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How to Set-Up a Business Bank Account in Malaysia

May 07, 2015 | Sharon Cheong

Malaysia is a very business friendly country that offers excellent amenities to attract global business. In fact, the nation's economy is one of the fastest-growing in the world. When it comes to opening a corporate bank account, Malaysia offers numerous amenities such as internet banking, trade financing, and credit cards. Opening a business bank account is a straightforward process that can be handled by the business owner, but working with a local accountant can make things go smoother. 

Several Account Types Available 

In Malaysia company owners can take advantage of several types of corporate bank accounts that can adequately meet their needs. The business current account offers company owners the ability to manage day-to-day payments and collections and features a number of self-banking services. In addition, a business checkbook facility is available along with monthly statements. The fixed deposit account allows a business owner to take advantage of attractive interest rates. Excess funds can be invested as they become available. 

Malaysian business owners have numerous choices when it comes to where to bank. Many larger American banks have an overseas branch in Malaysia and this can make it convenient for entrepreneurs moving into the area to set up operations. If you are already affiliated with the bank in a specific country, then do look into whether the organization has a branch in Malaysia. 

Required Documents 

In setting up your business bank account in Malaysia, first speak with the appropriate bank personnel to get a list of the documents and requirements. Most Malaysian financial institutions will require a list of certified and signed documents from company directors. They also require a minimum opening balance and a minimum monthly balance. A monthly service fee is normally required. 

Minimum Deposit Requirements 

Each bank in Malaysia has its own minimum deposit requirements for a business current account. For many, the minimum amount is RM500, and the account may be eligible for PIDM protection. Some banks do have specific corporate accounts where you can earn interest and most do allow you to consolidate the funds from multiple bank accounts for your convenience. Another important service for many companies is the bulk check service. 

Consult with your bank officer to verify what type of bulk check services are available. Some financial institutions will send a bank employee out to collect cheques from your office. Real-time funds collection from FPX (Financial Process Exchange) member banks may also be offered. In addition, ask whether key information will be captured upon check processing. This can be a time-saver for your employees. 

In order to set up a business bank account in Malaysia, it will be necessary for the business owner to be physically present to sign the required documents. In setting up a business account it is almost always necessary to have certified copies of the passports of company owners, a certificate of incorporation, the business profile, the board of director's resolution authorizing the opening of an account, and the signature of company titleholders. Other forms may also be necessary so be sure to check with a bank representative and your accountant. 

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