Physical Application via Bank Branch
Opening a business bank account in Malaysia is a must-have step for any start-up. The process, while straightforward, involves preparing various documents and meeting specific requirements. So, here is a step-by-step guide to help you navigate this process effectively:
Step 1: Prepare Required Documents
Different banks may have slight variations in their requirements, so it's advisable to call ahead to confirm. Generally, you will need:
1. Completed Application Form: Obtain and fill out the bank's application form.
2. Letter of Introduction and Recommendation: While some banks might waive this requirement, having a recommendation from an existing customer can be beneficial.
3. Company Rubber Stamp: This should include your company's name and registration number.
4. Photographic IDs: Provide identification for all directors and authorized signatories.
5. Company Documents: Certified true copies of the following documents: - Company Resolution: Approval from all directors to open the account.
- Section 14 – Superform: Application for registration.
- Section 15 – Notice of Registration: Certificate from SSM confirming incorporation.
- Section 17 – Certificate of Incorporation.
- Section 46 – Particulars of Registered Address.
- Section 58 – Particulars of Directors/Secretary.
- Section 78 – Particulars of Shareholders & Shares.
Step 2: Application and Processing
Submit your application along with all the required documents to your chosen bank. Be prepared to pay a processing fee, which varies between banks, and ensure you meet the minimum deposit requirements for the account type you are applying for.
Step 3: Review and Approval
The bank will review your application and conduct necessary due diligence. This process can take a couple of weeks. It may take longer if you are not physically present in Malaysia, so being in the country can expedite the process.
Special Considerations
Blacklisted Individuals: If you are a Malaysian who has been blacklisted by Bank Negara Malaysia due to issues like bad cheque offenses, you will not be allowed to open or operate a current account.
Online Application
If you prefer to open a bank account online, some banks offer this convenience. Some even provide low initial deposit requirements. While the specifics may vary slightly between banks, here are the general steps based on OCBC Bank's process:
Step 1: Submit an Online Form - - -
- Perform Authentication
- Verify Mobile Number
- Fill in Company Details
- Upload Your Signatures Digitally
Step 2: Verification
- Verify Your Identity via eKYC
- Take A Picture of Your IC (Front & Back)
- Take A Selfie Video Proceed with Other Required Verification
Step 3: Activation
- Perform an Online Credit Transfer to Get Started
This process is 100% online, with no paperwork required (terms and conditions apply).
Conclusion
Opening a business bank account in Malaysia involves several steps and careful preparation of documents. By following this guide, you can streamline the process and ensure you have all the necessary paperwork ready. Always check with your chosen bank for any additional requirements or variations in the process. With everything in place, you can focus on building and growing your start-up with a solid financial foundation. If you need further details or assistance, feel free to contact us. Our team is here to help you navigate the process smoothly and efficiently.
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