Thinking of expanding your business to Malaysia? Whether you’re a local entrepreneur or looking for an overseas business setup Malaysia, opening a corporate bank account is a crucial step. A business bank account ensures smooth financial transactions, credibility, and compliance with local banking regulations.
This guide will walk you through:
✅ The requirements and documents needed
✅ The step-by-step process
✅ Tips to ensure a hassle-free application
Let’s dive in!
Step-by-Step Guide to Opening a Business Bank Account in Malaysia
Step 1: Complete Malaysia Company Incorporation
Before you can open a business bank account Malaysia, your company must be registered with the Companies Commission of Malaysia (SSM).
You’ll need:
✔ Company name & registration number
✔ Business license (if applicable)
✔ Company secretary appointment
Most banks require your business to be fully incorporated before proceeding with account opening.
✔️ Legal Requirement – If you’ve completed your Malaysia company incorporation, you’ll need a business account to operate legally.
✔️ Professionalism – Separating personal and business finances builds credibility.
✔️ Facilitates Transactions – Makes payments, salaries, and tax submissions easier.
✔️ Foreign Investments & Remittances – Required for receiving foreign investments and managing international transactions.Why Do You Need a Corporate Bank Account in Malaysia?
Step 2: Choose the Right Bank
Malaysia has a strong banking sector, offering both local and international banks. Here are some of the top choices:
🏦 Local Banks
- Maybank – Most widely used for business banking
- CIMB Bank – Great for digital banking & SMEs
- Public Bank – Known for stable services and competitive rates
- RHB Bank – Offers specialized business financing
💡 Pro Tip: Choose a bank that aligns with your business needs, transaction volume, and international banking requirements.
Step 3: Gather the Required Documents
🌍 International Banks
- UOB Malaysia – Ideal for global transactions
- Standard Chartered – Good for multinational companies
- OCBC Bank – Strong trade financing options
Every bank has slightly different requirements, but the common documents include:
📜 Company Documents
✅ Certificate of Incorporation (Section 17 & 15)
✅ Notice of Registration from SSM
✅ Company Constitution (if applicable)
✅ Company profile from SSM (Section 14 & 58)
👥 Director & Shareholder Documents
✅ Passport (for foreigners) or NRIC (for Malaysians)
✅ Proof of residential address (utility bill or bank statement)
📄 Other Documents (May Be Required)
✅ Business license (if applicable)
✅ Board resolution authorizing the account opening
✅ Tax registration documents (if available)
Some banks may request additional documentation based on your business structure and industry.
Step 4: Schedule an Appointment with the Bank
Most banks require a physical presence for account opening. Here’s what happens during the appointment:
✅ Verification of documents – Bank officers will review your paperwork.
✅ Director’s presence – At least one director (or all, depending on the bank) must be present.
✅ Initial deposit – Some banks require a minimum deposit (varies by bank & account type).
💡 Tip: Call ahead to confirm the exact requirements and minimum deposit amount to avoid delays.
Step 5: Account Approval & Activation
Once everything is verified, the bank will:
✔ Approve your application (usually takes 3-7 working days)
✔ Provide your account details & online banking access
✔ Issue a business debit card (if applicable)
Congratulations! 🎉 Your corporate bank account is now ready to use.
Tips for a Smooth Application Process
🔹 Ensure All Directors Are Available – Some banks require all directors to be present.
🔹 Prepare All Documents in Advance – Missing paperwork can delay the process.
🔹 Choose a Bank That Supports Foreign Transactions – If you deal with international clients, opt for a multi-currency account.
🔹 Maintain Proper Malaysia Corporate Compliance – Keep your company records up to date to avoid issues.
🔹 Consult Your Company Secretary – They can assist with documentation and appointments.
Conclusion: Get Your Business Bank Account Opened Easily!
Opening a business bank account in Malaysia is a straightforward process if you have the right documents and meet the bank’s requirements. Whether you’re planning an overseas business setup Malaysia or expanding a local company, a corporate account is essential for smooth operations.
✅ Make sure your company is properly registered
✅ Gather all required documents
✅ Choose the right bank for your business needs
✅ Follow the correct procedures for a hassle-free experience
🚀 Ready to open a business bank account Malaysia? Get started today and set your company up for success!
