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How to open a bank account in Malaysia in 2020

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Opening an account in Malaysia in 2020

 

Benefits of opening an account in this jurisdiction:

  • Stable banking system;
  • An effective system of corporate banking;
  • Provision of a full range of traditional products and services for entrepreneurs;
  • Ability of obtaining a long-term financing of projects.
     
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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 setting up a business in Malaysia, IQD Consulting specialists will provide you with qualified individual advice on Malaysian bank account opening process.

Preparation of documents

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

  • Bank application form;
  • Company stamp;
  • Decision of the company's board of directors to set up an account.

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

  • Company Registration Certificate;
  • Location of registered office;
  • Details on the director and company secretary;
  • 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 the financing of terrorism and other 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.

Legal services

You have an opportunity to open an account in 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 that you ask for personal advice on opening a bank account in Malaysia from IQD Consulting specialists. Our lawyers will help you to prepare the necessary package of documents and provide with legal support services in Malaysian bank account opening process.

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

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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