Can new company open bank account? How?

Yes, all new company will be able to open bank account with any bank in Malaysia, subject to respective bank’s policies and requirements in the opening bank account application.

Generally, the following are required for the company to open current account with any bank in Malaysia: 

  1. Bank’s application form
  2. Company’s rubber stamp (with name & company number)
  3. Board resolution from the company secretary to open bank account
  4. Certified true copy of below documents:
      • Form 9 (Certificate of incorporation)
      • Form 49 (Details of directors & company secretary)
      • Form 44 (Location of registered office)
      • Form 24 (Allotment of shares)
      • M&A (Memorandum & Articles of Association)

However, most banks in Malaysia have refused to let the foreign director (without valid working permit or business visa) be the authorised signatory in signing company’s cheque or authorised person in operating the company’s bank account.

On the other hand, if you are Malaysian who has been blacklisted by the bank negara due to “bad” cheque offenders, you will not be allowed to open or operate any current account.

As such, we strongly advise you to consult with the relevant banks for detailed terms & conditions and latest bank’s policies & requirement in the bank account opening application before registering your company with SSM.

 

To know more information about “bad” cheque offenders, visit here: http://www.bankinginfo.com.my/_system/media/downloadables/bad_cheques.pdf