With the growing number of businesses and foreign investments in Malaysia, the need for corporate banking has rapidly increased. This post aims to provide an overview of the process of opening a corporate bank account in Malaysia for foreigners.
Malaysia is known for having some of the most advanced banking systems in the world. This includes introducing e-KYC technology and other measures to ensure that the banking transactions of foreign business owners are secure and transparent. Business owners can take advantage of the ever-fluctuating foreign exchange rates and other benefits with the right banking services.
To open a corporate bank account in Malaysia, you will need to meet the Know-Your-Customer (KYC) requirements. This involves providing proof of identity, such as a passport, and proof of address. It is important to note that this process may vary from one bank to another, so it is best to contact the bank in question to get more information.
Once the KYC requirements have been met, the next step is to provide the necessary deposit requirement. Most banks in Malaysia require a minimum deposit of RM1,000. However, other requirements, such as proof of employment or recruitment, may be necessary depending on the bank.
Once the deposit requirement has been met, the next step is to open the account. This process can be done online or at a branch. The online process is typically faster and more convenient. During this process, the bank will ask for some basic information and documents, such as proof of identity, address, and employment through a video call.
Once the account has been opened, the bank will issue a checkbook and debit card. The checkbook will have a pre-set limit, allowing the business owner to make payments and withdraw money. The debit card can make payments and withdraw cash from the account.
We will outline the five types of corporate bank accounts available in Malaysia for foreigners.
The first type of account available for foreigners is the Deposit Requirement Account. This account is best suited for those looking to open a corporate bank account in Malaysia to make regular deposits. This account requires a minimum deposit of MYR 1000 and can be used for various business transactions, such as paying bills, making payments, and more.
Issuing Cheque Account:
The second type of account available for foreigners is the Issuing Cheque Account. This type of account requires a minimum deposit of MYR 2000 and allows for the issuance of cheques to pay for goods and services. This type of account is perfect for those looking to make regular payments to suppliers and other business contacts.
The third type of account is the Savings Account. This account is perfect for those looking to save money regularly and earn interest on their committed money. This type of account requires a minimum deposit of MYR 1000 and can be used to save for various items such as holidays, cars, investments, and more.
The fourth type of account available is the Multi-currency Account. This type of account is great for those who want to be able to manage multiple currencies in one account. This account requires a minimum deposit of MYR 5,000 and allows one to manage multiple currencies in one account. This type of account is great for those looking to make international payments and take advantage of ever-fluctuating foreign exchange rates.
Finally, the account will be activated, and the business owner can use it for business transactions. This includes making payments, receiving payments, and withdrawing money. Business owners can take advantage of the ever-fluctuating foreign exchange rates and other benefits with the right banking services.
We hope this guide to opening a corporate bank account in Malaysia for foreigners has been helpful. Foreign business owners can take advantage of the many benefits of having a corporate bank account in Malaysia. From receiving payments quickly to taking advantage of ever-fluctuating foreign exchange rates, having a corporate bank account in Malaysia can benefit both foreign and local business owners.
If you face any issues with opening a bank account in Malaysia, you can reach out to Paul Hype Page Malaysia, who has extensive experience in helping clients to open the accounts after company incorporation.