How to open a corporate account in Malaysia in 2021
Banks in Malaysia are known for their stability and successful experience in working with large international institutions. They cooperate with many banks around the world, so they provide a corporate account in different currencies.
Advantages of a corporate account in Malaysia
Corporate banking in Malaysia involves a full range of traditional products and services, including:
- investment products - insurance and mutual funds;
- financial products and services - trade and equity finance;
- money transfers;
- bank guarantee.
Many banks in Malaysia do not charge a fee for opening a corporate account in Malaysia in 2021. But to avoid closure, it must be replenished immediately after the paperwork. The minimum fee ranges from 2 to 50 thousand dollars and should remain at this level in the future.
Banks prefer to meet with their clients in person, but you can find an institution where they open an account remotely. This means that you do not have to travel to Malaysia to solve each financial transaction. The client only has to provide a package of documents. If you need to talk to an employee of the bank, you can do it via Skype or another messenger.
How to open a corporate account in Malaysia
Before opening a commercial account in Malaysia, it is necessary to register a company. Then you should submit the following documents to the bank (copies must be notarized):
- an application form;
- list of directors;
- resolution of the board of directors;
- certified copies of the company registration, details of the director and secretary, office address, distribution of shares.
detailed information about the beneficiaries - copies of documents, papers proving the legality of money, certificate of criminal record, etc.
office lease agreement (if there is one).
- business plan;
- articles of association and memorandum;
- planned turnover;
- key partners.
The bank may require other documents as well.
When the bank can refuse to open an account
- The owners of the company must be legally clear, as well as not involved in any scams and money laundering. Otherwise, the account will not be opened.
- Unconvincing business plan.
- Failure to comply with the bank's requirements. If the client will delay the e-KYC procedure or will not provide the necessary documents, the banker will decide that the customer is not interested in opening a bank account and will refuse.
Time frame for opening an account
Most banks in Malaysia open an account within 2-3 weeks. In rare cases, it can stretch up to 2 months.
Top banks in Malaysia
- Maybank is the largest bank in the country, offers all available banking services;
- CIM Bank is one of the largest investment banks;
- RHB Bank - besides Malaysia operates in Singapore, Hong Kong, Vietnam, Thailand and other Asian countries.
If you want to quickly open a bank account in Malaysia 2021, contact IT OFFSHORE specialists.