Opening a corporate bank account is a fundamental legal and operational requirement for companies operating in Malaysia, underpinning regulatory compliance, financial transparency, and business growth. Under the Companies Act 2016, Bank Negara Malaysia regulations, and the Income Tax Act 1967, companies registered with the Companies Commission of Malaysia (SSM) must maintain separate corporate banking arrangements to meet accounting, tax, licensing, and regulatory obligations.
Beyond compliance, corporate bank accounts enhance business credibility and provide access to essential financial services such as working capital, trade financing, foreign exchange, and tailored credit facilities, making them a critical component of sustainable corporate operations in Malaysia’s financial system.
Risks of not having one
Operating without a proper corporate bank account exposes businesses to significant legal and operational risks.
Legal non-compliance represents the most serious concern, as companies without established banking arrangements may face penalties, license revocations, or regulatory sanctions from various government agencies. The Companies Act 2016 imposes fines up to RM 50,000 (US$ 118,000) or imprisonment for companies failing to maintain proper financial records.
Credibility issues substantially limit business growth opportunities, as suppliers, customers, and potential partners may question the legitimacy of companies without formal banking relationships. Limited access to financing constrains business development, as banks require established account histories before considering loan applications or credit facilities.
Operational inefficiencies increase transaction costs and administrative burdens when companies rely on personal accounts or informal payment methods. Tax complications may arise from inadequate financial documentation, potentially leading to disputes with tax authorities and additional compliance costs.
What you need to know before opening a banking account
Overview of Malaysia's financial system
Malaysia's banking sector operates under a comprehensive regulatory framework administered by Bank Negara Malaysia (BNM), ensuring financial stability and consumer protection. The system encompasses conventional and Islamic banking institutions, with Malaysia recognized as a global leader in Islamic finance, representing approximately 43 percent of the total banking system assets.
The regulatory environment emphasizes strict anti-money laundering (AML) and counter-financing of terrorism (CFT) requirements, with enhanced due diligence procedures for corporate account openings. BNM's 2025 regulatory updates have strengthened customer due diligence (CDD) requirements, particularly for foreign-owned companies and high-risk business sectors.
Local commercial banks
- Maybank stands as Malaysia's largest banking institution, controlling approximately 30.8 percent of the Islamic financing market and 27.9 percent of deposits. The bank offers comprehensive SME-focused services, including the SME First Account with competitive fees and streamlined application processes. Maybank's extensive branch network and digital banking capabilities make it particularly suitable for businesses requiring broad geographical coverage.
- CIMB Bank provides strong regional connectivity across ASEAN markets, offering specialized corporate banking solutions for companies with international operations. The bank's business current accounts require minimum deposits starting from RM 500 (US$ 118), with various fee structures accommodating different business sizes.
- Public Bank Berhad maintains a reputation for reliability and strong local presence, particularly serving small and medium enterprises. The bank offers basic current accounts with RM 500 (US$ 118) minimum deposits and competitive fee structures for local businesses.
- RHB Bank focuses on innovative banking solutions, including digital-first approaches and competitive SME financing products. The bank's business current accounts can be opened with minimum deposits of RM 500-1,000 (US$ 118-237), depending on account type.
Foreign banks in Malaysia
International banks operating in Malaysia provide specialized services for multinational corporations and foreign-owned businesses.
- HSBC Malaysia offers comprehensive international banking solutions with seamless connectivity to global markets. The bank's corporate accounts typically require higher minimum deposits but provide sophisticated cash management and trade financing capabilities.
- Standard Chartered provides robust international corporate banking services, particularly strong in trade finance and foreign exchange solutions. UOB Malaysia offers extensive regional connectivity across Southeast Asia, with particular strength in supporting Singapore and regional business expansion.
- OCBC Bank provides competitive business banking solutions, including the eBiz Account with 100 percent online application processes and low RM 500 (US$ 118)minimum deposits. These foreign banks often have more streamlined processes for international companies due to their global operational experience.
Islamic banks
Malaysia's Islamic banking sector offers Shariah-compliant financial solutions for companies preferring ethical banking principles. Maybank Islamic leads the sector with comprehensive Islamic corporate banking products. AEON Bank, as Malaysia's first fully Shariah-compliant digital bank, provides innovative Islamic banking solutions for SMEs.
