When you start a business, one of your first tasks should be to open a business bank account.

You need to keep your business banking separate from your personal banking. It’s not enough to just keep separate records. You should actually keep the money physically separate in different bank accounts, one set up as a business current account.

 

 

So what is actually a business bank account?

It is actually a current account that works like a usual one except that it has business-related stuff that can be helpful for people who are running SMEs (Small to Medium Enterprises). This type of account has special features that aid you in managing your business’ finances better. The functions are:

  • Overdraft Facility

This component permits withdrawals that surpass your account balance inside a concurred sum. It tends to be useful to lessen the conceivable outcomes of ricocheted checks and give adaptable access to quick cash. This implies you don’t need to stress over your business not having liquid cash to use amid off-seasons.

  • Issue Cheques

Similar to a usual current account, you can issue cheques using your business bank account. This comes as a handy method when paying your vendors clean and official. Moreover, you can keep track of your spending through the checkbook stub.

  • Foreign Banking Facilities

 Foreign exchange rates, using your card abroad and international purchases are made much simpler with a business bank account. Although the details of these features may differ from bank to bank, the majority these functions will be available to you.

 

If you are an efficient financial planner and experience no difficulty in handling the cash flow of your business, you find the above-mentioned features a decent but not essential, and you can truly deal with the present volume of transactions, then it’s fine you don’t need another bank account. However, in such case especially if you’re uncertain whether you should open a business account, here are a few questions you can ask yourself:

  1. Is your business handling many exchanges? 
  2. Are your business salary and costs getting entangled and you’re worried about precisely finishing your tax returns? 
  3. Would you like to take out a business loan or get a business credit card?
  4. Would you like to take card installments from your clients?

 

It’s always recommended to future-proof your business and the costs of opening a bank account are next to nothing where usually you just need to deposit a certain amount of money (RM500) to have it remain open. Thus, if you’re ready to open a bank account for your business in Malaysia, then this guide is specifically written in order to do just that — to help you make the best choice in finding the bank that suits your business finance needs. This guide will go over the top 5 banks in Malaysia which caters to all ranges.

Let’s dive right in.

 

The Best Business Current Bank Accounts in Malaysia

 

1. Maybank

 

Best Business Current Bank Accounts in Malaysia

 

Maybank was founded in 1960, and have paved its way to becoming one of the top 5 banks in South-East Asia. This bank offers a variety of includes commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stockbroking, nominee services, venture capital, and Internet banking. Let’s take a look at what facilities they have to offer for their Basic Current Account for SMEs.


Features & Benefits

  • No monthly fee
  • The account holder will be issued checkbook with no overdraft facility
  • No charges on cheque book issuance except for stamp duty incurred
  • If the average 6 months balance is less than RM1,000.00, then Half Yearly Service Charge of RM10.00 will be imposed.
  • Free monthly statement

Eligibility

  • Malaysian Registered Companies under the customer segment of SME
  • Introducer is required

Requirements

  • Original Identity Card (Mykad) for Malaysians
  • Memorandum and Articles of Association certified by the Secretary of the company.
  • Certificate of Incorporation (the original copy must be sighted)
  • A list of Directors and Secretary (Form 49)
  • Resolution of the Board of Directors to open and operate the account (to complete our Form)
  • Other relevant documents upon request by the Bank

How to Apply?

At any Maybank/Maybank Islamic branches for account opening.


Fees & Charges

  • Minimum initial deposit is RM 500
  • Service charge RM10.00 per half-year waived for accounts with a monthly average balance of RM1,000 and above within six (6) months period i.e from 27th December to 26th June and from 27th June to 26th December.
  • Early closure of account within 3 months of account opening: RM20.00

 

 

2. CIMB

 

CIMB Bank

 

CIMB Group is a leading KL-headquartered ASEAN universal bank. They are ranked as the fifth largest banking group among ASEAN countries. Some of the entities they operate in Malaysia are CIMB Investment Bank, CIMB Bank, CIMB Islamic, CIMB Niaga. The requirements and benefits of opening a Conventional Current Account with them are listed below.


