MYS Company Account Opening

In recent years, Malaysia has become a popular choice for Chinese companies to go overseas with its stable economic environment, preferential foreign investment policies and geographical advantages. In particular, the Malaysian department has further relaxed restrictions on company registration and operation, such as canceling the local director requirement and simplifying the registration process, providing more convenience for foreign-funded enterprises. At the same time, the Malaysian bank account opening policy has also been optimized simultaneously, combining digital services with compliance requirements to provide enterprises with efficient and flexible financial support. In combination with the latest policies, the process, requirements and fees for opening a company account in Malaysia will be explained in detail, and professional services will be recommended to improve the efficiency of account opening.

Core requirements for opening a company account in Malaysia

According to the policy issued by the Malaysian Companies Commission (SSM), the following conditions must be met for the company account opening:

Company registration documents

It is necessary to provide a notarized copy of the company registration certificate (Certificate of Incorporation), the company's articles of association (Memorandum and Articles of Association) and the shareholder director list.

Highlights of the new policy: From now on, foreign-funded enterprises no longer need to appoint local directors, and can be 100% foreign-controlled, which greatly reduces the registration cost.

Identity and background documents

Directors and shareholders need to provide original and photocopies of their passports/ID cards, proof of address (such as utility bills, bank statements). Documents not in English need to be translated and notarized.

KYC requirements: Some banks (such as HSBC and OCBC Bank) require filling out a due diligence form (KYC) and providing a personal resume and business flow of related companies.

Proof of business compliance

A business plan or business contract must be submitted to prove the company's actual operating needs.

New audit exemption regulations: From now on, companies with annual revenue of less than 3 million Malaysian ringgit or zero revenue can apply for audit exemption to simplify financial procedures.

Bank-specific requirements

OCBC Bank: Sales and purchase contracts (at least one signed with a Malaysian customer) must be provided, and directors are required to witness their identities through video.

HSBC: Supports remote account opening, but documents must be submitted in advance for preliminary review and signed documents must be couriered to the bank.

Detailed explanation of the account opening process: from preparation to activation

Choose a bank and make an appointment

Recommended banks: OCBC Bank (remote witnessing), HSBC (remote account opening), Malayan Banking (local service), etc.

Appointment method: Make an appointment through the bank's official website or agency. Some banks require appointments 1-2 weeks in advance.

Document preparation and preliminary review

Submit scanned copies of company registration documents, director's identity certificates, etc. to the bank for preliminary review to ensure that they meet the qualifications.

OCBC Bank case: It is necessary to fill in the KYC questionnaire in advance and arrange a video call to verify the identity.

Interview and review

Remote account opening: OCBC Bank supports face-to-face interviews at branches in 14 cities in China (such as Shenzhen and Shanghai), without going to Malaysia.

Local account opening: Some banks (such as Malayan Banking) still require directors to personally visit Malaysian branches for interviews, but the process is shortened to 1-2 weeks under the new policy.

Sign an agreement and activate the account

Sign the account opening agreement and deposit an initial deposit (usually 50,000 Malaysian ringgit or equivalent foreign currency), and the account can be activated.

Fee Tips: Some banks require accounts to maintain a balance of 30,000-60,000 Hong Kong dollars and trade regularly to maintain an active status.

Account opening fees and maintenance costs

Account opening fees

Basic fees: about 1,000-3,000 Malaysian ringgit (including registration, notarization, etc.), depending on the agency service and bank requirements.

Deposit: OCBC Malaysian ringgit account requires a minimum deposit of 50,000 Malaysian ringgit, and foreign currency account requires 10,000 US dollars.

Annual fees and management fees

Bank account annual fees are about 200-500 Malaysian ringgit, and transaction fees range from 25-100 Malaysian ringgit per transaction (by currency).

Maintenance suggestions: Keep 3-6 transaction records per month to avoid account freezing.

Why choose NEO?

In the process of opening an account in Malaysia, choosing a professional service agency can significantly improve efficiency and reduce risks. NEO has become the first choice for enterprises with the following advantages:

New policy interpretation and compliance support

Accurately grasp the policies such as cancellation of local directors and fast registration (3 days to get a certificate) to ensure compliance and efficiency of the process.

One-stop service

Provide full-process services from company registration, document notarization to bank account opening, saving companies time and communication costs.

Bank resources and remote support

In-depth cooperation with mainstream banks such as OCBC Bank and HSBC, supporting remote account opening and video witnessing to avoid cross-border travel.

Transparent fees and risk control

Clear quotations without hidden fees, and assist companies to avoid money laundering risks and ensure that transactions meet international standards.

Malaysia's policy dividends have provided companies with unprecedented opportunities, but compliance and efficiency are still the key. With NEO's professional services, companies can quickly complete account opening and focus on business expansion. Seize the policy window period, Malaysia will become your golden springboard for global layout!