Opening a bank account for a Private Limited Company in Malaysia
Pros & Cons role is to identify which banks will be the most suitable, given your nature of business and circumstances. With substantial experience in this area, we will work with you to find the best bank to suit your needs and assist you with opening an account.
– How to open a corporate bank account in Malaysia?
Once a company is incorporated successfully (issuance of the Certificate of Incorporation by the Companies Commission of Malaysia (SSM)), you can proceed with the application for bank account opening together with all the relevant documents required.
Different banks will have different requirements as to the opening of bank accounts in Malaysia. You are advised to visit your selected bank to understand the bank account opening requirements. Pros & Cons will assist in the preparation of resolution for bank account opening with the necessary forms and procedures.
To expedite the bank account opening, there are some banks that accept pre-incorporation submission of the application forms and verification of authorized signatories.
Opening a bank account for a Labuan incorporated company in Malaysia
– Where to open a bank account for a Labuan Company?
Whilst there is no law requiring a Labuan company to open its account in Labuan or the rest of Malaysia, these two places are the most natural places. Pros & Cons and its partners have successfully opened bank accounts for Labuan companies in other offshore and onshore centres.
There is no law requiring a Labuan company to open its bank account in an offshore centre. As a matter of fact, and practice, we recommend opening an account in an onshore centre such as Kuala Lumpur. This will enable the Labuan company to have access to “high street” banking services, with superior internet banking and lower bank charges.
– Is it easy to open an offshore bank account in Malaysia for a Labuan company?
It had been relatively easy to open a bank account for a Labuan company 10 to 15 years back, however, with a significant increase in compliance and transparency nowadays, this is no longer possible.
With over 16 years of experience in dealing with Labuan companies, our role at Pros & Cons, together with our service partners, is to identify and recommend to you the most suitable banks, given your nature of business and special needs.
Opening a bank account for a Foreign Company in Malaysia
Opening a corporate bank account in Malaysia is available to both locally incorporated and foreign companies. Do take note that foreign companies without a permanent address in Malaysia will more likely face difficulties to open a local corporate bank account unless they already have an existing base of Malaysian clients or suppliers.
New account customers are usually required to present themselves in person at the respective local bank branch before approval to open a corporate bank for a foreign company account could be potentially obtained. Alternatively, there are many international banks with a presence in Malaysia that may not apply this policy. Pros & Cons recommend our clients to bank with international banks such as UOB, HSBC, Standard Chartered, Citibank, Deutsche Bank or OCBC.
For our clients who wish to open a local bank account, Pros & Cons recommends Malaysian banks such as CIMB, Maybank, Public Bank, RHB, Ambank, Hong Leong Bank and Alliance Bank.
For more information on how to open a corporate bank account in Malaysia, read our blog post on Banking Services or fill in the contact form.