A business bank account is essential when you are running a company in Malaysia. As your business grows, your customers need to be assured of your legitimacy as a business and having a corporate bank account helps.
Opening a business bank account in Malaysia is not difficult. There are certain criteria you need to fulfil, submit all the documents requested and wait for approval from the bank.
Different banks will have different procedures, rules and regulations and some can be more stringent than others. It is advisable to visit your preferred bank to confirm their specific requirements.
Here are some points that you need to consider when thinking of opening a bank account.
- Your business transactions are increasing each month.
- You plan to take a business loan to expand.
- You want to receive online payments from your customers.
- You need to make online payments/ cheque payments to your suppliers.
- You need to separate your business income from your other income.
- Ease of keeping proper accounting records.
- You wish to have an overdraft facility for your business for ease of cash flow.
Here, is a look at the overall process of opening a corporate bank account.
Requirements to Open a Corporate Bank Account
- Complete & fill up the application forms from your preferred bank.
- Some banks need an introducer. Do check with your preferred bank on this.
- Prepare the Company’s rubber stamp. Check with your preferred bank on this requirement.
- Photocopies of ID documents from the directors and the authorised signatories.
- Get Certified true copies of the following documents from the Company Secretary :
- Resolution from Board of Directors to open account & list of authorised signatories (usually follows the template resolution given by the bank)
- Statutory Forms (For Companies Incorporated under the CA 2016)
- S 14 – Superform
- S 17 – Certificate of Incorporation
- S 15 – Notice of Registration
- S 58 & 236 (2) – Appointment of First Company Secretary
- S 78 – Return of Allotment of Shares
- S 51 – Register of Members
- Constitution of the Company
- Statutory Forms (for companies incorporated under the now-repealed CA 1965)
- Form 24 – Return of Allotment of Shares
- Form 44 – Registered Office Address
- Form 49 – List of Directors
- Form 9 – Certificate of Incorporation
- Memorandum & Articles
All directors and the authorised signatories must be physically present at the bank during the corporate account opening. The signatories must not be declared bankrupt or be blacklisted by Bank Negara to open a corporate bank account.
Different banks will have different requirements as to the opening of the corporate bank account. We will always advise you to visit your preferred bank to confirm the requirements.
Your Company Secretary is required to prepare the Directors’ Circular Resolution in Writing that is to be provided to the Bank when you visit them for the opening process. You will need to provide your secretary with the required information :
- A sample or template of the Resolution from the preferred bank
- Bank’s name, branch and address
- Type of account. This includes either a current account, internet banking, foreign currency account, joint account, etc.
- Type of statutory forms and number of copies required by the bank
- Authorised signatories details such as
- Name must be as per ID documents
- Identifications number
- Address
- SIgning conditions (to be signed jointly / solely / either one )
Banks in Malaysia are now required to ensure stringent rules and regulations and will carry out series of investigations on their potential clients before opening a new account for a company. This is to safeguard themselves from potential issues such as money laundering, terrorism financing as well as other types of business activities that are illegal.
Banks also need to safeguard their risks against any potential defaulters. Depending on the amount of investigation and due diligence process that the bank undertakes, opening a new company bank account may take about three weeks to three months to complete.
To expedite your bank account opening, it is advisable for all the signatories to the account to be physically present in Malaysia and to visit the bank at least once during the account opening process. You may be required to place a deposit upon opening the account, any amount from RM1000 to RM50000 depending on your choice of bank. Certain banks will require your company to have a ‘business address which is not the registered office address of the Company. The business address could be any one of the director’s residential address. The nature of business of the Company will also be scrutinised by the bank during the due diligence process and you may be asked to add, amend or vary your nature of business accordingly. You would also need to declare the source of funds during this due diligence process. If everything is in order, the bank will approve your application and your bank account will be opened.
If you need help in opening a bank account, you may contact us as we work closely with a few banks here in Malaysia, and subject to all your documentation is in order, and the individuals to operate your account is approved, you may be able to get your account opened with not much hassle. Do contact us if you require our services, at our website http://www.allproconsultants.com or by submitting this form to us.
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ALLPRO CONSULTANTS (M) SDN BHD 