How to open a business bank account in Malaysia

Thinking of starting a business in Malaysia, or expanding your UK business there? The country has lots to offer entrepreneurs, with a flourishing startup scene and a government which is open to foreign investment and keen to support small businesses.

If you have a company there or are planning to launch one, you’ll need to know how to open a business bank account in Malaysia.

We’re here to help, with an essential guide on how to do it. This includes the documents you’ll need, the steps involved, any costs and a rundown of expat-friendly Malaysian banks.

We’ll also show you an alternative - Wise Business. This powerful multi-currency account is ideal for managing company finances in Malaysia, the UK and worldwide.

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What types of corporate entities are there in Malaysia?

When you register a business in Malaysia, you'll need to choose the right legal structure for your needs. You can choose from:

• Sole proprietorship/enterprise
• Partnership
• Limited Liability Company (Sdn Bhd)
• Public Limited Company (Berhad)
• Cooperation/cooperative

The different types of entities have different purposes - more information about company structure in Malaysia is available here on the Malyasia MyGovernment Portal.

Can I open a business bank account in Malaysia with a foreign corporate entity?

It's technically possible for a foreign corporate entity to open a business bank account in Malaysia, although some banks aren't comfortable allowing this. However, you should be able to do it as long as you have a business that is registered and operating in Malaysia. It’s all about finding the right bank, which involves doing some research in advance - contacting banks to find out about their requirements.²

If you run into difficulties, it may be worth working with a reputable agency in the local area you’re looking to cover, who can negotiate with banks on your behalf.

What’s the process for opening a business bank account in Malaysia?

Opening a business bank account in Malaysia shouldn't be a difficult process, but different bank branches may have different rules and procedures to follow.

The first crucial step is to get your paperwork ready. The specific documents needed will vary between banks, but typically include the following:³

• Photo ID and visa documents for all directors, shareholders and signatories on the account
• Certificate of Incorporation - this is issued by the Companies Commission of Malaysia (SSM) for Sdn Bhd companies. For partnerships and sole proprietorships, you may need to provide your business registration certificate instead.
• Memorandum and Articles of Association for the business
• Proof of address for the business, such as a tenancy agreement or recent utility bill
• Approval to open the account from all directors, confirmed in a company board resolution
• Letter of introduction/referral from an existing bank customer - this isn’t always required, but it can potentially support your application as a foreign entity.

As the requirements can vary, you should call ahead to check which specific documents your chosen branch needs.

Once you have your documents ready, you can start your application. Some banks may let you apply online (or at least start the process), while others will require an in-person visit to a branch with your completed application form and supporting documents.

How long does it take to open a business bank account in Malaysia?

The time it takes to get your Malaysian business bank account up and running can vary between banks. It may take a few working days for verification checks to be completed, but it could be quicker - in fact, CIMB bank says you can get your account number the same day as completing your application at a local CIMB branch.⁴

Can I open a business bank account as a non-resident?

Specialist banking products exist for non-residents, but these vary between banks and can be more limited than regular accounts. If you’re not living in Malaysia, you may have better luck exploring your options with a global banking brand which has a presence in Malaysia as well as your home country. For example, HSBC - which operates both in the UK and Malaysia.

Can I open a business bank account from abroad?

Many banks in Malaysia will require you to be physically present to open a business account, in order to verify your ID and get the signatures of all directors.

But in some cases, you can at least start your application from outside the country. For example, CIMB Bank lets you apply for its Business Current Account-i online, from anywhere in the world. But you will still need to make the trip to Malaysia to visit a branch with your supporting documents.⁴

Can I open a business bank account online?

You may not be able to apply for a Malaysian business bank account wholly online. Most banks will allow you to fill in your application for an account online, but you'll then be asked to visit the bank a couple of days later to present certified copies of the needed documents.

Which bank should I choose?

There are many international banks operating in Malaysia, so it's worth talking to your home bank to see if you can transfer your account over to their local brand.

If that's not possible, then one of the Malaysian ‘Big Four’ banks (listed below) is a safe bet. Start off your search for the perfect account with the following:

• Maybank
• CIMB Bank
• Public Bank Berhad
• RHB Bank

Maybank

Maybank has a dedicated portfolio of banking products suited to small and medium sized enterprises. As well as currency accounts and payment cards, you can get overdrafts and loans to grow your business. As Malaysia’s largest bank, Maybank has a good branch and ATM network, and operates across the whole Asian region.

CIMB Bank

CIMB Bank offers banking for businesses via their branches or online. You can also work with a dedicated relationship manager at a branch who will help with developing your business. There are over 1080 branches across the region, making CIMB one of the best networked banks available.

Public Bank Berhad

With a 50 year history, Public Bank Berhad is well established in the region. You can access a full range of financial products for your business, including business current accounts for both residents and non-residents. Accounts can be opened with a minimum opening deposit of RM3000 for sole traders, and RM5000 for larger businesses.

RHB Bank

RHB Bank is the fourth largest banking group in Malaysia, and was the first to open a subsidiary specialised in Islamic banking. Here, you'll find a good range of business banking products and services, suited to different types of enterprise.

Banking fees and charges

Before you open your business bank account in Malaysia, it's important to read the terms and conditions carefully - especially the section on banking fees and charges.

You can expect to find monthly account handling charges, and fixed fees for banking transactions. Things like ATM withdrawals from a non-networked bank come at a cost. Even when these fees look small, they can build up over time.

Another big issue for even the smallest business, is moving money or making direct payments between accounts which use different currencies. From time to time, most businesses need to make international money transfers - for example, to pay suppliers based overseas. Your bank might not offer the best deal on this.

Even if the listed fees look quite low, your bank will make their cut on the deal. Instead of a transparent, up-front fee, you might find that your bank’s profit is rolled into a poor exchange rate. If your bank applies an exchange rate which is worse than the real mid-market rate, then you lose out as the true cost of your transfer is higher than it needs to be.

Discover the Wise Business account

Banks aren’t the only way to manage your business finances in Malaysia.

If you’re looking for a flexible and quick-to-open alternative, check out Wise Business. It's specially designed to cut the cost of international payments, and you can manage business finances in 40+ currencies including Malaysian ringgit (MYR) and GBP.

Cover expenses with Wise Business debit cards, make easy batch payments to employees worldwide, and integrate with business tools for easier accounting.

You can even earn a return on the money you hold in your multi-currency account with Wise Interest. Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

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Sources last checked on date: 17-Sep-2025