How to open a company bank account in Malaysia

A step by step for Malaysian and foreign-owned businesses for opening a company bank account in Malaysia

Key takeaways

• A company bank account is separate from a personal account and legally required for most business structures
• Opening a company bank account in Malaysia usually requires documentation from the Companies Commission of Malaysia (SSM), identification for directors, and proof of business activity.
• The Big Four Malaysian banks (Maybank, CIMB, Public Bank and RHB) offer the widest range of company account products, with digital-first alternatives from Aeon Bank and GX Bank
• Foreign-owned businesses can open Malaysian company accounts but typically face heavier documentation requirements and may need SSM registration as a foreign company first
• For businesses that also handle international payments, a multi-currency account like the World Account works alongside the local company account rather than replacing it

A dedicated company bank account in Malaysia is typically a legal requirement, and it’s essential for keeping business finances separate from personal ones, meeting tax obligations, and building a credible commercial identity.

Opening a company bank account in Malaysia involves several stages: choosing the right bank, gathering the correct documentation, submitting the application, and waiting for approval. For foreign-owned businesses, additional layers apply. This guide walks through what’s involved and the best way to move forward.

What is a company bank account?

A company bank account is a bank account registered in the name of a company rather than an individual. The account is legally distinct from any personal account held by the directors, shareholders or employees, and all business income and expenses flow through it.

For a Sdn Bhd (private limited) company in Malaysia, the account is opened in the company’s registered name using its SSM registration and company number. Only authorised signatories (typically directors named in the account opening documents) can operate the account.

Types of company bank accounts

Malaysian banks offer several types of company accounts, each designed for different business needs.

Current accounts: The standard operational account for a business which can be used for receiving MYR payments from customers, paying suppliers, covering expenses and handling payroll

Savings accounts: Hold surplus business funds and earn interest

Fixed deposit accounts: Lock funds away for a set period in exchange for a guaranteed interest rate.

Foreign currency accounts: Hold balances in a single foreign currency (typically USD, SGD, EUR or GBP) alongside the base MYR account

Multi-currency accounts: Hold balances in multiple currencies within one account structure, with local receiving details in each supported currency. Suit businesses managing international operations across several currencies simultaneously, letting them receive, hold, convert and send in each currency without opening separate accounts

What are the steps to open a company bank account in Malaysia?

The process typically takes 1 to 3 weeks for Malaysian-registered companies, depending on the bank and the completeness of the documentation.

Step 1: Register the company with SSM

Before any bank will open an account, the company needs to be registered with the Companies Commission of Malaysia (SSM) and have its business registration documents in hand. New companies can complete this through the MyCoID online portal.

Step 2: Prepare the required documentation:

Most Malaysian banks request:

• SSM certificate of incorporation and business registration
• Form 9 (Certificate of Incorporation) or the new Section 17 certificate
• Form 24 (Return of Allotment of Shares) or shareholding information
• Form 44 or Section 46 (Notification of Situation of Registered Office)
• Form 49 or Section 58 (Return of Particulars of Directors)
• Memorandum and Articles of Association (M&A) or the company constitution
• A board resolution signed by the directors authorising the account opening and naming the authorised signatories
• Identification documents for all directors and beneficial owners (typically NRIC for Malaysian citizens, passport for foreigners)
• Proof of business address
• Any business or industry-specific licences required for the company’s activities

Not every bank requires every document. Confirming the bank’s specific requirements before visiting the branch saves a follow-up visit.

Step 3: Choose the bank and initiate the application

Contact the bank’s business banking team or visit a branch to start the application. Some banks accept preliminary applications online, followed by in-person verification. Others require the full application to be submitted at a branch from the start.

Step 4: Attend the in-person meeting

Most Malaysian banks require at least one authorised signatory (usually a director) to attend a branch in person. During the meeting, the bank verifies identification, reviews the documentation, and confirms the account setup details.

Step 5: Wait for approval

The bank runs its Know Your Customer (KYC) and compliance checks on the company, its directors and its beneficial owners. Approval typically takes 5 to 10 business days for straightforward applications.

Step 6: Fund the account and activate

Once approved, an initial deposit is usually required to activate the account. Minimum deposits vary by bank and account type but typically start from RM1,000 for standard business current accounts.

Can I open a bank account in Malaysia as a foreigner?

Yes, but with additional requirements. Foreign individuals and foreign-owned companies can open Malaysian company bank accounts, though the process is heavier than for Malaysian citizens or resident-owned companies.

How WorldFirst supports Malaysian businesses handling international payments

The World Account is a multi-currency account from WorldFirst, an international payments provider for cross-border businesses. For Malaysian companies that trade internationally, the World Account is not a replacement for a Malaysian company bank account. Rather, it works alongside it, handling the cross-border side of the payment picture that Malaysian banks typically charge more for.

• USD and MYR receiving accounts for collecting international income from clients, marketplaces or payment gateways that settle in US dollars, alongside MYR for local activity.
• Payments in USD, MYR and CNH for settling international supplier invoices, contractor payments and cross-border business expenses.
• World Pay for 1688.com, the authorised international payment provider for 1688.com, for Malaysian businesses paying Chinese suppliers on the wholesale platform.
• Fully online setup without needing to visit a branch, with verification typically completed within a few business days.

For a Malaysian business with a local company bank account handling day-to-day operations and a World Account handling cross-border flows, the two work together as parts of a complete payment setup.

FAQs

1. How long does it take to open a company bank account in Malaysia?

For Malaysian-registered companies with complete documentation, the process typically takes 1 to 3 weeks from application submission to account activation. Foreign-owned applications can take longer, often 3 to 6 weeks, depending on the bank’s KYC review timelines.

2. Can I open a company bank account online in Malaysia?

Some Malaysian banks accept preliminary applications online, though most still require an in-person branch visit for identity verification and document review. Digital-first banks and multi-currency account providers may offer fully online setup, though these are typically not full replacements for a traditional company current account.