Open a Merchant Account in Malaysia
Updated on Wednesday 14th June 2017
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A merchant account in Malaysia is a type of bank account that can be set up by local and foreign entrepreneurs performing business activities in this country. Investors can choose from various types of merchant accounts and those who want to open a company in Malaysia should know that this type of account is generally used for online businesses, as it represents a compulsory requirement when setting up an online company. Our team of company formation agents in Malaysia can offer in-depth assistance on the procedure for opening a merchant account.
What is a merchant account in Malaysia?
A merchant account is set up by business operators in Malaysia with the purpose of performing debit and credit transactions. A merchant account is created through an agreement between the following parties:
• the representatives of the company;
• the bank;
• the payment processor of the company’s financial transactions.
Types of merchant accounts in Malaysia
Investors interested in company formation in Malaysia in the online environment are required to set up a merchant account. Malaysia offers a wide set of merchant accounts, as follows:
• pharmacy merchant account;
• adult merchant account;
• replica merchant account;
• offshore merchant account;
• high risk merchant account;
• low risk merchant account;
• e-commerce merchant account.
Depending on the specific needs of the company, our team of company formation representatives in Malaysia can offer advice on the most suitable types of merchant accounts. At the same time, our agents can represent the investors during the registration procedure.
How to register a merchant account in Malaysia
In order to open a merchant account in Malaysia, the business operators are required, under the regulations of the local legislation, to own a valid permise business license, issued by the competent authorities. As a general rule, the business licenses are issued during the procedure of company registration in Malaysia and the investors should have the respective documents when opening the merchant account, as it is necessary to provide a copy of the license.
Businessmen are invited to contact our team of company registration consultants in Malaysia for more details on the requirements imposed when opening a merchant account.