Business Bank Account in Malaysia: Opening Guide

Published on October 2, 2025 and written by Cyril Jarnias

Malaysia, with its dynamic economy and business-friendly environment, attracts numerous foreign entrepreneurs. Opening a corporate bank account is a crucial step to establishing your business presence in this Southeast Asian country. This article will guide you through the essential steps, documentation requirements, and introduce you to the best banking options for your business in Malaysia.

Keys to Success: How to Open a Corporate Bank Account in Malaysia

Opening a corporate bank account in Malaysia might seem intimidating, but with proper preparation, the process can be relatively straightforward. Here are the main steps to follow:

1. Choose the account type that fits your needs

Malaysian banks typically offer several types of corporate accounts, such as current accounts, corporate savings accounts, and fixed deposit accounts. Carefully assess your business needs to choose the most suitable account.

2. Select a bank

Research banks that offer the best services for foreign businesses. Some banks are more open than others to non-resident companies.

3. Prepare the necessary documents

Gather all required documents (we’ll detail this list in the following section).

4. Schedule an appointment with the bank

Most Malaysian banks require you to schedule an appointment to open a corporate account. Contact your chosen bank to set a date.

5. Visit the bank branch

During your appointment, bring all original documents. A bank representative will guide you through the account opening process.

6. Make the initial deposit

Once your application is approved, you’ll need to make an initial deposit. The minimum amount varies by bank and account type.

7. Activate online banking services

Request activation of online banking services to easily manage your account remotely.

Winning Documentation: Essential Documents for Opening Your Account

To open a corporate bank account in Malaysia, you’ll typically need to provide the following documents:

• Company registration certificate (Form 9) or business registry extract (SSM)
• Company bylaws (M&A) or articles of incorporation
• Board resolution authorizing account opening
• Passports or identification documents of directors, shareholders, and authorized signatories
• Proof of address for directors and shareholders (recent utility, water, or phone bills)
• Proof of company address in Malaysia (lease agreement or property title)
• Business plan or detailed description of company activities
• Latest audited financial statements (for existing businesses)
• Reference letter from an existing bank (if available)

For foreign businesses:

• Company registration documents from home country
• Proof of company ownership structure
• Letter of good standing from home country bank

Step by Step: Detailed Procedure for Creating Your Bank Account

Here’s a detailed guide to the procedure for opening your corporate bank account in Malaysia:

1. Bank research and selection Compare offerings from different banks in terms of fees, services, and ease of use for foreign businesses.

2. Initial contact Contact your chosen bank by phone or email to get detailed information about their requirements and schedule an appointment.

3. Document preparation Gather all required documents and ensure they are up-to-date and properly translated if necessary.

4. Bank appointment Visit the branch with all your original documents. Be prepared to answer detailed questions about your business and its activities.

5. Document verification The bank representative will review your documents and may request clarifications or additional documents.

6. Form completion Complete the account opening forms provided by the bank. Make sure to read all terms and conditions carefully.

7. Compliance verification The bank will conduct due diligence checks, which may include anti-money laundering controls.

8. Account approval Once your application is approved, the bank will inform you of the next steps.

9. Initial deposit Make the required initial deposit to activate your account.

10. Receipt of banking documents You’ll receive your banking credentials, debit cards, and other necessary documents.

11. Online services activation Set up your online banking services to manage your account remotely.

Best Banking Options: Focus on Major Malaysian Banks

Here’s an overview of major Malaysian banks offering services to foreign businesses, with their specific advantages:

1. Maybank – Malaysia’s largest bank – Extensive branch and ATM network – Robust online banking services – Offers multi-currency accounts – Advantage: Excellent regional presence in Southeast Asia

2. CIMB Bank – Malaysia’s second largest bank – Strong presence in ASEAN – Advanced online banking platform – Advantage: Offers efficient cross-border banking solutions

3. Public Bank – Known for financial stability – Competitive banking fees – Quality customer service – Advantage: Generally faster account opening process

4. Hong Leong Bank – Offers innovative banking services – Strong focus on SMEs – Advanced cash management solutions – Advantage: Special programs for startups and technology companies

5. RHB Bank – Wide range of financial products for businesses – Good regional presence – Well-developed international trade services – Advantage: Offers customized solutions for different business sectors

6. HSBC Malaysia – International bank with strong local presence – Excellent for businesses with global operations – Sophisticated corporate banking services – Advantage: Facilitates international banking operations and access to global markets

Conclusion: Your Passport to Financial Success in Malaysia

Opening a corporate bank account in Malaysia is a crucial step to establishing your business presence in this dynamic country. Although the process might seem complex, careful preparation and clear understanding of requirements will help you navigate this procedure effectively.

Malaysia offers a modern and sophisticated banking environment, with options suitable for various types of businesses. Whether you’re a startup, SME, or large international company, you’ll find banking services that meet your specific needs.

Remember that transparency and compliance are essential when opening a corporate bank account in Malaysia. Be prepared to provide detailed information about your business and its activities, as Malaysian banks adhere to strict anti-money laundering and counter-terrorism financing standards.

By following this guide and choosing the bank that best fits your needs, you’ll lay solid foundations for your financial success in Malaysia. With a well-established corporate bank account, you’ll be ready to fully leverage opportunities offered by one of Southeast Asia’s most dynamic markets.