Bank account open in Malaysia is not only a problem but also is a major problem! How to open a bank account in Malaysia as foreigner and shareholder of Sdn Bhd company. Actually, bank account opening permission vary bank to bank as internal policy. For example, foreign banks and local banks have a separate policy and most of the cases foreign company shareholders are not encouraged to open a business account unless meet requirement.
What is the barrier to open an account?
A) 100% foreign ownership company
B) Tourist visa
C) No work permit
D) Company financial focusing
E) A small amount of paid-up capital;
- Open bank account online Malaysia
- Nonresident bank account Malaysia
- Can a tourist open a bank account in Malaysia?
- A bank account in Malaysia for expats
Open bank account online Malaysia
Now a day, almost all of banks allow opening a bank account online Malaysia means you can transfer money, approve payment order, check the balance and download monthly statement by online. As a result, foreign directors may do the same job from their own state over the internet.
Opening a bank account in Malaysia without a work permit
Is it possible to open a bank account in Malaysia without a work permit?
Yes, possible, but you need to be director of a private limited company and some other conditions have to meet to be allowed.
Nonresident bank account Malaysia
Nonresident can open a bank account in Malaysia but business account if the nonresident is a director of a company and cannot open a personal account.
Can a tourist open bank account in Malaysia?
Yes, if the tourist is a director of an SDN BHD company in Malaysia and meets some requirement. But cannot open a personal account.
Bank account in Malaysia for expats
Who has an expatriate visa is easier to open a bank account personal and business too. In that case, most of the local and foreign banks will welcome to the applicants.
Keynotes: We have noticed, bank account open as a foreigner, foreign directors are a major challenging in almost every country. The main reason for the case is work permit, new company, business profile, 100% share of the company held by foreigners and some others also. No one consultant, advisor guarantee the customers open bank account. If foreign investors, directors follow our guideline have a chance of 99% open bank account in Malaysia.
Local vs foreign banks
AmBank, RHB, Maybank, Affin, Alliance, CIMB, Public and many more local banks in Malaysia discourage to open a business account if the directors are foreigners. Foreign Banks-Standard Chartered, HSBC, OCBC, UOB, and some others allow opening a bank account if the business owners of Sdn Bhd are foreigners upon some conditions, deposit amount, financial forecast, history of business, number of employees etc.
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