{"id":5526,"date":"2014-05-29T11:11:50","date_gmt":"2014-05-29T03:11:50","guid":{"rendered":"http:\/\/www.nbc.com.my\/blog\/?p=5526"},"modified":"2024-11-01T11:26:02","modified_gmt":"2024-11-01T03:26:02","slug":"open-company-bank-account-malaysia","status":"publish","type":"post","link":"https:\/\/www.nbc.com.my\/blog\/open-company-bank-account-malaysia\/","title":{"rendered":"How to open company bank account in Malaysia"},"content":{"rendered":"

In order to open the company bank account in Malaysia, you must first check with the bank yourself for\u00a0more details & specific requirements.<\/p>\n

Do not expect your company secretary to KNOW EVERYTHING<\/strong> because:<\/strong><\/span><\/p>\n

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  1. Different banks<\/strong> will have different requirements & policies<\/li>\n
  2. Different branches<\/strong> among the same bank will have different practices<\/li>\n
  3. Different bank officers<\/strong> within the same bank branch will have different interpretation on the requirements<\/li>\n
  4. Almost\u00a0all banks (include Maybank,\u00a0CIMB, Public Banks & others) have been in progress of changing their application forms & requirements as well as the contents of board resolutions.<\/li>\n
  5. Some banks have raised the requirements on certain cases due to new requirements from Bank Negara.<\/li>\n
  6. Bank Negara & all Banks in Malaysia will NOT INFORM<\/span>\u00a0any company secretary for any latest changes in requirements<\/li>\n<\/ol>\n


    \nAs such, please check & ask the bank officers about the latest requirements to open company’s bank account before requesting your company secretary to prepare the board resolution.\"Open<\/p>\n

    Please clarify with bank officer directly if you do not understand any of the requirements.<\/p>\n

    See here: Some bank officers may sometimes ask some\u00a0very funny or even ridiculous questions, but in fact you have to deal with it. Click here to know what they may\u00a0ask.<\/span><\/strong><\/p>\n

    \n

    Requirements to open company bank account<\/span><\/h3>\n

    Based on the general\u00a0requirements as stated in the\u00a0most banks’ websites in Malaysia, the following are most commonly required to open company bank account:<\/p>\n

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    1. Complete & fill up the application forms<\/li>\n
    2. Recommendation of an introducer<\/li>\n
    3. Company’s rubber stamp<\/li>\n
    4. Photocopies of Identity Cards of all director’s and authorised signatories<\/li>\n
    5. Certified true copy by the Company Secretary of following documents:
      \n….<\/span>i) Resolution from Board of Directors to open account & list of authorised signatories.
      \n….<\/span>ii) Form 24 – Return of Allotment of Shares
      \n….<\/span>iii) Form 49 – List\u00a0of Directors
      \n….<\/span>iv) Form 44 – Registered Office Address
      \n….<\/span>iv) Memorandum & Articles of Association\u00a0(M&A)
      \n….<\/span>v) Borang 9 – Certificate of\u00a0Incorporation<\/li>\n
    6. All directors and authorised\u00a0persons must physically present at the bank<\/li>\n
    7. All directors and authorised persons must not be blacklisted by Bank Negara or not\u00a0bankrupt<\/li>\n<\/ol>\n

      Some banks may require further information or documents such as Original Practicing Certificates registered with professional bodies (e.g. Malaysian Medical Association, etc), or setting\u00a0new requirements\u00a0such as latest\u00a03 years’ audited accounts, paid-up capital of not less than RM200,000, sales not less than RM2,000,000, etc.<\/p>\n

      Click\u00a0here for some funny or even ridiculous\u00a0questions asked by the bank officer when you are\u00a0submitting your application.<\/strong><\/span><\/p>\n

      Most importantly, all banks will not let you know the reasons why your application has been rejected!<\/strong><\/span><\/p>\n

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      What will company secretary do?<\/span><\/h3>\n
      All company secretaries will ask the directors to first check with the bank officer on the following:<\/div>\n
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      1. Bank name<\/li>\n
      2. Bank branch<\/li>\n
      3. Possible acceptable conditions to sign cheque<\/li>\n<\/ol>\n

        As opening bank account is the company’s internal & operational matters, it is director’s responsiblity to make sure all are in order before applying to open company’s bank account with the bank.<\/strong><\/p>\n<\/div>\n

        \"\"
        \nThe company secretary will not involve in OR responsible for\u00a0any open bank account application by the company or the director.\u00a0<\/strong><\/span><\/p>\n

        What can\u00a0the company secretary do is to\u00a0prepare & certify the board resolution with the above details, together with the ctc documents (Form 49, 44, 24, 9 & M&A), for directors to present to the bank.<\/strong><\/span><\/p>\n

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        Who\u00a0is Introducer<\/span><\/h3>\n

        To open company bank\u00a0account, an introducer is required. The introducer must have the following criteria :-<\/p>\n