These institutions provide full-service corporate banking while maintaining religious compliance, making them attractive options for companies with Islamic finance preferences.
Digital-only banks and fintech options
Malaysia's digital banking landscape has expanded significantly with five licensed digital banks now operational.
- GXBank, backed by Grab Holdings and Kuok Group, offers comprehensive digital business banking solutions including the GX Biz Account with flexible loan options and hyper-personalized services.
- Boost Bank, a collaboration between Axiata Group and RHB Banking Group, provides mobile-first business banking solutions through the Boost app ecosystem.
- AEON Bank combines digital convenience with Islamic banking principles, offering Shariah-compliant business accounts and financing solutions.
Digital banks typically offer lower fees, faster application processes, and innovative features compared to traditional banks, making them attractive options for tech-savvy SMEs and startups. However, they may have limitations in complex corporate banking services and international trade financing compared to established institutions.
Who can open a corporate bank account in Malaysia?
Malaysian-owned companies
Local companies registered with the Companies Commission of Malaysia (SSM) can readily open corporate bank accounts with minimal restrictions. Private limited companies (Sdn Bhd) represent the most common structure, requiring at least two shareholders and minimum paid-up capital. Sole proprietorships and partnerships can also establish business accounts with simplified documentation requirements.
Malaysian-owned companies benefit from streamlined application processes, lower documentation requirements, and preferential terms from local banks. Most banks offer specialized SME packages with competitive fees and enhanced services for locally-owned businesses.
Foreign-owned companies
Foreign companies can establish corporate bank accounts in Malaysia, but face additional regulatory requirements and enhanced due diligence procedures. Foreign private limited companies must have at least one resident director ordinarily residing in Malaysia. Branch offices and representative offices of foreign corporations require specific regulatory approvals before account opening.
Banks typically require comprehensive documentation for foreign-owned entities, including certified company registration documents, beneficial ownership declarations, and proof of business activities. Enhanced due diligence procedures may extend processing times and require additional management interviews.
Startups, SMEs, and large corporations
- Startups can access the specialized banking products designed for emerging businesses, including lower minimum deposit requirements and flexible fee structures. Many banks offer startup-friendly accounts with reduced initial capital requirements and growth-oriented services.
- Small and Medium Enterprises (SMEs) benefit from dedicated banking programs offering tailored solutions, including working capital facilities, equipment financing, and trade services. SME-focused accounts typically require minimum deposits ranging from RM 500 (US$ 118) to RM5,000 (US$ 1,180).
- Large corporations can access sophisticated corporate banking services. including cash management systems, multi-currency accounts, trade financing, and, customized credit facilities. These entities typically face higher minimum deposit requirements but receive comprehensive relationship management services.
Non-residents and offshore entities
- Non-resident companies can establish Malaysian corporate accounts but must comply with stringent documentation and due diligence requirements. These entities require certified documentation, beneficial ownership declarations, and proof of legitimate business activities in Malaysia.
- Offshore entities face the most complex requirements, with banks conducting enhanced risk assessments and requiring detailed business justifications. Some banks may decline applications from certain offshore jurisdictions deemed high-risk under BNM guidelines.
Requirements for opening a corporate bank account
Company incorporation documents
All applicants must provide certified copies of SSM registration documents, including the Certificate of Incorporation (Form 9), Notice of Registration, and Form 24 (Return for Allotment of Shares). Memorandum and Articles of Association (MandA) must be current and certified by the company secretary.
Form 49 (Notification of change in Register of Directors, Managers and Secretaries) ensures banks have current management information. These documents must be certified true copies by qualified company secretaries and updated within the past six months.
Identification of Directors and Shareholders
Banks require comprehensive identification documentation for all directors and the authorized signatories. Malaysian directors must provide MyKad copies, while foreign directors need certified passport copies and proof of residential status.
Beneficial ownership declarations are mandatory under BNM's enhanced due diligence requirements, requiring disclosure of ultimate controlling parties. Directors must provide residential addresses, employment details, and contact information for verification purposes.
