The Simple Step-by-Step Guide Towards Opening a Business Bank Account in Malaysia

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The Simple Step-by-Step Guide Towards Opening a Business Bank Account in Malaysia

January 14, 2022 incorp 0 Comments

Reading Time: 5 Minutes –

Most companies in Malaysia have a company bank account. But what makes having one seem beneficial? More importantly, what are the procedures towards opening one?


Stick with us in this article as we guide you through these simple steps in opening a company bank account!


Importance & Requirements of Opening a Business Bank Account in Malaysia

Now, you may be asking, “Why do I need a company bank account when I could instead, use a personal one?” Well… Unlike your personal bank account, opening a company bank account in Malaysia provides you access to a number of specialized facilities catered towards handling day-to-day business-related tasks more effectively.


To open a company bank account in Malaysia, most Board of Directors intending to establish a company bank account are first required to prepare several copies of important documents. This includes their Director Resolution, which shows the approval of  most of the Company Directors to open a company bank account.


Following are the required due diligence documents for opening a company bank account in Malaysia: –

i. Standard account opening forms signed by the authorized signatories

ii. An array of documents CERTIFIED by a company secretary such as: –

Other than that, additional essential and supporting personal
documents will also be needed that encompasses: –

a. NRIC/Passport (Applicable for both local and expat business applicants)

b. Tenancy agreement of business address (Applicable if any)



For foreigners however, additional contents would be needed such as the presentation of their visas, passports, or MM2H permits for verification. 



For the bank opening process, applicants are required pay a certain initial deposit amount (varied among banks), based on their respective applied bank account type. 

Timeline in Opening a Business Bank Account

Upon submitting the documents, for foreign Directors, it takes approximately between two to three weeks before the business bank account can successfully be open. However, this process could take longer as the KYC process is considered complex.

Although for local Directors, the completion of their processing period could even be immediate, thereby enabling them to receive their company bank accounts earlier!

Next, signatories appointed for signing the application of opening a company bank account and the account’s online banking services would be entirely dependent on the Board’s decision. If one Director is only present however, a Company Secretary would be required to certify the documents by providing her/his signature.

The purpose of signatories during the process of opening a bank account are as follows:-

i.  To provide signage for cheques

ii. For online banking reasons

Also, while waiting for confirmation on the company bank account status, banks may liaise with you as part of standard due diligence and KYC (Know Your Clientvia biometric verification. This can also be done through over-the-counter approach, depending on the regulations imposed by each banking institution. During this time, a Director and her/his biometric representative would have to be present.

Other Banking Services

Additional benefits that come with a company bank account include overdraftissuing chequesforeign banking facilities, and more. Further information can be found via the following link: Benefits of a Corporate Bank Account


Foreigner’s Process in Opening a Business Bank Account

Summing up the overall details from a local perspective, we now look at it from the view of a foreigner! For foreign Directors however, is it possible for them to setup a Malaysian company bank account? The answer is a definite YES! Foreign Directors can have their very own company bank account here in Malaysia, similar to their counterpart while also enjoy equal benefits although,  they would require the presence of a local Director.


However, a certain condition is required to be met in order to do so. Initially, you would have to either be physically present here in Malaysia or get your identity confirmed by your local authority. With the recent global Covid-19 outbreak, the former approach seems unlikely.


Hence, through an online session, foreign Directors are able to liaise with the bank official while simultaneously downloading and manually signing a copy of the provided online application template. Following, the requested documents would be sent over via courier to the Malaysian bank branch.


Upon doing so, the foreign Director would need to physically bring along, a certified copy of their respective nation’s public notary as previously cited. Those physical documents would then be compared along with their certified copies received by the bank for confirmation.


List of High-Risk Countries Restricted

However, it should be noted that certain high-risk countries are restricted from establishing a company bank account in Malaysia, in accordance with Bank Negara Malaysia (Central Bank of

To find out more, kindly click on the link to find out more: List of High Risk Countries Restricted from Opening a Malaysian Business Bank Account

Now that you’re all equipped with the necessary information to commence opening a business bank account, everything should now be swift and easy right? Unfortunately, that’s just the tip of the iceberg as the process of document preparation can be a time-consuming and complex feat…


Instead, why not rely on your faithful and trusted business-setup partner, Incorp? With 38 years’ worth of experience in the field of company secretary matters in Malaysia, our team of professionals are more than capable in providing a quality and result-oriented service that not just gets the job done but also guarantees you  peace and assurance in successfully setting up your business bank account compliantly in accordance with regulations imposed by Companies Act 2016!


Interested? Feel free to email us your queries via either our email or WhatsApp located below and we’ll revert to you as soon as possible: –



WhatsApp: 017-2727118

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