A practical guide to eligibility, documents, minimum deposits and the international payment options that sit alongside a local account.
Key Takeaways
- Register with the Companies Commission of Malaysia (SSM) first, because banks open business current accounts only for entities holding a valid business registration number.
- Prepare certified copies of director identity documents, a board resolution and company registration papers before starting any bank application.
- Budget an initial deposit of roughly RM500 to RM5,000, depending on the bank you choose and whether you operate as a sole proprietor or a company.
- Apply online where the bank supports it, although several Malaysian banks still require one branch visit to verify originals and activate the account.
- Pair your local business account with a multi-currency account if you collect foreign currency or pay overseas suppliers regularly.
Knowing how to open a bank account in Malaysia matters most when the account has to serve a business rather than a person. This guide covers who qualifies, which documents your company secretary needs to certify, how much you must deposit, which banks accept online applications, and how to handle overseas payments once the account is live. It is written for Malaysian SMEs, importers and cross-border sellers.
How to open a business bank account in Malaysia
Opening a business account in Malaysia follows five steps: register with SSM, choose a bank and account type, certify the required documents, submit the application online or at a branch, then fund the account with the minimum initial deposit. Online banking is usually activated separately.
- Register your business with SSM and keep the 12-digit business registration number to hand, since RHB asks for it at the first screen of its application⁹.
- Choose the account type. Conventional and Shariah-compliant versions exist at every major bank, and both Hong Leong Bank and CIMB let you choose during the application⁴ ⁷.
- Get documents certified by your company secretary. Hong Leong Bank asks for certified identity documents for all signatories, directors and shareholders holding at least 25%, plus a certified board resolution⁷.
- Submit the application. Some banks accept fully online submission, while others arrange a branch appointment³.
- Fund the account. Deposits run from RM500 at Hong Leong Bank to RM5,000 for the Public Islamic Bank enterprise account⁶ ⁷.
Who can open a Malaysian business bank account?
Business current accounts in Malaysia are open to sole proprietors, partnerships, private limited companies (Sdn Bhd), public companies (Berhad) and bodies such as associations, clubs and societies. The common requirement is SSM registration, and some banks also ask for an introducer.
Hong Leong Bank lists SSM-registered sole proprietors, partnerships, Sdn Bhd and Berhad entities as eligible for its PrimeBiz account⁷. CIMB sets deposits by entity type, asking associations, clubs and societies for less than companies³.
The introducer condition catches out new businesses. Public Islamic Bank requires one for its enterprise current account⁶, and Maybank’s branch route asks for an introducer who has held a Maybank current account for at least one year¹¹. Check the introducer rule before picking a bank, since it can add weeks if you have no existing banking relationship in Malaysia.
Documents you’ll need before applying
Malaysian banks work from certified copies, so your company secretary does most of the preparation. Gather the following before you start, and expect originals to be sighted at the branch stage.
- SSM registration documents, such as your notice of registration or certificate of incorporation¹¹
- MyKad or passport copies for directors, authorised signatories and shareholders holding at least 25%⁷
- A board resolution authorising the account opening, certified by the company secretary⁷
- Form 49, showing particulars of directors, managers and secretaries, where requested⁸
- A disclosure consent form for the company search, signed by signatories, directors and beneficial owners⁷
- Your company stamp, which Maybank asks for on branch applications¹¹
- The constitution or memorandum and articles of association, if you have one⁷
Foreign nationals acting as signatories need more than a passport: CIMB asks for an employment pass or work permit issued by Malaysian authorities³.
Can foreigners open a bank account in Malaysia?
Foreign business owners can hold Malaysian business accounts, but the constraint sits at company level rather than bank level. Under SSM incorporation rules, a private company needs at least one director who ordinarily resides in Malaysia by having a principal place of residence there, and a public company needs at least two¹⁰.
Once that is met, the process matches a locally owned company, with extra identity checks on overseas directors and shareholders and, often, a longer approval. Expect extra verification rather than an outright barrier. If a branch visit is impractical while you are still setting up, a digital business account in Malaysia can handle payments in the meantime.
Can you open a Malaysian bank account online?
Several Malaysian banks now accept online business account applications, though coverage varies. Hong Leong Bank offers online application with no branch visit for PrimeBiz, currently for Sdn Bhd and sole proprietors⁷. CIMB opens its Business Current Account-i online using electronic identity verification⁴.
Others are partly digital. RHB’s portal takes the application online and cuts the process to a single branch visit⁹. Maybank allows online sign-up for the SME First Account with activation via the MAE app, and its Islamic equivalent asks SSM-registered businesses to complete branch verification within 10 days¹ ². Public Islamic Bank’s enterprise account remains a branch product with an introducer requirement⁶.
Comparing major banks for business accounts in Malaysia
| Bank |
Business current account |
Minimum initial deposit |
Application route |
| Maybank |
SME First Account / SME First Account-i |
RM1,000 at a branch, or from RM100 by first-party transfer for sole proprietors¹ |
Online sign-up, then branch or app activation¹ ² |
| CIMB |
Business Current Account / Business Current Account-i |
RM3,000 for most entity types, RM1,000 for associations, clubs and societies³ |
Branch appointment, or fully online for the Islamic account³ ⁴ |
| Public Islamic Bank |
PLUS Current Account-i Enterprise |
RM5,000⁶ |
Branch application, introducer required⁶ |
| Hong Leong Bank |
HLB PrimeBiz Current Account/-i |
RM500⁷ |
Online for Sdn Bhd and sole proprietors, or branch appointment⁷ |
| RHB |
Business Current Account/-i |
RM1,000 for sole proprietorships, RM3,000 for other businesses and companies⁸ |
Online portal with one branch visit⁸ ⁹ |
Fees checked in July 2026. Pricing, eligibility, and product features may change over time. Always confirm the latest information directly with the provider.