Business licenses (if applicable)
Companies in regulated industries must provide relevant business licenses and regulatory approvals before account opening. Foreign investment approvals from the Malaysian Investment Development Authority (MIDA) may be required for certain foreign-owned businesses.
Professional service licenses for sectors such as legal, architecture, and industrial consulting services must be current and valid. Banks may request additional regulatory documentation depending on the company's business activities and risk profile.
Proof of address and office premises
All companies must provide proof of registered office address through tenancy agreements, property ownership documents, or virtual office agreements. Physical office requirements may apply for certain business types, particularly foreign-owned companies.
Utility bills or municipal receipts confirming the registered address help verify business legitimacy. Some banks require site visits for verification purposes, particularly for high-value accounts or foreign-owned entities.
Minimum deposit and initial balance requirements
Minimum deposit requirements vary significantly by bank and account type, ranging from RM 500 (US$ 118) for basic SME accounts to RM 50,000 (US$ 12,000) for corporate accounts. Local companies typically face lower minimum deposits compared to foreign-owned entities.
Maintaining balance requirements ensures accounts remain active and may affect fee structures. Some banks waive monthly fees for accounts maintaining specified minimum balances.
Enhanced due diligence for foreign owners
Foreign-owned companies face additional scrutiny under BNM's enhanced due diligence requirements. Banks must verify source of funds, business purpose, and beneficial ownership information for all foreign entities.
Country risk assessments may affect application approval, with entities from higher-risk jurisdictions facing additional documentation requirements. Sanctions screening against domestic and international watchlists is mandatory for all foreign applicants.
How to open a bank in Malaysia
Step 1 – Choose the right bank
Selecting an appropriate banking partner requires careful consideration of business needs, fee structures, and service capabilities. Local banks like Maybank, CIMB, and Public Bank offer extensive branch networks and SME-focused services. Foreign banks provide flexibility, international connectivity, and sophisticated corporate services, but may have higher fee structures.
Digital banks offer innovative solutions and competitive fees, but may lack comprehensive corporate banking services. Consider factors including minimum deposit requirements, monthly fees, transaction limits, and international banking capabilities when making selections.
Step 2 – Prepare required documentation
Document preparation represents a critical phase requiring attention to detail and regulatory compliance. Ensure all SSM documents are current and certified by qualified company secretaries. Director identification documents must be valid and include proof of residential status for foreign nationals.
Board resolutions authorizing account opening and designating authorized signatories must be properly executed and notarized. Regulatory documents should be current and relevant to business activities.
Step 3 – Submit application and attend interview (if required)
Application submission can typically be completed online or at bank branches, depending on the institution's processes. Document verification may require original documents for comparison with certified copies.
Management interviews are common for corporate accounts, particularly for foreign-owned entities or high-value relationships. Prepare to discuss business plans, expected transaction volumes, and banking service requirements during these meetings.
Step 4 – Compliance checks and approval process
Banks conduct comprehensive due diligence reviews, including sanctions screening, beneficial ownership verification, and business risk assessments. Enhanced due diligence procedures for foreign entities may require additional documentation and management verification.
Regulatory compliance checks ensure adherence to BNM guidelines and international banking standards. Banks may request additional information or clarification during this phase.
Step 5 – Deposit funds and activate account
Upon approval, companies must deposit initial funds meeting minimum balance requirements. Account activation typically occurs within 1-3 business days following fund deposit.
Banks provide account documentation, including account numbers, online banking credentials, and debit card arrangements.
How long does it take to open a corporate bank account in Malaysia?
Local companies
Malaysian-owned companies typically experience faster processing times due to simplified documentation requirements and lower risk profiles. Standard processing ranges from 5-15 business days for complete applications with proper documentation.
Same-day account opening is possible with certain banks for well-prepared applications, particularly for SME accounts with standard requirements. Digital banks may offer accelerated processing through automated verification systems.
Foreign companies
Foreign-owned entities face extended processing times due to enhanced due diligence requirements. Typical processing periods range from 20-40 business days, depending on documentation completeness and risk assessment complexity.
Remote verification processes may add additional time, particularly when directors cannot attend in-person meetings. Banks may require multiple rounds of documentation review and management interviews.
Can I open a corporate bank account in Malaysia remotely or online?
