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Guide of Opening of Corporate Bank Account

Opening A Corporate Bank Account in Malaysia - Guide

Once a company has been incorporated, the next step will be to open a corporate bank account to commence business operations. In Malaysia, opening a business bank account is not difficult.

Certain banks, however, may be more strict than others and most of the time, they have a different set of rules and regulations in regard to how they handle the account opening process. 

What is a Corporate Bank Account?

Generally, it is referred to as a business account. If you already have a working knowledge of the term current account, then you already know that it has special features that a savings account does not have, and it has the purpose of assisting businesses in managing themselves and their finances more effectively. These features may include:  

Foreign Banking

This feature is very useful to business owners who travel frequently and wish to ensure smooth business transactions wherever they are located. Due to the constantly fluctuating foreign exchange rates, having a business bank account makes international transactions much more convenient and cheaper. 

Issuing Cheque

Like a savings account, a current account is where a business owner can remit checks for business purposes. We use this feature to pay off high-value debts much more easily.


This feature permits withdrawals to exceed the account balance within the agreed amount. By using this facility, it is possible to reduce the possibility of bounced checks. It is also possible to have access to cash that you do not own. Therefore, you do not have to worry about your business running out of cash. 

How do Corporate Bank Accounts in Malaysia benefit your business?

Separate expenses should be incurred for business and personal purposes.

Opening a corporate bank account requires the following documents

If the Company is successfully incorporated, the Company Secretary will provide you with the following documents: 

To open a bank account in Malaysia, the banker will need these documents. Other documents required to open a corporate bank account in Malaysia are: 

Depending on the bank policy, different banks will have different requirements and steps for e-KYC. However, Malaysian banks still require that the bank documents be signed physically by the stakeholders and sent to the Company Secretary for certified true copies. The banker will only initiate the opening of a bank account with certified documents.   

Once the banker has prepared the resolution to open a bank account, the appointed Company Secretary will be required to sign the document and a certified true copy as well.  

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