The spread matters for a new company: RM500 at Hong Leong Bank against RM5,000 at Public Islamic Bank⁶ ⁷. Ongoing charges count too. Maybank applies a RM10 service charge every half year on the SME First Account, waived where the average balance stays at RM1,000, plus RM20 if you close within three months¹. Eligible deposits are protected by Perbadanan Insurans Deposit Malaysia up to RM250,000 per depositor per bank³. For provider detail, see the Maybank business account review and the CIMB business account review, or compare the wider market in this guide to business bank accounts in Malaysia.
Challenges international businesses may face
A Malaysian business current account handles ringgit well. It is built around domestic rails: FPX (an online banking payment gateway), DuitNow (instant transfers by account or mobile number) and JomPAY (a national bill payment scheme). None of those move money across borders.
Three friction points appear once you trade internationally. Foreign currency sits in a separate account with its own funding requirement, and CIMB’s foreign currency current account asks for USD500 or equivalent⁵. Cross-border transfers travel over SWIFT, the messaging network banks use for international payments, where correspondent banks can deduct charges en route. Conversions happen at the bank’s own rates, rarely published upfront.
For a business importing from Shenzhen and selling on Shopee, that means ringgit in one account, USD in another, and a conversion cost paid twice. The gap is in currency handling, not in local banking. Reviewing how you manage international business payments usually beats switching banks.
An easier way to send and receive international payments
WorldFirst is a payments provider rather than a bank, so the World Account works alongside your Malaysian business current account instead of replacing it. You can collect in up to 25 currencies including MYR and pay out in up to 69 currencies including MYR, from one online account with no monthly account fee.
Outbound currencies include USD, MYR and CNH, the offshore Chinese yuan traded outside mainland China. That covers CNY payments into China, which currently settle to Alipay CN accounts as the payee account type, so check your supplier can receive funds that way. If you source from Chinese platforms you can pay 1688 suppliers from the same account, and sellers can get paid by marketplaces across more than 130 supported platforms.
WorldFirst is regulated by Bank Negara Malaysia, backed by Ant International, and supported locally in English, Chinese and Malay. Registration is online, and you will need your company registration number, director identification, shareholder details, company verification documents, a mobile number and an email address. If your SSM documents are already certified for the bank application, most of that work is done.
FAQs
Which bank should you open a business account with in Malaysia?
The right bank depends on your entity type, opening budget and whether you can visit a branch. A sole proprietor testing an idea may want the smallest initial deposit, while an established Sdn Bhd may prioritise cash management and financing access. Compare deposits, half-yearly service charges, introducer requirements and online application coverage before deciding.
How much money do you need to open a business bank account in Malaysia?
Most Malaysian business current accounts need an initial deposit between RM500 and RM5,000, set by the bank and your entity type. Sole proprietors face the lowest thresholds, companies and partnerships the higher ones. Treat it as working capital that stays put, and check whether a minimum average balance applies to avoid service charges.
Can you open a bank account online without going to the bank?
Some Malaysian banks complete business account opening entirely online for eligible entity types, using electronic identity verification instead of a branch visit. Others take the application digitally but still need one appointment to sight originals and collect signatures. Eligibility often depends on whether you are a sole proprietor or a private limited company.
Can you hold foreign currencies in a Malaysian business account?
Foreign currency is usually held in a separate foreign currency current account rather than your ringgit account. These carry their own minimum deposit, often set in USD, and are typically opened at a branch. Businesses handling several currencies often find the account-per-currency structure adds administration.
Is a multi-currency account a replacement for a business bank account?
No. A multi-currency account from a payments provider is not a bank account, and it does not replace the domestic banking relationship you need for local collections, financing and payroll. It sits alongside that account to handle foreign currency collection, conversion and overseas supplier payments.
Conclusion
Working out how to open a bank account in Malaysia comes down to registering with SSM, certifying the right documents and picking a bank whose deposit and application route suit your entity type. Once the account runs, the harder question is currency. Businesses collecting from overseas customers or buying from China usually need a second layer built for cross-border payments, so review how you pay Chinese suppliers before volumes grow.
Sources
- https://www.maybank2u.com.my/maybank2u/malaysia/en/business/deposits/deposit_account/sme_first_account.page
- https://www.maybank.com/islamic/en/business/deposit/sme_first_acc-i.page
- https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/online-business-current-account.html
- https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/online-business-current-account-i.html
- https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/foreign-currency-current-account.html
- https://www.publicislamicbank.com.my/business-banking/deposits/current-accounts-i/plus-current-account-i-enterprise/
- https://www.hlb.com.my/en/business-banking/business-and-corporate-banking/deposits/current-account/primebiz-current-account.html
- https://www.rhbgroup.com/business/sme-banking/deposits/current-account/index.html
- https://www.rhbgroup.com/smeonline/index.html
- https://www.ssm.com.my/Pages/Legal_Framework/GUIDELINES/4.-Guidelines-For-Incorporation-Of-A-Local-Company.pdf
- https://www.maybank2u.com.my/mbb/m2uNOW/smebbopenaccount/m2uOpenNewSMEBB.do
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