Limited remote opening capabilities exist for non-resident companies, with most banks requiring in-person verification for corporate accounts. Video verification services are available with selected banks but may be limited to specific account types.
Representative services can facilitate remote applications through qualified local agents or law firms acting on behalf of foreign companies. These services typically include document preparation, bank liaison, and compliance coordination.
Banks that allow remote onboarding
OCBC eBiz Account offers 100 percent online application with eKYC verification for eligible Malaysian companies. UOB provides online account opening through their SME app for qualified businesses.
CIMB offers online business current account applications with digital verification processes. However, these services are typically limited to Malaysian-owned companies or entities with established local presence.
Digital banks like GXBank and Boost Bank provide comprehensive online onboarding experiences with minimal physical requirements. Fintech solutions including Wise Business, Airwallex, and Payoneer offer multi-currency accounts and international payment services.
While these alternatives provide convenient international banking services, they may not fully replace traditional corporate accounts for regulatory compliance and local business requirements.
Virtual accounts for global trade
Virtual account solutions enable businesses to receive payments in multiple currencies without establishing traditional bank relationships. Local receiving details in major markets facilitate customer payments and reduce transaction costs.
Real-time currency conversion and competitive exchange rates provide cost advantages over traditional banking. Integration capabilities with e-commerce platforms and accounting systems streamline business operations.
Frequently Asked Questions (FAQs): Business Banking in Malaysia
Can foreigners open a corporate bank account in Malaysia?
Yes, foreigners can open corporate bank accounts in Malaysia, but they face additional requirements compared to local companies. Foreign-owned companies must have at least one resident director ordinarily residing in Malaysia. Enhanced due diligence procedures apply to foreign entities, including beneficial ownership verification and source of funds documentation.
Processing times for foreign companies typically range from 20-40 business days due to additional compliance requirements. Documentation requirements include certified company registration documents, director identification, and proof of legitimate business activities in Malaysia.
What is the minimum deposit for a corporate account?
Minimum deposit requirements vary significantly by bank and account type, ranging from RM 500 (US$ 118) for basic SME accounts to RM 50,000 (US$ 12,000) for premium corporate services. Local companies typically enjoy lower minimum deposits compared to foreign-owned entities.
Digital banks often offer lower minimum deposits or no minimum balance requirements. Islamic banks may have similar deposit requirements but operate under Shariah-compliant principles.
Do all directors need to be present?
Physical presence requirements vary by bank and account type. Most banks require at least one director to be present for account opening, particularly for signature verification and identity confirmation.
Video verification options are available with selected banks but may be limited to specific circumstances. Power of attorney arrangements may enable remote account opening through qualified representatives, though this adds complexity and cost.
Can I use a corporate account for international payments?
Yes, Malaysian corporate accounts typically provide comprehensive international payment capabilities including telegraphic transfers, trade financing, and foreign exchange services. Multi-currency account options enable businesses to hold and transact in multiple currencies.
SWIFT network access facilitates global transfers, though fees and processing times vary by destination and transfer amount. Regional payment networks like RENTAS provide cost-effective options for ASEAN transfers.
Which bank is best for SMEs vs. large corporations?
SMEs benefit from specialized banking packages offered by local banks like Maybank's SME First Account, OCBC's eBiz Account, or digital banks like GXBank. These institutions provide competitive fees, lower minimum deposits, and tailored services for small businesses.
Large corporations require sophisticated banking services including cash management systems, trade financing, and relationship banking services best provided by major institutions like OCBC, HSBC, UOB, or the corporate divisions of local banks.
What's the fastest way to open an account as a foreigner?
Pre-application preparation represents the most critical factor in accelerating the process. Ensure all documentation is complete and certified before submission, including beneficial ownership declarations and proof of business activities.
Engage professional services including qualified company secretaries or corporate service providers who can navigate regulatory requirements and coordinate with banks. Choose banks experienced with foreign entities such as international banks or institutions with dedicated foreign client services.
Consider digital banking alternatives for rapid deployment while maintaining traditional banking relationships for comprehensive corporate services. Maintain realistic expectations regarding processing times, as enhanced due diligence requirements typically extend timelines beyond local company standards.
