Relin Consultants can assist you with Malaysia corporate bank account opening once you have completed your Malaysia company incorporation

Malaysia banks will accept both Malaysia and overseas incorporated companies if they fulfill the bank’s requirements and risk profile. Our firm has formed a partnership with multiple reputable banks in Malaysia. You can reach out to us for a free consultation on the available options for your company at

Why Is It Essential To Open A Corporate Bank Account In Malaysia?

A corporate bank account is a business bank account that allows businesses and corporations to transact by accepting or making payments. 

The corporate bank account is also called a multi-currency business account provided by the bank. 

Separate legal entity and protection of financial and personal liability

Malaysia Sdn Bhd will be deemed a separate legal entity from the shareholders. It is best to ensure the transactions are also recorded separately. This will avoid complications if there are any litigations and protects the shareholders. 

There are various criminal cases against directors/shareholders who misused the company for personal transactions. Hence to avoid all such accusations, a company should open a corporate bank account immediately after the incorporation. 


Customers or suppliers transacting with the Malaysian company will perceive the company as more credible and reliable if it has a bank account with a reputable banking institution. 

This will provide confidence to the buyers or sellers, as only a company in good standing can successfully open a corporate bank account. 

Employees are more likely to trust a company with a corporate bank account if it is deemed more reliable.  

Simplifies transactions records

It is highly recommended that the shareholders/nominee directors of a Malaysian company only transact using the company’s business bank account instead of their bank account to avoid various complications. 

Malaysia’s government requires all active companies to be audited. The auditors will require supporting proof of each transaction and bank statement as part of the audit. If a company does not have a business account for banking, it might fail its audit and be subject to penalties and tax audits.


If you mixed personal and corporate transactions, you would have to provide bank statements and records during audits or queries by authorities. This will lead to your personal information being leaked.


Malaysian banks are governed by the Malaysian central bank (Bank Negara Malaysia)

In 2022, there will be 26 commercial banks, 16 Islamic banks, 1 international Islamic bank, and 11 investment banks. In addition to these, there are 2 financial institutions.

Presently, some of the big banks in Malaysia include CIMB, Maybank, Public Bank, and RHB Bank.

The Malaysian government has also issued 5 digital banking licenses since Q1 in 2022.

Required Documents For Malaysia Corporate Bank Account Opening

  • Company documents (Certificate of incorporation” Borang 9″, register of directors “Form 49” and register of shareholders “Form 24”)
  • Beneficial shareholder personal documents (i.e., proof of wealth, passport, and proof of address
  • Directors’ documents (passport and proof of address)
  • Other company documents such as recent contracts, main customers and suppliers, and financial statements of the company (if any)

In recent years, most banks within Malaysia have tightened their onboarding process resulting in most local banks requesting a new client to sign up for a corporate bank account to physically visit the branch for the onboarding interview. 

However, if you apply through Relin Consultants, you will be able to obtain certain exemptions for travel. This depends on the bank’s discretion and case-by-case assessments of the company’s business activity and shareholder profile.

How Long Does It Take To Open A Corporate Bank Account In Malaysia?

The timelines to open a bank account in Malaysia will vary depending on the company profile and shareholder profile. For a company with a foreign shareholder, the ultimate beneficial owner should be physically present in Malaysia during the account application.

Relin Consultants will prepare all the required documents and submit the account opening application forms with the supporting documents to the preferred bank of our client. 

Once the bank reviews the due diligence documents, the beneficial owner can visit the bank to attend a simple interview and complete the onboarding.

The timeline to open a corporate bank account in Malaysia without travel is approximately 4 weeks.


Malaysia corporate bank account opening process is relatively easy as long as the company and the shareholders have a clear set of documents.  

Relin Consultants can assist you in opening a multi-currency corporate bank account in Malaysia.


How to open a corporate bank account in Malaysia?

You can open a Malaysian Bank account without traveling. Once you engage Relin Consultants to act as your local consultants. Our team of consultants will prepare the documents required by the bank and prefill all the bank forms for submission.

The bank will schedule a video call with the Ultimate Beneficial owner to conduct a preliminary interview. Once all the above paperwork is sorted, the bank will proceed with the account opening and provide you with the confirmation letter.

How much does it cost to open a business bank account in Malaysia?

Most Malaysian banks have different requirements in terms of application fees and initial deposit requirements. While it is common for most banks to waive the application fee, a higher initial deposit will be required. Depending on the bank, initial deposits range from RM 1,000 to RM 50,000. Generally, most business bank accounts in Malaysia must maintain a balance of RM 10,000.

Can foreign corporate entities open a bank account in Malaysia?

Yes, foreign incorporated companies can open a bank account in Malaysia. However, the banks will usually request additional KYC documents, including justifications on why the company requires a Malaysia bank account.

How long does it take to open a business bank account in Malaysia?

Depending on the principal activity of the company and shareholder profile, a business bank account opening can take anywhere between 3 weeks to 9 weeks in Malaysia.

Can I open a business bank account as a non-resident?

Opening a business bank account as a non-resident in Malaysia shouldn’t cause any issues. However, do note that the bank will request additional KYC documents as part of the onboarding requirements.

Which bank should I choose for opening a bank account in Malaysia?

All the banks in Malaysia offer similar banking services and facilities. All the big-tier commercial banks provide online banking platform which allows customers to access and transacts worldwide. It is recommended that you communicate with at least 3 to 5 banks in Malaysia.

How much do I need to open a business bank account in Malaysia?

The minimum account opening fee will vary depending on the bank and the services needed by the corporation. On average, a corporation can estimate the initial deposits to be in the range of US$5,000 to US$10,000.

Who can open a bank account for a Malaysian corporation?

An applicant must be the beneficial owner or an owner with at least 25% ownership in the business.  Alternatively, the company’s executive directors can also represent the company in the bank account opening.

Can I open a business bank account online in Malaysia?

Yes, most banks now offer online account application services. Once the account application forms and due diligence documents are submitted. The director or beneficial owner of the company must schedule an appointment with the designated bank officer to complete the onboarding procedure at a branch.

Is it difficult for a foreigner who owns a Company in Malaysia to open a corporate bank account?

The corporate account opening can be relatively easy if the foreigner who owns the company physically visits a bank branch to complete the onboarding process. Foreigners who wish to open a corporate bank account without traveling to Malaysia might encounter some challenges. However, most banks will still consider the application if the company can provide sufficient proof of business and due diligence documents.


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