Foreigner’s Guide to Opening a Corporate Bank Account in Malaysia

Starting a business in Malaysia as a foreign entrepreneur? After incorporating a business in Malaysia, one of the first steps is setting up a corporate bank account. Foreigners are also permitted to open bank accounts in Malaysia as long as they have the necessary documentation. 

Malaysia’s banking sector is well-developed, offering a wide range of financial institutions that cater to both local and international businesses. From major local banks like Maybank and CIMB to global institutions like HSBC and Standard Chartered, there are plenty of options to choose from. Each bank has its own set of requirements, fees, and services, making it essential to compare and select the one that best suits your business needs.

This guide breaks everything down in simple terms, from picking the right bank to preparing the necessary documents, so you can get your business account up and running without unnecessary stress. Additionally, 3E Accounting is here to support you every step of the way, ensuring a hassle-free process.

What is a Corporate Bank Account?

A corporate bank account is an account specifically for business transactions. It helps keep your personal and business finances separate, ensures smoother financial management, and allows you to access essential banking services tailored for companies.

This type of account is especially suitable for you if you travel often or are a foreigner and your business is based in Malaysia. A corporate bank account will allow you to cope with fluctuating foreign exchange rates and carry out various international transactions more simply.

Why Your Business Needs a Corporate Bank Account

Here are some reasons why it may be important for you to consider opening a corporate bank account in Malaysia for your business:

1. Better Money Management – Keep business finances separate for more precise accounting.
2. Professional Image – This enhances your business’s credibility, making it easier to work with clients and partners.
3. Legal & Tax Compliance – Helps meet regulatory and tax filing requirements.
4. Access to Business Banking Services – Get loans, trade financing, and multi-currency transaction support.
5. Digital Banking Convenience – Easily manage payroll, supplier payments, and transactions online.

How to Choose the Right Bank in Malaysia?

Not all banks offer the same benefits. Here’s what to consider before making a decision.

• Bank Expertise: Look for banks with experience in handling corporate accounts, especially for foreign clients.
• Reputation: Established banks offer more security and reliability.
• Fees and Charges: Compare account maintenance fees, transaction costs, and other charges.
• Account Types: Pick an account structure that aligns with your business model.
• Minimum Deposit: Different banks have different initial deposit requirements.
• Services Provided: Consider features like multi-currency support and trade financing.
• Online Banking: Access to digital banking makes managing finances much more convenient.

What Documents Do You Need to Open a Corporate Bank Account in Malaysia?

If you’re a foreign national looking to open a bank account in Malaysia, it’s essential to be aware of the stringent Know Your Customer (KYC) requirements. Having the proper documents ready in advance can make the process smoother and help you avoid unnecessary delays. Here is the list of documents:

• A completed bank application form.
• Proof of ID – a passport is normally needed for a foreign resident.
• Proof of legal status in Malaysia – such as a work permit and letter from your employer.
• Proof of Malaysian residence – like a utility bill or bank statement in your name.
• Copies of the identification documents of directors and authorised signatories.
• Certified copies of:
  • The board resolution authorized the account opening
  • Certificate of incorporation
  • Company’s Constitution
  • List of directors
  • Registered office address
  • Return of allotment of shares 
• Letter of Introduction / Reference Letter – From business partners, existing banks, or clients. Some banks may require this to verify the legitimacy and credibility of the company.
• Company stamp

Step-by-Step Guide to Opening Your Corporate Bank Account in Malaysia

Setting up a business bank account in Malaysia is straightforward if you follow these steps:

Choose the Right Bank

Look at both local and international banks operating in Malaysia. If your business already has a relationship with a global bank, check if they have a branch in Malaysia.

Prepare Your Documents

Make sure all required paperwork is complete and properly certified. If you need help, 3E Accounting can assist with document preparation.

The list of documents is already discussed in detail above in the blog

Submit Your Application & Bank Review Process

Once you submit your documents, the bank will conduct a KYC check to verify your company details. This typically includes:

• Checking the legitimacy of company documents.
• Ensuring the correct people have access to the account.
• Identifying the business owners.
• Understanding your company’s activities and financial transactions.
• Investigating the source of funds.

Some banks may even require a site visit to your business premises before approving your application. The review process usually takes about two weeks, depending on the bank’s internal policies.

Conclusion

Whether you’re launching a startup or expanding an existing business, having a corporate bank account is essential. It not only helps you manage your finances professionally but also builds trust with clients, partners, and financial institutions. With the right approach and proper planning, you can set up your corporate bank account smoothly and focus on growing your business in Malaysia For foreign entrepreneurs, the key is to be well-prepared and proactive.

Need help with the setup? 3E Accounting is here to assist! Our expert team will guide you through the process, ensuring a smooth and seamless experience. Get in touch with us today, and let’s set up your corporate bank account without the hassle!

We understand the complexities of business registration, compliance, and taxation in Malaysia. With our cost-effective, efficient, and results-driven approach, we provide expert guidance to help you make informed decisions and ensure seamless business incorporation.

Frequently Asked Questions