Home Knowledge Other Jurisdictions Southeast Asia Company Registration Opening of Bank Account for a Malaysia Company
(1) |
Bank reputation |
(2) |
Account opening requirements |
(3) |
Branches and convenience of banking |
(4) |
Customer service of the bank |
(5) |
Monthly fees |
(6) |
Services and facilities offered |
(7) |
Availability of online banking |
(8) |
Minimum account balance requirements of the account |
(1) |
Completed account opening form |
(2) |
Board resolution for the opening of corporate bank account |
(3) |
Recommendation from an introducer (this may not be the case for all banks) |
(4) |
Company documents (i.e. Superform, Certificate of incorporation/ Notice of Registration, Constitution, Notification of Directors, Register of Members etc) |
(5) |
Shareholders’ personal documents (i.e. passport, proof of address, curriculum vitae, proof of wealth) |
(6) |
Directors’ personal documents (i.e. passport, proof of address, curriculum vitae) |
(7) |
Authorised signatories’ and ultimate beneficial owners’ personal documents (i.e. passport and proof of address) |
(8) |
Others company documents such as business plan, tenancy agreement of business address, main customers and suppliers and financial statements of the company (if any) |
(1) |
Stakeholder background is not clean A passport/NRIC is needed for the banker to do a background check. If any of the stakeholder has been declared bankrupt or blacklisted by the Central Bank of Malaysia or is deemed as from FATF high risk country, political exposed person (PEP) or special interest person (SIP), then there might be a chance where bank account will not be approved. |
(2) |
Business plan is not convincing If the business plan is deemed shady or not convincing, banker might have more inquiries, or they might not proceed with the bank account opening altogether. |
(3) |
Failure to follow bank procedures One of the most crucial procedures when banker initiate a bank account opening is the e-KYC. If the client keeps on delaying the e-KYC procedure or failed to furnish the supporting documents requested by the banker, there is a possibility where banker will deem the stakeholder not serious in opening the bank account and will stop the procedure altogether. |
Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |