investors, contributing to job market growth and economic development. The likelihood of successful bank account opening is significantly increased if your company has a strong overseas holding company to support its finances.
Typically, Malaysian banks require the following documents (after the company is incorporated in Malaysia) to open a corporate bank account:
Standard account-opening forms signed by authorized signatories
Certified true copies of the following documents by the Company Secretary:
Resolution by the board of directors approving the opening of corporate bank account(s)
Super Form
Constitution
Notice of Registration
Copies of passports or NRICs and proofs of residential addresses for directors, authorized signatories, and ultimate beneficial owners.
Copy of Certificate of Incumbency of the holding company (applicable for corporate shareholders only)
Recommendation of an introducer if requested by the bank
Different banks may have varying requirements for account opening. It’s recommended to visit the preferred bank to confirm the requirements, where necessary. To prepare the resolution and relevant documents for bank account opening, we require the following information:
Bank’s name, branch, and address
Type of account (e.g., current account, internet banking, foreign currency account, etc.)
Sample/format of opening account resolution as provided by the bank
Type of statutory forms and number of copies required by the bank
Details of authorized signatories (name as per IC, IC number, designation if not a Company Director)
Mode of operation (solely, jointly, etc.)
Most banks stipulate that the account signatories and directors must be physically present in Malaysia to sign official documentation at the time of opening the corporate bank account. Some banks may even require a physical office presence before processing your application. Additionally, banks may request additional documents on a case-by-case basis.
It’s important to note that all banks in Malaysia must comply with strict laws and regulations, including comprehensive checks and investigations on potential clients before opening new accounts for companies. This is to mitigate risks and ensure compliance with anti-money laundering policies.
The time taken to open a new company bank account can vary depending on the extent of investigations conducted by the bank. This process may take between a few weeks and three months. It’s highly recommended to be present in Malaysia during the application process to avoid delays and improve the chances of approval. Banks reserve the right to request the beneficial owner’s physical presence before approving a bank account.
If you require assistance, we can arrange for a UOB or OCBC banker to meet with you in Malaysia. Opening an account with our affiliated banker may be more convenient as they have full information about our Corporate Secretary.
For opening bank accounts for a sole-director company with physical presence, we offer free assistance if you open accounts with UOB or OCBC bank. For accounts opened at your preferred bank requiring our nominee director/secretary to sign the opening forms, a directors’ written resolution must be prepared to authorize the signing. Our fees for this service start from RM150 for each bank account.
OCBC stands out as the singular banking institution that extends a unique opportunity for foreigners, permitting a 100% ownership stake. The eligibility criteria for this distinctive offering requires a paid-up capital of at least 500,000 units, setting a benchmark that distinguishes it from other banks. This exclusive policy positions OCBC as an attractive option for foreign entrepreneurs seeking full control over their ventures in the banking realm. By facilitating such accessibility, OCBC not only fosters an environment of inclusivity but also demonstrates a commitment to supporting global investors in realizing their financial aspirations.
Please ensure to check with your bank if they allow documents to be signed without physical presence at the branch. If you require our nominee director/secretary to provide outgoing signing of documents at the bank branch, an additional charge starting from RM500 will apply.
Some banks may require all directors to be present at the branch or other branches, including overseas branches, for account opening. However, not all banks offer signature verification at overseas branches, and the approval rate for such verification may be lower.
For document certification services during the bank account opening process, we can only certify copies of passports/NRICs if the bearers are present in our office with the original documents. Additional charges will apply for this service.
If these sound complicated, feel free to contact our consultant any time at info@bayabumi.com.my for us to assist you with your company set up and opening of your company’s bank account in Malaysia.
