Many clients who came to our office have frequently raised this question: can I open bank account in Malaysia under new company?

Any company can open bank account with any bank in Malaysia subject to the respective banks’ requirements & policies. The directors are to liaise directly with the bank for application of opening bank account. 

Most Banks in Malaysia have recently tightened up the process of opening company’s bank account. As refer to the recent development, a foreigner who would like to be the authorised signatory of the company bank account must possess valid business/working visa/permit, failing so he is not allowed to be the cheque signatory.

However, some banks may consider to grant exemption based on case to case basis but we are unable to know their basis of doing so.

VERY IMPORTANT NOTE:

Kindly visit any banks  and clarify with the relevant bank officers for the application of opening company’s bank account before registering your new company in Malaysia.

You may be caught in the situation of unable to open bank account under your new company.