Opening Corporate Bank Account in Malaysia

Here is the guidance which will provide you all the information related to open the corporate bank account and to select a good bank  for your Malaysia Company bank requirements. It gives the importance to small to midsize companies. Note that available information is just for the general instructions. After the selection of the bank, make sure to  know the recent offers and policies of the banks along with the bank’s aspects.

From the last few years, Banks of Malaysia become more strict in their process to open the bank account for companies. Recently foreigners must to have the valid business/ permit/working visa, who want to represent as a approved signatory of the Malaysian company. If failed then he will not be allowed to become the same.

Anyway, the best thing for you is, being a specialist in the incorporation of company in Malaysia and in opening the bank account We, at Steve & Co Asia helps you and all other investors outside Malaysia also to open the bank account easily . We carry the best record in it. Malaysia greets to the foreign investors to venture their business successfully, it will help to increase the job opportunities and financial growth in the market. If the company have a good financial record outside Malaysia, then bank opening process can be done soon and efficiently.

 

Normally, to open the corporate bank account in Malaysia for an incorporated company you should have some of the below mentioned proofs (after opening company in Malaysia),

  1.  Required account opening forms which must have signed by the authorised person.
  2.  Original copy of the following documents should be verified by the Secretary of the Company.
  • A proposal is provided by the Board of Director to endorse the opening of the corporate bank account (For this, there is some information which required is given below)
  • Super Form
  • Constitution
  • Registration Notice.
  1. Residential address proofs of Directors, authorized parties, fundamental beneficial owners Passport copies or NRIC.
  2. Incumbent Certificate copy (Only allowed for the corporate shareholder). The incumbent certificate is the formal document which has the name list of incumbent officers and directors within the entity and their designation. The certificate of incumbency will assure  the signing person of the company  implying  that the person is having all the rights to enter into the legal transaction as a representative of the company.
  3. If the banks asks for an introducer, then it is also suggested.

To open the bank accounts every bank has their own demands. To confirm that you can visit to the bank where you want to open the bank account. To us, you need to provide correct and necessary documents to prepare the proposal and to open the bank account and that includes:

  • Name, Branch, and address of the Bank
  • Account type like internet banking or current account or foreign currency account etc.
  • Sample or format of the proposal which is given by the bank to open the bank account.
  • Statutory form types and its copies requested by the bank.
  • Details of authority person ( name of the person as on IC, designation, IC number ( if a person is not a company director)
  • Operation mode (joint or individual or any other)

At the time of opening the corporate bank account signatories and directors should be in person  to sign the required documents and it is required by few banks. There are some banks which  requires to show the physical office also to start the process of bank account opening. Some times bank demand for the extra documents for the various process.

Notifying before, that all Malaysia banks follow the strict law of rules and regulation in opening the corporate bank account. This is why they carry out the end to end research of the client before opening the new account for the company.

This will secure your risk of any possible failure and  it is also a part of the strict policy of laundering anti-money and legal compliances. Like you know, Malaysia is a consequential country to take action against finance robberies and also in any type of unnecessary transaction or illegal nature. Such companies which deal with above mention things is not to easy to come along with the transactions.

To open a new bank account for the company it can take up to few weeks or 3 months because to go on with the investigation about the company, director, and secretary to analyze their originality and worthiness. If a company is not locally present, this process can stretch for quite a long time and the approval chances also will become less. Yet, if you or your partner company are personally connected with the bank manager, process can be made easy.

But we will suggest you to be present for the application of bank account opening in Malaysia to get over the process very soon or within the period. The bank always requests to present the Company’s owner before approval of a bank account.

If you are interested and on request, we can organize the consultation with OCBC banker in Malaysia. If you choose our official attached bank, it can be more secure and appropriate to open the new bank account because they fully aware of our all information related to the Corporate Secretary.

If you open the bank account with OCBC bank we are ready to guide you without any charge which is completely FREE of cost. Generally, most of the banks asks for the company director to come in-person to open the new bank account (please remember at least one director of the company should be present in the bank during the application process). If you have chosen any other bank to open the corporate bank account, then, only you should visit that branch. We cannot help you with that.

When you have chosen the bank by yourself and need our nominee director to sign on the application of bank account then in such cases, proposal should be prepared by the company director in order to sanction our nominee director/ secretary.

Please be sure and check, is your bank is allowing signed document without the presence of director in-person. Or Extra charge will be added, if you need our nominee director to sign document in front of your bank Manager.

 

There are also some banks which demand the presence of all directors in local branch / other branches / foreign branch of the bank to open the bank account. But usually it is not applicable for all branches to verify the signature at other branches/foreign branch and in such cases opening bank account and getting approved is delayed.

For the process of opening the bank account, we can help you with our services of issuing certified documents which includes passport copy/NRIC,only after the presence of an authorized person at our office and on providing the correct and original documents. Charges can be applied extra too.

Still if finding any difficulty or queries, don’t hesitate to contact our consultant any time at info@stevecoasia.com and we will guide you to open the bank account and also to set up the business in Malaysia.


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