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1. Opening a bank account

Malaysian banks provide a variety of banking and financial services to individual and corporate clients, and some of them have some of the largest assets in Southeast Asia. All financial institutions in Malaysia are managed and supervised by the central bank Bank Negara Malaysia, established in 1959. Bank Negara Malaysia is the country's central bank and is responsible for promoting currency and financial stability.


2. Documents required to open a corporate account

In order to open a corporate account, the bank first checks basic information about the corporation, and depending on the results of the examination, the opening of an account may be rejected.

① Documents for incorporation

② Purpose of opening a corporate account

③ Industry

④ Business evidence (various invoices, business contracts, website, etc.)

⑤ Company Profile

⑥ Corporate policy

⑦ Account opening board resolution

⑧ Source of funds

⑨ Resume of Registered Director

⑩ Registered director, signatory right, and proof of address of major stakeholders

⑪ Registered director, signatory, copy of passports of major stakeholders, etc.

​ ⑫ Other documents requested by the bank

3. Corporate account opening procedure

It is possible to open corporate accounts such as May Bank, CIMB Bank, and AM Bank, which are representative local banks, as well as foreign banks such as HSBC, OCBC, and UOB, and both foreign currency and ringgit accounts can be opened.

Since it supports online banking, you can conveniently make financial transactions regardless of location after applying for online banking service. Bank checks are common in Malaysia, and this is only possible if the customer has a corporate account.

​※ Considerations

In order to open a corporate account, all registered directors including the signatories must visit the bank branch and sign the account opening form. However, in general, when a Korean company enters, it is difficult to visit the local area because most of the registered directors are staying in Korea.

U1 Solutions collaborates with local banks to provide support to open an account remotely without entering Malaysia when opening a corporate account with a cooperative bank.

If all registered directors are staying in Malaysia, the corporation can select the desired bank and open an account.

▶ Registered directors staying abroad

① Open an account with U1 Solutions cooperative bank

② Can be opened remotely after signing the registered director

▶ Registered directors staying in Malaysia

​ ① Select the bank or branch you want to open an account with

② Prepared and signed the resolution of the board of directors for opening a bank account at U1 Solutions and submitted a notarized copy to the bank.

③ Registered director visits a bank branch

④ Account opening, online banking application, check book application

​ ⑤ Online banking activation after delivery of online banking tokens

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