When you have decided to incorporate your company in Malaysia, you can begin to establish your business there step by step and open a company bank account in Malaysia. The move to an international registration of your company offers plenty of benefits including reduced operating costs, improved tax benefits, and even an easy time getting around complex regulations in place domestically. However, before you make the move, you should consider how it can impact every step in the process of operating your business.
You Have Plenty of Options
One of the best things about opening a business overseas is that you gain access to banking and other features in that country just like any other company operating in it. In Malaysia, you’ll have access to numerous options for banking. This includes corporate bank accounts that are highly affordable and easy to use. Some of the features you can count on finding here include:
- Personal savings account
- Personal current account
- Combination of a personal savings and current account
For work permit and business investor visa holders, a valid work permit and a letter from an employer or investment partner are needed to open a bank account. Foreign business investors need the following documents to open a banking account:
- Valid work permit
- Letter of business partnership
- An introduction from their business partner who has an account at the bank
Foreigners intending to relocate to Malaysia on a long-term basis need an MM2H visa to open a bank account. This visa is valid for ten years, offers multiple entries, and can be renewed. There are agents authorised by the Malaysian government who can help applicants to get an MM2H visa.
The following documents are required to open a bank account:
- Original passport and photocopies
- Letter of employment from the employer (if on a work permit)
- Copies of work permit (if applicable) and MM2H visa
Overall, you’ll find that opening an account in Malaysia is a matter of process. Each bank offers various requirements, but corporate accounts for businesses registered in the country are not necessarily hard to get, use, or maintain long term. In nearly all cases, you’ll find that these modern tools and features are widely available to ensure you can operate your business efficiency anywhere you want to do so.
When it comes to opening a company bank account in Malaysia, you’ll have a few key things working for you. Most international banks are present in the country, allowing you easy access to your funds and overall easy establishment of your business’s finances. You’ll be able to find both affordable and modern banking features that allow you the flexibility that you need. You can handle the entire set up process on your own or work with a third party provider to get started.