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Q：
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What are the basic requirements to open a company bank account in Malaysia?
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A：
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To prove the need for opening such an account, the company must demonstrate their intent to transact with parties in Malaysia by providing a list of suppliers or customers, invoices, business contracts, etc.
To show the bank that the company is conducting legitimate business and has a physical business presence, the company should provide a business address for a site visit. Additionally, the company’s operations plan in Malaysia and its website, if available, should be provided for the bank's review.
The background of stakeholders and authorised signatories must be clean. Ideally, stakeholders should have relevant experience in the same industry. Identification documents, such as a passport or national identity card, must be provided. Foreign identity cards are generally not accepted by banks.
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Can a foreign-owned company open a bank account in Malaysia?
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Yes, the foreign-owned company must be registered with the Companies Commission of Malaysia. The company needs to have a valid Notice of Registration or Certificate of Incorporation and other business registration details.
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Can I open a company bank account without having physical presence in Malaysia?
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Opening a company bank account in Malaysia usually requires the physical presence of at least one of the company directors. However, some banks may offer the option to start the process online or remotely. It is the discretion of the banks to require a physical presence to complete the process and provide necessary signatures.
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What type of bank accounts can I open for my company?
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Generally, a current account but if the company can prove to the bank that it is dealing with foreign transactions, then a foreign currency account can be opened.
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What is the process to open a company bank account in Malaysia?
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Know-Your-Client (KYC) and biometric verification are key steps in the account opening process. Some banks may require the applicant to sign the account opening forms in front of an officer. Additional steps include a site visit by the banker and the submission of certified company statutory documents along with the application. The process typically takes 2 to 4 weeks to complete.
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FAQ
