Malaysia corporate bank account

Malaysia corporate bank account

bank account application in MalaysiaHealy Consultants assists our Clients with the opening of a corporate bank account in Malaysia without travel. Our experienced banking team will prepare all requisite documentation on your behalf and submit them to the bank. We will also attend the bank interview on your behalf. Please click on the links below to find out more about business banking in Malaysia.

Malaysia corporate banking options

  1. It is possible for both locally-incorporated and foreign (i.e. non-Malaysian) companies to open a corporate bank account in Malaysia. However, it has become increasingly difficult for foreign companies without a permanent establishment in Malaysia to open a local account, unless they have existing Malaysian customers or suppliers;
  2. Local banks in Malaysia usually request new customers to travel for a meeting at their branch before agreeing to open a corporate bank account. However, international banks present in Malaysia do not apply such policy: consequently, we usually recommend our Clients to bank with institutions such as i) HSBC, ii) Standard Chartered and iii) Citibank iv) BNP Paribas, v) Deutsche Bank and vi) United Overseas Bank;
  3. For our Clients planning to travel to Malaysia, local banks in Malaysia recommended by Healy Consultants include i) Maybank ii) CIMB iii) Public Bank Berhad, iv) RHB Bank and v) Hong Leong Bank. See this page for a full list of banks with a presence in Malaysia.

Malaysia non-travel banking solution for foreign companies

Preliminary approval received from banksBank option 1Bank option 2Bank option 3
Our recommendation – in order of preference123
Can the bank account be opened for your foreign company?YesYesYes
Internet banking availableYesYesYes
Does our Client need to visit the bank?NoNoNo
ChallengesDocuments to be legalized in Malaysia embassy in the country of originTransactions will be done by phone or emailStringent due diligence procedures
How long to receive a corporate bank account number4 weeks4 weeks6 weeks
Initial deposit at corporate bank account openingUS$5,000US$10,000US$10,000
How long to receive bank account numbers (after bank account is approved)1 week1 week1 week
Your dedicated relationship manager (RM) will beTBPTBPTBP
Will your RM act on email instructions from you?YesYesYes
Will your RM act on phone instructions from you?YesYesYes
Daily transaction limitNoneNoneNone
Our rating of the bank’s customer serviceGoodGoodGood
International corporate ATM card issuedYesNoNo
Corporate credit card issuedNoNoNo
Can multicurrency transactions be viewed online via internet bankingYesNoNo
How long to receive internet password and login name (after account opening)2 weeksNoneNone
Can you make third party payments onlineYesYesYes
Our rating of internet banking facilityGoodExcellentGood
Corporate cheque books issued with the bank accountNoNoNo
One time account opening feeNoneNoneNone
Monthly account maintenance fee (assuming min. balance is maintained)NoneNoneNone

public bank in Malaysiaaffin bankcimb Malaysiahong leong bankmaybankstandard charteredhsbc bank Malaysia

Other corporate bank account information

  1. Corporate banking in Malaysia includes a full range of conventional products and services for entrepreneurs. They consist of i) investment products (insurance and unit trusts), ii) financing products and services (trade and share financing), iii) trade and credit facilities (including revolving credit facilities), iv) remittances, v) bank guarantee facilities and vi) vendor financing;
  2. Banks in Malaysia offer both medium and long term loans for capital investment and other long term financing products for corporations. Additionally, the banks also provide long term financing for project-specific requirements across varied business sectors;
  3. Malaysia corporate bank accounts are regulated by the Malaysian Banking and Financial Institutions Act, which provides for the licensing and regulation of institutions carrying out banking, finance, merchant banking and money-broking businesses. It also provides for the regulation of institutions carrying out business such as non-bank sources of credit and finance, (e.g. credit and charge card companies, building societies, factoring, leasing companies and development finance institutions).

Healy Consultants Banking Services

Healy Consultants will be pleased to assist our Client with opening a corporate bank account in Malaysia. Please contact our Firm for information regarding our corporate bank account opening fees.

Opening a Malaysia corporate banking account

Documents required to open a Malaysia corporate bank account are i) a valid passport ii) a proof of address and iii) company registration documents. Our Client should note that lately, Malaysia banks require leasing agreement and proof of business in Malaysia. To find out more about the procedure, do check out the following link.

Contact us

For additional information on our corporate banking services in Malaysia, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
MY Intl. chamber of commerce and industrymicpaMY accountantsmitimfapkfzMY Customsmaicsa