Malaysia corporate bank account
Healy 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
- 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;
- 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;
- 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 banks||Bank option 1||Bank option 2||Bank option 3|
|Our recommendation – in order of preference||1||2||3|
|Can the bank account be opened for your foreign company?||Yes||Yes||Yes|
|Internet banking available||Yes||Yes||Yes|
|Does our Client need to visit the bank?||No||No||No|
|Challenges||Documents to be legalized in Malaysia embassy in the country of origin||Transactions will be done by phone or email||Stringent due diligence procedures|
|How long to receive a corporate bank account number||4 weeks||4 weeks||6 weeks|
|Initial deposit at corporate bank account opening||US$5,000||US$10,000||US$10,000|
|How long to receive bank account numbers (after bank account is approved)||1 week||1 week||1 week|
|Your dedicated relationship manager (RM) will be||TBP||TBP||TBP|
|Will your RM act on email instructions from you?||Yes||Yes||Yes|
|Will your RM act on phone instructions from you?||Yes||Yes||Yes|
|Daily transaction limit||None||None||None|
|Our rating of the bank’s customer service||Good||Good||Good|
|International corporate ATM card issued||Yes||No||No|
|Corporate credit card issued||No||No||No|
|Can multicurrency transactions be viewed online via internet banking||Yes||No||No|
|How long to receive internet password and login name (after account opening)||2 weeks||None||None|
|Can you make third party payments online||Yes||Yes||Yes|
|Our rating of internet banking facility||Good||Excellent||Good|
|Corporate cheque books issued with the bank account||No||No||No|
|One time account opening fee||None||None||None|
|Monthly account maintenance fee (assuming min. balance is maintained)||None||None||None|
Other corporate bank account information
- 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;
- 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;
- 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.