How to Open A Corporate Bank Account in Malaysia

One of the first steps in setting up your company in Malaysia is opening a corporate bank account. This is a mandatory requirement for securing certain operational licenses and applying for employment passes for your employees.

Therefore, In this article, we will walk you through the essentials of opening a corporate bank account in Malaysia including the key requirements and process.

Types of Business Bank Accounts in Malaysia

Each bank has its own set of bank account types, but here are the most common account types you can find in Malaysia:

Account Type	Details & Benefits
Business Current Accounts	Standard account for managing business daily operations and transactions Features include payment processing and overdraft facilities among others Example: Maybank Corporate Current Account
Business Savings Accounts	Manage business cash flows while earning interest on deposits which helps in capital growth Offers higher interest rates and easy access to funds when needed Example: CIMB Business Plus Account
Shariah Compliant Business Accounts	Focused on ethical investments, compliant with Shariah principles Example: OCBC eBiz Account-i
Online Business Accounts	Entirely online with features that largely support digital transactions only Example: Hong Leong Bank BizSmart Account
Foreign Currency Accounts	Allows businesses to transact and hold amounts in foreign currencies without conversion fees Great for dealing with international clients Example: Maybank Master Foreign Currency Account
Specialized Accounts	Accounts that are tailored to specific business needs like merchant accounts and multi-currency accounts Example: RHB Merchant Account

Requirements for Opening A Corporate Bank Account

The required documents for opening a corporate bank account in Malaysia include: 

• Application Form for company bank account
• Resolution from the board of directors to open a bank account and a list of their authorized signatories
• Photocopies of identification documents of your company directors and authorized signatories
• Company’s rubber stamp
• Return of allotment of shares
• List of directors
• Registered office address
• Company’s constitution
• Certificate of incorporation issued by the SSM
• Letter of introduction or recommendation from an existing customer of the bank (applicable for certain banks only)

In the case of a foreign-owned company, banks may also require a reference from a local contact or work permit.

Considering the complexities of the process and required documents, it is advisable to talk to local experts such as Emerhub who can handle the necessary submissions on your behalf.

Steps to Open A Corporate Bank Account in Malaysia

The following are the key steps for opening a corporate bank account in Malaysia:

1. Choose Your Preferred Bank

Malaysia offers a variety of banking options, including local banks like Maybank and CIMB, as well as international banks such as HSBC and Standard Chartered.

If you are expanding your business operation to Malaysia and already have a business bank account in your home country, you can also explore the possibility of using the same bank. However, this only applies if your current bank has a branch in the country.

Here are the top five banks in Malaysia for opening a business bank account:

• CIMB Bank
• Maybank
• Public Bank Berhad
• RHB Bank 
• OCBC Bank

2. Prepare the Required Documents for Account Opening Application

Before you can submit your application, it is important to ensure that all necessary documents are in order. That includes your company incorporation certificate, identification document, board resolution, and other documents as mentioned above. 

Our local experts will prepare the necessary documents on your behalf and handle the application process.

3. Review and Approval by Bank Officials

Malaysia’s strict anti-money laundering and terrorism financing laws make opening a bank account challenging, especially for foreign-owned companies.

After submitting your application, banks in Malaysia will conduct KYC checks to verify your business and assess any risks related to money laundering or fraud.

The KYC process generally includes the following:

• Verification of provided company documents the documents and data provided are reliable
• Verification of those acting on behalf of the customer, ensuring that they are authorized personnel
• Verifying the identity of the beneficial owner by using data and information from a reliable source
• Understanding and obtaining information on the purpose and nature of the business relationship
• Investigating the customer’s source of wealth and source of funds

In some cases, banks may also visit your company office in Malaysia before approval. This entire process generally takes around 2 weeks, depending on the bank’s compliance process and requirements.

Can I Open A Corporate Bank Account in Malaysia Remotely?

Due to the strict banking laws and regulations, most banks require you to be physically present when opening a corporate bank account in Malaysia.

However, with Emerhub as your local partner, we can handle the banking communication and authorizations on your behalf, eliminating the need for you to be physically present in most cases.

Open Your Corporate Bank Account in Malaysia with Emerhub

Ready to open your business bank account in Malaysia? Emerhub’s local experts are well-versed in local regulations and banking requirements and can help you easily set up your corporate bank account. We’ll advise you on suitable bank accounts based on your business structure and activities.

For more details, fill out the form below and we will put you in touch with one of our experts.