How to Open a Company Bank Account in Malaysia
The quick answer is that a business owner can open a company bank account in Malaysia once the company is fully incorporated with the Companies Commission of Malaysia and has the required documents prepared for verification by the bank.
Below is a complete guide that answers the ten most common questions business owners ask, based on my work at Eternity Global Consultancy where we have assisted many local and international clients in setting up companies, resolving compliance matters and selecting suitable banking partners.
Understanding Why a Company Bank Account Matters
Every company registered in Malaysia requires a dedicated account to manage income, expenses and statutory compliance. A separate company account builds credibility, supports financial transparency, protects shareholders and simplifies tax reporting for both corporate tax and sales service tax.
1. What is the first requirement to open a company bank account in Malaysia
The first requirement is to ensure that your company is fully registered with the Companies Commission of Malaysia and that your company has an active status. Without a completed incorporation, the bank will not accept your application. You may create your company through your Company Secretary or through professional firms like Eternity Global Consultancy who manage the entire formation process for you.
2. What documents are needed to open a company bank account
To open a company bank account, you will need the essential statutory documents issued after incorporation. Most banks require the following:
- Company profile from the Companies Commission of Malaysia
- Notice of registration
- Company constitution if available
- Directors identification documents
- Residential address proof for directors
- Board resolution approving the opening of the account
- Business nature explanation or supporting business plan
In our experience helping new companies, the document most often overlooked is the board resolution. We always prepare this for clients to avoid delays.
3. Do all directors need to be present at the bank during the opening
Yes, most banks require all directors and authorised signatories to be physically present. This requirement is part of Malaysia banks strict know your customer process. However, some banks allow exceptions for foreign directors who are based overseas. In such cases, additional verification or certified documents may be required. We usually advise clients on which bank best supports their situation because different banks have different flexibility levels.
4. Can foreign owned companies open a bank account in Malaysia
Yes, foreign owned companies are fully allowed to open a corporate bank account. Malaysia welcomes foreign investors, but banks may ask for extra supporting documents such as business contracts, supplier agreements or proof of business presence. We once assisted a Japan owned technology start up where the bank requested additional proof of operational readiness before approval. With a detailed commercial plan, the account was approved in two working weeks.
5. How long does it take to open a corporate account
The duration ranges from three working days to three working weeks depending on the bank, the industry and the strength of your supporting documents. Banks with digital onboarding usually process faster. Highly regulated industries like money services, tourism or trading of sensitive goods may take longer because banks carry out enhanced due diligence. Our clients usually get approval faster because our company secretarial team prepares complete files that meet the bank officer checklist.
6. What are the common reasons a bank rejects an application
Rejection normally happens due to incomplete documents, unclear business nature, or a company structure that raises compliance concerns. Some banks are cautious when a company has foreign shareholders from high risk regions or when the company has no clear operational plan. We guide clients to draft a simple company profile and business overview that clearly states revenue model, customers and product flow which significantly reduces rejection rate.
7. Which bank should a new company choose in Malaysia
The best bank depends on the business nature, target market and transaction volume. Popular choices include Maybank, CIMB, Public Bank, RHB and HSBC. For companies that receive many overseas payments, banks with strong international networks are better. For retail or service companies with high local transactions, a bank with extensive branch presence is more suitable. We also identify banks that support digital businesses, e commerce sellers and service consultants.
8. What are the fees and minimum deposits for corporate accounts
Most banks in Malaysia require an initial deposit that ranges from RM one thousand to RM five thousand. Monthly fees vary depending on the account type. Some banks offer free online transactions while others charge per transaction. It is wise to compare internet banking features, transaction limits and international transfer fees. We provide clients with a comparison sheet during consultation so they can choose confidently.
9. What happens after the account is opened
After the account is activated, the company can begin receiving payments, issuing cheques and performing online transfers. You will also gain access to business debit cards, merchant payment solutions and payroll services. It is important to update your Company Secretary with the account details because the bank information is part of corporate records. Our firm also ensures all compliance timelines such as annual return filing and corporate tax submission are aligned with the new bank account details.
10. What is the fastest way to complete the entire process
The fastest method to complete the setup is to work with a professional service firm that prepares the documents, arranges the board resolution, coordinates with your bank officer and ensures that all directors visit the branch on the same day. Our team at Eternity Global Consultancy has handled many urgent cases including an international client who needed the account ready before a regional product launch. With proper scheduling and complete documentation, the account was successfully opened within four working days.
Real Case Study from Our Consultancy Work
Recently, a client from Singapore incorporated a service company in Kuala Lumpur through us. The company had two foreign directors and no local office yet. The bank requested additional supporting documents because the business model was fully online. Our team prepared a business explanation document that described the service process, customer journey, expected transactions and operational plan. With this extra clarity, the bank approved the account even before the directors moved into their new office. This case is a strong example of how preparation and expert guidance can shorten approval time and reduce stress.
Extra Tips for a Smooth Account Opening Process
- Prepare all documents in both digital and printed copies
- Ensure directors identification documents are valid and clear
- Bring proof of business activities such as product samples, brochures or website links
- Schedule your branch visit early in the day for faster processing
- Maintain professional communication with the bank officer
For company formation guidance visit Company Setup Malaysia
For company secretarial services visit Company Secretary Malaysia
For payroll or compliance support visit Corporate Compliance Services
Conclusion
Opening a company bank account in Malaysia is a structured process that becomes much simpler when you have the right documents and guidance. With proper preparation, clear business explanation and coordinated support from your Company Secretary or consultancy team, your company can complete the entire process smoothly and confidently.
If you need end to end assistance for incorporation, bank account setup, payroll, tax or compliance matters, you may reach our team at Eternity Global Consultancy. We are always ready to support your business growth in Malaysia.
Contact Our Team
Eternity Global Consultancy is ready to support your business journey in Malaysia. For direct assistance, you may reach our Business Development Manager:
Eternity Global Consultancy
Vincent (Business Development Manager)
Phone: +60106631648
Email: sales@eternity-consultancy.com
Our team is committed to helping you with company setup, corporate bank account applications, payroll, tax and compliance so your business can grow with confidence.