Open a Bank Account in Malaysia
Updated on Wednesday 23rd June 2021
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Entrepreneurs who want to open a company in Malaysia should also open a separate bank account in the name of the company. It is important to know that foreigners are allowed to open a bank account in Malaysia if they provide several documents, which can vary according with the internal policies followed by the financial institution. Our agents specialized in company formation in Malaysia can assist foreign investors to complete this action, which is due after the incorporation of the business.
Banking system in Malaysia
When opening a corporate bank account in Malaysia, investors should be aware of the fact that banks can apply a different set of requirements; moreover, branches of the same legal entity can apply different practices. Still, the differences are rather small, but before opening a bank account it is advisable to obtain information on the requirements of the specific banks which interest the entrepreneur.
Below, businessmen can find out supplementary information related to the bank account in Malaysia:
According to the local legislation, foreigners must have a Malaysian work permit in order to be able to open a bank account; our company formation specialists can offer more details on this subject.
Required documents for opening a bank account in Malaysia in 2021
Foreign businessmen who set up companies in Malaysia can open bank accounts if they provide the following set of documents, which are compulsory for most of the banks:
• complete a bank account application form;
• recommendation of an introducer;
• company’s stamp;
• copies of the passports of the company’s directors.
The directors will also have to provide several documents of the company which have to be presented in the form of certified true copies provided by the company’s secretary.
The following documents are required by all banks in Malaysia:
• resolution from the Board of Directors for the opening of the bank account;
• list of directors;
• registered office address;
• articles of association;
• certificate of incorporation;
• a proof of the fact the company’s directors are not bankrupt.
Companies that are incorporated in Malaysia, alike those that are registered elsewhere, are eligible for setting up a corporate bank account, but in 2021, as a foreign company, you will need to have an official business address in Malaysia for your company in order to be able to open a bank account, as in the last years, Malaysian banks have imposed new measures. However, this rule may not apply to all banks and prior to setting up a bank account, you should compare the requirements of local financial institutions.
If you need further details on the procedure of opening a bank account, please contact our company formation specialists in Malaysia for assistance on the documents required by a specific bank that you might be interested to collaborate with. If you want to open a bank account in other countries, such as Lithuania, we can put you in touch with our local partners.