Features & Benefits

  • Internet banking facilities
  • The account holder will be issued checkbook with overdraft facility
  • BizAlert: Alerts on account’s activities delivered via SMS/Email
  • Free monthly statement

Eligibility

  • Malaysian Registered Companies under the customer segment of SME
  • Introducer is required

Requirements

Sole Proprietors / Partnerships

Peninsular Malaysia

  1. Original Identity Card (Mykad) for Malaysians
  2. Form D (Perakuan Pendaftaran) / Form E (Perakuan Pembaharuan Pendaftaran)
  3. Business Registration Information Form
  4. Bank’s Partnership Mandate Form (to be executed at CIMB Branch) (Partnerships)

 

Sabah

  1. Original Identity Card (Mykad) for Malaysians
  2. Form B (Lesen Berniaga / Business License)
  3. Bank’s Partnership Mandate Form. (Partnerships)

 

Sarawak

  1. Original Identity Card (Mykad) for Malaysians
  2. Business Registration Certificate (Sijil Pendaftaran)
  3. Extract of Registration of Business Name (Ekstrak Pendaftaran Nama Perniagaan)
  4. Form I (Borang I)
  5. Bank’s Partnership Mandate Form. (Partnerships)

How to Apply?

At any CIMB branches for account opening.


Fees & Charges

  • Minimum initial deposit is RM1000
  • Service charge RM10.00 per half-year waived for accounts with a monthly average balance of RM1,000 and above within six (6) months period i.e from 27th December to 26th June and from 27th June to 26th December.
  • Stamp duty on cheques, RM 0.15 per cheque
  • Processing fees on cheques, RM 0.50 per transaction
  • ATM card annual fee RM 8.00
  • Debit card annual fee RM 15.00
  • Early closure of account within 3 months of account opening: RM20.00

For an exhaustive list of fees & charges visit: https://www.cimbbank.com.my/en/business/products/deposits-and-investments/current-account/conventional-current-account.html#Eligibility–Requirements

 

 

3. Public Bank

 

Best Business Current Bank Accounts in Malaysia

 

Founded in 1965, Public Bank has come a long way since then to be ranked as the third-largest bank in Malaysia. Public Bank currently offers a comprehensive range of financial products and services which include personal banking, commercial banking, Islamic banking, investment banking, share broking, trustee services, nominee services, sales and management of unit trust funds, bancassurance and general insurance products. Let’s dive into the topic about the features and requirements of opening a ACE Enterprise Account with them.


Features & Benefits

  • The simplicity of opening a record with an underlying deposit of just RM10,000. 
  • An introducer is required. 
  • Simple access to your record through any Public Bank office, ATM or PBe. 
  • No charges will be forced on the issuance of checkbooks, with the exception of the stamp duty collected (subject to the check preparing expense). 
  • No overdraft facility. 

Other free administrations advertised: 

  • Checks and money deposit by means of deposit machines. 
  • Account inquiries and cash moves inside the Bank by means of ATM, web banking and portable banking. 
  • Bill payments by means of web banking and portable banking. 
  • Monthly statement. 

Eligibility:

  • Individual (personal and joint) Malaysian citizens and permanent residents aged 18 years and above.
  • Small and Medium Enterprise (not applicable to Basic 55 Current Account).

Requirements

An introducer is required to open a current account. The criteria for an introducer is as follows:

  • The Introducer can be an individual or non-individual (eg. organization, association, and so forth.) having great learning of the candidate and be available at the Account Opening branch. 
  • Keeps up a functioning Current Account with Public Bank for over a year. 
  • Keeps up a decent reputation with no Dishonored Check (DCHEQS) offense and no successive representation of checks. 
  • Must not have submitted any demonstration of liquidation or been liable to any resolution or appeal for twisting up or indebtedness.

 

When opening a Current Account, you are required to:

  • Furnish the points of interest required to open the account and proclaim that all the information provided is right. 
  • Attempt to illuminate the Bank regarding any progressions to your personal details. 
  • Furnish the Bank with every such documents/form, as might be required by the Bank, together with your signature for locating/confirmation by the Bank’s approved officer.

