Opening an account in Malaysia

Opening an account in Malaysia

Once the company is incorporated, it may be necessary to open an account in Malaysia. It is recommended to work with reliable banks that have a good reputation. Before opening an offshore account in Malaysia, or any other company, it is recommended to get familiar with the characteristics of the most famous financial institutions and their basic requirements.

What banks can the company open an account with

One of the financial institutions where you can open a bank account is RHB Bank. On average, the opening time is 1 month. It is possible to open a debit card. There are 17 currencies available in total. You can also use  the services of an unlimited online bank; the minimum deposit then starts at 20000 MYR. To open an account, you will need to visit the jurisdiction, or schedule Skype call. It is possible to create accounts in foreign currency, and you would not have to pay for it. Withdrawals are free.

Another well-known bank is Ambank. The account opening last about 3 weeks. It is possible to issue a credit card. There are a total of 9 available currencies. You can use the internet bank and create accounts in foreign currency for free. To open an account, you need to come to the branch in person or have a conversation remotely via Skype.

You can open an account within a month at Standard Chartered bank. There are 10  available currencies; online banking which is free of charge. It is possible to withdraw funds without paying commission. You can open an account upon arrival at the bank or via Skype.

In the OCBC you can create an account within 3 weeks in different currencies - a total of 10 available. Internet banking is available and requires pay a commission. To open an account, you can come to the bank in person or talk on Skype. You can withdraw money for free.

To create an account in UOB, you would need to wait for 2-3 weeks. There are 9 currencies available for account creation. You can open an account in person or remotely; you have to pay for the services of an online bank. There is no need to pay for withdrawing money.

You can an account in just 10 working days in MayBank. You cannot get a card. There are 11 currencies available. It is assumed that the online bank will be available by the end of 2019. You can open an account in Labuan, in a bank branch, or with the help notary power of attorney at the Embassy of Malaysia. Unlike other well-known banks, this financial institution does not work with crypto currencies.

To open an account all banks require a FAQ. You may also need an invoice, statements of account, Articles of Association, contract, business plan of the company, letters of reference and information and information about the beneficiaries.

Before buying an account in Malaysia, please contact our experts at IT-OFFSHORE. We will help you collect the necessary documents and prepare an invoice in a short period of time.

Collecting documents

There are some requirements that must be met in order to create an account in Malaysia or Labuan. The main requirement is a description of the company's activities and data on suppliers and customers.

What kind of papers may be required:

  • copies of the company's articles of association;
  • certification documents;
  • copies of the KYC;
  • individuals are required to provide a passport and proof of residence;
  • company documents. 

After the bank accepts the application, a personal meeting with the shareholder and the beneficiary of the company is held. As part of the final inspection, such documents as bank statements, payment statements and data on the license may be checked.

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