Requirements to Open a Corporate Bank Account
- Complete & fill up the application forms from your preferred bank
- Recommendation of an introducer (Some banks do not need this. This need to be checked with your preferred bank.)
- Incorporated company’s rubber stamp
- Photocopies of Identifications from company’s directors and authorised signatories
- Certified true copy by the Company Secretary of:
- Resolution from Board of Directors to open account & list of authorised signatories.
- Form 24 – Return of Allotment of Shares
- Form 49 – List of Directors
- Form 44 – Registered Office Address
- Company’s Constitution
- Borang 9 – Certificate of Incorporation
- All directors and authorised persons must physically present at the bank during the corporate account opening. They will also need to not be declared a bankrupt or be blacklisted by Bank Negara in order to open a corporate bank account.
Different banks will have different requirements as to the opening of the corporate bank account. We will always advise you to visit your preferred bank to confirm on the requirements.
However so, you are required to provide us with the required information in order for us to prepare the resolution and relevant documents for bank account opening:
- Bank’s name, branch and their address
- Type of account. This includes either a current account, internet banking, foreign currency account, joint account, and etc.
- Sample/Format of opening account resolution as provided by your bank
- Type of statutory forms and number of copies required by the bank
- Authorised signatories details,
– Name must be as per Identifications,
- Type of company incorporated
-Sendirian Berhad (recommended)
-Limited Liability Partnership
With a lot of money laundering cases that has been going on in Malaysia, most banks require the account signatories to be physically present in Malaysia for the signing of documentation at the time of opening the corporate bank account.
That is not all as some banks may even want to be present in the physical office before processing the bank opening application. However, these are all on a a case-to-case basis.
In accordance to AMLA, banks in Malaysia must follow stringent laws and regulations, and will carry out series of investigations on their potential clients before opening a new account for a company. This is just to safeguard themselves from potential issues arising in the future. As you already know, Malaysia is very serious when it comes to combating terrorist financing and all other illegal nature of businesses.
Added to that, it is also to safeguard their risks against any potential defaulters,
Timeline of a Corporate Bank Opening
Depending on the amount of investigation that the bank plans to carry out to on the identity of the directors, secretary and the company itself, the whole process to open a new company bank account may take about three months to complete.
However, if you are not physically present in Malaysia, the processing time can be longer, and the chances of approval can be extremely low, unless your holding company has a very strong relationship manager with the bank.
Therefore, we highly recommend all our customers to be physically present in Malaysia to enhance the chance and approval rate of the opening of the corporate bank account.
Paid-up Capital for the Company
Any amount from at least RM2 up to the maximum of the authorised capital as stated in the constitution of the Company. However, we will recommend a paid-up capital of RM1,000 for all new companies.
However, sometimes we will advise to increase the amount of paid-up capital, and the reasons can be between:
- Requested by Bank
- A project tender requirement
- License requirement
- Corporate image
Why Paul Hype Page
With the demand for Malaysia company incorporation services growing at a rapid pace, continues to rise, Paul Hype Page is here to meet those demands by providing you with our Malaysia company registration expertise. As a leading incorporation services provider in Singapore and Malaysia, our on-stop solutions offer you the full array of end-to-end business solutions, all under one roof.
Paul Hype Page has had a long-standing history of business excellence. We comply with all the existing laws, statutes and regulations so you can incorporate with ease. We make your incorporation process hassle-free and easy, so you can have your business up and running as easy as 1,2,3.