 

Required Documents

a) Individuals

  • Identity Card(e.g. MyKad, MyTentera, Passport, etc.) of all individuals operating the account.
  • For a non-resident individual, he/she must fulfill one of the following terms and must provide the related supporting documents.
    • A valid work permit and a confirmation letter from the employer.
    • A valid student pass and a letter of referral from the College/Institute.
    • A valid Marriage Certificate if the applicant is married to a Malaysian.

 

b) Sole-Proprietorship/Partnership

  • Business Registration Certificate [Perakuan Pendaftaran] (Form D).
  • Business License Forms (2 pages)
  • Business Information/Maklumat Perniagaan (Page 1).
  • Latest Owner Information/Maklumat Pemilik Masa Kini (Page 2).
  • Identification Document (e.g. MyKad, Passport, etc.) of the sole-proprietor/partners.

 

c) Private Limited Companies

For Companies Incorporated under Companies Act, 2016

  • Section 17 – Notice of Registration.
  • Section 14 – Application For Registration Of A Company.
  • Section 58 & 236(2) – Notification of Appointment of the First Company Secretary.
  • Company’s Constitution (Memorandum & Articles of Association) [Mandatory for companies limited by guarantee to have a Constitution].
  • Resolution of the Company’s Board of Directors (duly certified by the Chairman and the Secretary of the Company) specifying the following:
  • Appointment of Bank and Branch to open the Current Account.
  • Names and specimen signatures of the Officials/Directors/Signatories.
  • Method of signing (mode of operation) and endorsing cheques, bills and promissory notes.
  • Authority to overdraw the account.
  • Specimen of Chop or Rubber Stamp of the Company.
  • Attempt by the Company to notify the bank via certified Resolution of all future changes affecting the mandate.
  • Authority to transfer funds from the Account to any other account on behalf of the Company.
  • Identity Card (e.g. MyKad, Passport, etc.) of the directors/signatories.

 

For Companies Incorporated under Companies Act, 1965

  • Validated Copy of Certificate of Incorporation (Form 9) (Original Certificate to be sighted by the Bank).
  • Certified Copy of Memorandum & Articles of Association.
  • Certified Copy of Latest Form 24 (Companies Act, 1965) – Allotment of Shares.
  • Certified Copy of Latest Form 49 (Companies Act, 1965) – Particulars of Directors, Managers and Secretaries.
  • Resolution of the Company’s Board of Directors (duly certified by the Chairman and the Secretary of the Company) specifying the following:
  • Approval of Bank and Branch to open the Current Account.
  • Names and specimen signatures of the Officials/Directors/Signatories.
  • Method of signing (mode of operation) and endorsing cheques, bills and promissory notes.
  • Authority to overdraw the account.
  • Specimen of Chop or Rubber Stamp of the Company.
  • Undertaking by the Company to notify the bank via certified Resolution of all future changes affecting the mandate.
  • Authority to transfer funds from the Account to any other account on behalf of the Company.
  • Identity Card (e.g. MyKad, Passport, etc.) of the directors/signatories.

 

d) Limited Liability Partnership (LLP)

  • Notice of Registration of the LLP [Perakuan Pendaftaran] issued by Registrar of LLP.
  • Register of the names, particulars, and address of each Partner and Compliance Officer.
  • Validation Letter from the Professional governing body to form an LLP and a valid Professional Indemnity Certificate (applicable for Professional Practice LLP only).
  • The resolution passed according to the terms as stated in the LLP Agreement OR by a majority of the partners of the LLP resolving the following.
  • Appointment of Bank and Branch to open the Current Account.
  • Names and specimen signatures of the Authorised Signatories.
  • Method of signing (mode of operation).
  • Identity Card (e.g. MyKad, Passport, etc.) of the partners/signatories.

How to apply?

At any Public Bank branch.


Fees & Charges

  • An annual-yearly service charge of RM10.00 for inactive accounts.
  • Closing of current account within 6 months of account opening RM 20.00
  • Charge of RM150.00 for cheque dishonored due to insufficient funds.
  • Charge of RM50.00 for audit confirmation per request.

