Customers and staff people in bank interior flat vector illustration
Bank account open in Malaysia is not a problem is a major problem! How to open 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 separate policy and most of the cases foreign company shareholders are not encouraged to open business account unless meet requirement.
What is the barrier to open account? A) 100% foreign ownership company B) Tourist visa C) No work permit D) Company financial focusing E) Small amount of paid up capital;
Now a day, almost all of banks allow to open bank account online Malaysia mean you can transfer money, approve payment order, check balance and download monthly statement by online. As a result, foreign directors may do same job from their own state over internet.
Open bank account in Malaysia without work permit
Is it possible to open bank account in Malaysia without 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 can open bank account in Malaysia but business account if the nonresident is a director of a company and cannot open personal account.
Can tourist open bank account in Malaysia?
Yes, if the tourist is a director of a SDN BHD company in Malaysia and meet some requirement. But cannot open personal account.
Bank account in Malaysia for expats
Who has expatriate visa is easier to open bank account personal and business too. In that case, most of the local and foreign banks will welcome to the applicants.
Key notes: We have noticed, bank account open as foreigner, foreign directors are a major challenging in almost every country. Main reason of the case is work permit, new company, business profile, 100% share of the company hold by foreigners and some others also. No one consultant, advisor guarantee the customers open bank account. If foreign investors, directors follow our guide line have chance of 99% open bank account in Malaysia. Also, you may want to know the hotel business in Malaysia.
Local vs foreign banks
AmBank, RHB, MayBank, Affin, Alliance, CIMB, Public and many more local banks in Malaysia discourage to open business account if the directors are foreigners. Foreign Banks-Standard Chartered, HSBC, OCBC, UOB and some others allow to open 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.