Upon incorporation, a company is permitted to open a bank account.
Opening a business bank account can be slightly simpler for a company that has a local Malaysian director as opposed to a company that has a foreign director. This is because each of us carries an identification card that is referred to as a "MyKad."
The banker can check the director's background by putting in the director's unique 12-digit "MyKad" number. This helps the banker make sure that the director has good credit.
There are two different ways to check a Malaysian citizen's credit score, and they are as follows:
The Central Credit Reporting System, also known as CCRIS, is maintained by the Credit Bureau of the Central Bank of Malaysia.
Credit Tip-Off Services (CTOS) is a service provided by CTOS Data Systems Sdn. Bhd.
A CCRIS report tells you about late payments, accounts that need extra attention, and the status of a loan application made by a Malaysian citizen. Whereby a CTOS report can tell you about the status of a case, legal actions, and bankruptcy proceedings, among other things. It also shows how Malaysians are involved in various industries and businesses.
If both the Malaysian CCRIS and CTOS reports are clean, opening a corporate bank account in Malaysia will go off without a hitch and should take at least a couple of weeks.
However, the same cannot be said for a foreign director.
Because Malaysia has stricter laws against money laundering and the financing of terrorism, it may be harder for people from outside the country to open a bank account there. Before opening a new business account, banks usually do customer due diligence on potential customers by checking their worldwide database to ensure that overseas customers have a clean record.
Aside from that, the policy of certain banks in Malaysia does not permit people of specific nationalities to open bank accounts. Some of them are as follows:
Israel
Iran
Iraq
Syria
Serbia
Basic documents for opening a business account in Malaysia
The following are some of the crucial requirements for opening a business account in Malaysia:
A completed application form from the bank
Introduction and recommendation letter from an existing bank customer (some banks do not require this)
Photocopies of the directors' and authorised signatories' identification documents
Certified true copies of the following:
Resolution from the Board of directors to open the account and a list of the authorised signatories
List of directors (section 58)
Return of allotment of shares (section 78)
Registered office address (section 46)
What to consider when choosing a bank?
No one bank is ideal for every person. Still, you should consider a few things to ensure that the financial institution you choose meets your needs.
Availability of online banking
Are the Locations Easy to Get to?
What Sort of Fees Can You Expect?
Services and facilities offered, and What Kind of Services Do You Need?
Minimum account balance requirements of the account by the bank
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