For an exhaustive list of fees & charges visit: https://www.pbebank.com/Personal-Banking/Rates-Charges/Fees-Charges/Fees-and-Charges-Current-Account.aspx

 

 

4. Hong Leong Bank

 

Best Business Current Bank Accounts in Malaysia

 

Hong Leong Bank Berhad is a regional financial services company based in Malaysia, also operating in some Asian countries like Singapore, Vietnam, and China. They are currently operating 300 branches in Malaysia. Their services include personal financial services, business corporate banking, global markets, Islamic financial services, online and mobile banking. The benefits of opening a Business Current Account with them are stated below.

 


Features & Benefits

  • Low initial deposit
    • Open account with as low as RM 500
  • Monthly E-statements
  • Cheque book facility
  • Easy access
    • Nationwide branches, ATM, Phone Banking and Hong Leong Connect.

Eligibility

  • 18 years and above.
  • Minimum RM500 to open the account.
  • Applicable to societies, small business (sole proprietors, partnerships), clubs, associations, and schools.
  • No introducer required

How to apply?

At any Hong Leong branch or via their online website.


Fees & Charges

  • Stamp duty for a checkbook. RM 0.15 per leaf
  • Returned cheque due to insufficient funds RM 150
  • Stop payment upon request RM 10
  • Weekly statement request RM 20 per month
  • Close account within 3 months from opening RM 20

For the exhaustive list of fees & charges visit: https://www.hlb.com.my/en/personal-banking/help-support/fees-and-charges/deposits.html

 

 

5. RHB

 

RHB Bank

 

RHB Bank Berhad was established in Malaysia as a public limited company in 1994. Now, they are the fourth largest financial services group in Malaysia, The RHB Banking Group offers financial products and services through its main subsidiaries which are RHB Bank Berhad, RHB Investment Bank Berhad, OSK Investment Bank Berhad, RHB Insurance Berhad, and RHB Islamic Bank Berhad. Their features and requirements for the Business Current Account are stated below.

 


Features & Benefits

  • Internet banking facilities via RHB Reflex
  • Free monthly statement

Eligibility

  • Business entities including private limited companies, sole proprietors or partnerships.
  • Introducer is required

Requirements

Sole Proprietors / Partnerships

  1. Complete account opening form
  2. Original Borang A – Business Registration Form
  3. Original Borang D – Certificate of Incorporation for Enterprise/Sole-Proprietorship
  4. Photocopy MyKad of Sole Proprietor or of each partner & Authorised Signatories
  5. Partnership Agreement/Mandate to open a current account with RHB Bank (Partnerships)
  6. Complete Introducer(s) Declaration in the Account Opening Form (company stamp required if introducer is a company)

Private Limited Companies

  1. Customer to complete Account Opening Form
  2. Board Resolution to open a current account with RHB Bank
  3. *FORM 9 – Certificate of Incorporation of Private Company
  4. *FORM 24 – Return of Allotment of Shares
  5. *FORM 44 – Notice of Situation of Registered Office and of Office Hours and Particulars of Changes
  6. *FORM 49 – Return Giving Particulars in Register of Directors, Managers and Secretaries and Changes of Particulars
  7. *M & A – Memorandum and Articles of Association
  8. Photocopy MyKad of each Directors & Authorized Signatories
  9. Complete Introducer(s) Declaration in the Account Opening Form (company stamp required if introducer is a company)

*To be certified by Company Secretary


How to Apply?

At any RHB Bank branches for account opening or via their online website.


Fees & Charges

  • Minimum initial deposit is RM 1, 000 for sole proprietorships & RM 3, 000 for businesses and companies (Account with overdraft facility)
  • Stamp duty for a checkbook. RM 0.15 per leaf
  • Returned cheque due to insufficient funds RM 150
  • Stop payment upon request RM 20
  • Monthly RM5.00 is levied on account if daily average balance is below RM1,000 (Account without overdraft facility)

For an exhaustive list of fees & charges visit: https://www.rhbgroup.com/others/service-charges/index.html

 

It is often suggested by customers that the most preferred banks for business accounts are Maybank, CIMB Bank, and Public Bank, in that order due to popularity. This is because the majority of customers are usually most likely to have those. These banks support interbank GIRO Transfer without any charges. So most customers will opt for the normal GIRO Transfer for transactions. 

Regardless, if you’re still scratching your head over which bank to choose from this list, then you can always talk to us (live chat or email us at [email protected]) to go over the pros and cons together. 🙂