Bank Account in Malaysia for Indian Entrepreneurs

  • October 20, 2023
  • Registrationwala
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In Malaysia’s GDP, small and medium enterprises are key aspects. To help these SMEs, the government help them grow and contribute more to the economy. After incorporating in Malaysia, the first thing that you should do is to open a bank account to finance your business activities.

However, opening a bank account is not tough but the different banks have different requirements. For instance, some banks will set up your account only when you are able to get a recommendation from one of their existing customer. If you didn’t come up with the recommendation, then they will waive your request for opening an account. Below is a guide, that you can refer to, if you want to open a corporate bank account in Malaysia.

What is a Corporate Bank Account?

The type of bank account that fits all businesses is a corporate bank account also known as a business bank account. This bank account is specially designed for businesses to cater for their financial needs and manage business activities efficiently.

The corporate bank account copes with the fluctuating foreign exchange rates, so it is a better option for foreign businesses to opt for a corporate bank account. There are some facilities that are offered and these are as follows:

  • Get a cheque in your name and pay the debtors officially.

  • Allow you to make withdrawals in case they exceed your limited bank account balance. So, no bounced cheques.

Foreign Business Entities Available in Malaysia

The first thing you should do before starting a business in Malaysia is to decide on a type of business entity. An Indian entrepreneur can start a business from the following:

  • Branch Office (Foreign Company)

  • Representative Office

  • Private Limited Company

  • Sole Proprietorship

  • Partnership

  • Limited Liability Partnership

Examples of Banks in Malaysia

Many banks in Malaysia allow foreigners to open a bank account. You can set up an account if you fulfil certain requirements. Although these banks are specially designed for foreigners who are living or working in the country on a temporary basis. Some of the banks available in Malaysia for Indian entrepreneurs are as follows:

  1. Maybank

  2. CIMB Bank

  3. Public Bank Berhad

  4. RHB Bank

  5. Hong Leong Bank


Maybank is the largest bank in Malaysia and has branches across the country. The banks provide an online banking system, which offers a convenient and reliable way for customers to manage their money. You can sign up online and activate your account within minutes. You don’t need any introducer for account opening, and get overdraft facilities along with another unlimited facility. The process of opening a bank account is as follows:

  1. Fill in the form details and upload the required documents online.​

  2. Make an appointment at your nearest Maybank branch via Maybank EZQ.​​

  3. Deposit min RM2,000 at the branch and activate your account.​​

  4. Create your M2U Biz / M2E ID at the branch for online banking access and activate it within minutes.​​


In the CIMB bank, businesses from India or any other country can open a bank account in Malaysia. There is no limit on the maximum balance and the following source of income is acceptable:

  • Source of income abroad

  • Funds from offshore loans

  • Receive salary from aboard

  • Fund transfers received from FCD accounts with a source of income from aboard

  • Fund transfer received from depositor's own FCD account and Other Resident

  • Funds that residents have purchased/exchanged/borrowed from banks in Thailand.

Public Bank Berhad

In the Public Bank, you have to follow four steps to open a business bank account. These four steps include:

  1. Company Profile 

  2. Contact Person

  3. Products/ Services Interested

  4. Summary

Documents Required to Open a Corporate Bank Account in Malaysia

The following documents are required to open a corporate bank account in Malaysia: 

  1. Certified true copy of the Company’s Certificate of Incorporation

  2. A certified true copy of the latest certificate of shareholders' List

  3. A certified true copy of the Memorandum and Articles of Association.

  4. Official Company Search Report issued by the registry in the place of incorporation dated no more than 6 months or a Certificate of Incumbency or equivalent issued by the company’s registered agent in the place of incorporation dated no more than 6 months

  5. Minutes of the meeting resolving for opening of a deposit account with a clause defining the authorized person’s payment authority and conditions.

  6.  Power of Attorney authorizing a person(s) to act on behalf of the juristic person (If any)

  7. A certified true copy of registration of company establishment or registration of amendment and/or special resolution.

  8. Certified true copy of Identification Card, Official ID Card, Non-Resident Card, and/or Passport of the following

    1. Shareholders holding more than 25% of company shares

    2. Authorized directors

    3. Authorized person(s) to sign ordering payment from the account

    4. Authorised person(s) to make transactions on behalf of the juristic person

    5. Senior management

    6. Ultimate beneficiary (if any)

    7. A certified true copy of the Ownership Chart or comparable documents

    8. A certified true copy of the certificate of tax registration of the company (If any)

    9. Document evidencing commitments (if any) (All documents shall be certified true copies by the director(s)).

For Companies of Juristic persons Registered Abroad

  • All company documents (every page) must be verified by a Notary Public and attested by the Royal Thai Embassy or

  • Consulate in the country where the company is registered. Where available, original documents may also be submitted

Process to Open a Bank Account in Malaysia

To open a bank account in these banks, follow this basic procedure stated below:

  1. Choose any bank as per your needs and the offers they are offering.

  2. Gather all the required documents.

  3. Visit a bank branch and fill out the application form, and provide all the necessary information.

  4. All the directors and authorised persons must be physically present in the bank.

  5. The bank will visit the company’s branch (it can vary from bank to bank).

  6. Once all your documents are found correct, the bank will deliver all the account details to you.

How Long Does it Take to Open a Bank Account?

The process of opening a bank account in Malaysia can take upto 3 months to complete. They take this much time as the bank does an investigation to the company’s directors, company secretary, or the major people in the company. To open a bank corporate bank account, you must be physically present in Malaysia. If you are not physically present in Malaysia then the chances for the approval are low.


To conclude, in previous years the cases of money laundering in Malaysia have increased. So, when opening a bank account, the directors and authorised persons should be available in the country. These people should be individuals and not be declared blacklisted by the banks.

Even, some banks require you to visit the physical branch of the office, but this is only the case for some banks. The AMLA (Anti-Money Laundering/ Countering Financing of Terrorism) safeguard the bank's potential issues that can occur due to any corporate account, so before opening a bank account, you must comply with the regulations and laws. For registering a new company in Malaysia or to expand your existing company’s branches in Malaysia, then reach out to Registrationwala for company incorporation in Malaysia.


People Also Read: Why Open a Business Bank Account in Germany?


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