Malaysia is a market that many entrepreneurs are eager to explore. Apart from the market’s attractiveness, the Malaysian government sees supporting small and medium-sized enterprises (SMEs) as a key driver for economic growth. Thus, establishing a business presence in Malaysia may receive government support. If you have a company in Malaysia and need to open a specific bank account, don’t miss the following content. This article provides a detailed guide on the required documents, fees, minimum deposit requirements, and account opening duration for company bank accounts in Malaysia.
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Malaysia Company Bank Account Documents
Opening a corporate bank account in Malaysia requires a series of documents, depending on whether the company is a private limited company or a sole proprietorship/partnership. Applications can be submitted online or in-person at a branch. Using Maybank as an example, here are the required documents for common company types:
Private Limited Company
- Memorandum and Articles of Association (M&A)
- Copies of identification or passport for all directors and authorized signatories
- Certificate of Incorporation of Private Company
- Notification of company name change or registration of a new name
- Declaration of share distribution
- Notice of changes to the registry of directors, managers, and secretaries
- Resolution of the Board of Directors to open and operate the account
Sole Proprietorship and Partnership
- Identification/passport of the owner/all partners and authorized signatories
- Business Registration Certificate
- Business License
- Partnership Agreement (applicable only to partnerships)
- Reference letter
- Letter of Authorization
Malaysia Company Bank Account Fees
Bank fees and requirements vary in Malaysia, but most banks do not charge an account opening service fee.
Malaysia Company Bank Account Minimum Deposit
While most Malaysian banks do not charge a service fee for account opening, they may require an initial deposit as one of the conditions for account application. Below are the minimum deposit requirements for different banks:
| Bank | Minimum Opening Deposit |
|---|---|
| Maybank | RM 1,000 |
| CIMB Bank | RM 1,000 – RM 3,000 |
| Public Bank | Not specified |
| Hong Leong Bank | RM 500 |
Malaysia Company Bank Account Minimum Deposit and Monthly Fees
Service fees for corporate accounts in Malaysian banks are generally low. Maintaining a minimum balance that meets the bank’s standard often waives service fees, and some banks even waive them directly. Here are the fees for several banks:
| Bank | Fee | Balance Requirement for Fee Waiver |
|---|---|---|
| Maybank | RM 10 every six months | RM 1,000 |
| CIMB Bank | RM 10 every six months | RM 1,000 |
| Public Bank | RM 10 per year | At least one deposit or withdrawal transaction within 12 months |
| Hong Leong Bank | RM 10 every six months | RM 1,000 |
Malaysia Company Bank Account Opening Time
The time required to open a corporate account varies significantly depending on the case, as opening a corporate account involves more documents and information compared to a personal account. Overseas applicants may be required to provide additional information, and banks may take longer for review. In addition, the account opening duration depends on factors like the completeness of the application, the accuracy of the provided information, and any additional paperwork required. Most Malaysian banks offer online account opening services, allowing clients to submit applications online to save time. Below is the account opening time for different banks:
| Bank | Account Opening Time |
|---|---|
| Maybank | Activate via online banking within minutes after creating M2U ID at a branch |
| CIMB Bank | Receive account number on the same day after branch application completion |
| Public Bank | Not specified |
| Hong Leong Bank | Not specified |
Opening a bank account is an essential step for businesses. However, if you intend to use the bank for remittances, note that most banks handle remittances via wire transfer, which may be slower and costlier. If your business has urgent remittance needs or seeks a long-term, cost-effective remittance option, consider using Wise. Although it is not possible to open a Wise Business Account in Malaysia, Wise users in other regions can still remit funds to Malaysian bank accounts, which is often faster than banks, offering real-time transfers. Wise’s transparent fees and market mid-rate exchange ensure businesses can remit over 50 currencies to more than 70 countries with no hidden markups. Long-term, Wise can help reduce remittance costs, making it a reliable choice for large or regular transfers
