So, in our last post, we talked about the top 5 banks to open a current account for businesses. Maybank has a dedicated portfolio of banking products suited to small and medium-sized businesses. Along with currency accounts and payment cards, you can get overdrafts and loans to further develop your business. As Malaysia’s largest bank, Maybank has a good branch and ATM network and operates across the whole Asian region. Opening a current account with Maybank is an easy task provided you meet all the requirements and have the necessary documents so that you do not meet any roadblocks during the process.

In this guide, we will dive a little deeper into how to open an actual Current Biz account in Maybank with a simple step-by-step guide.

Let’s jump right in.

 


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Here’s what you need to do before the application process:

  1. Make sure your company is registered with SSM.
  2. Have an introducer.  He or she can be an individual or non-individual (eg. company, partnership, etc.) who has a current account with Maybank for more than 12 months. 
  3. Prepare a minimum initial deposit of RM500 into the account.

 

The documents you need:

  1. Original MyKad for Malaysians.
  2. Memorandum and Articles of Association certified by the Secretary of the company.
  3. Original copy of Certificate of Incorporation (Form 9) certified by the Secretary of the company.
  4. A list of Directors and Secretary (Form 49) certified by the Secretary of the company.
  5. Return of Allotment of Shares (Form 24) certified by the Secretary of the company.
  6. Registered office address (Form 44) certified by the Secretary of the company.
  7. Resolution from Board of Directors to open account & list of authorized signatories.

 

Note

If you’re unsure of whether you have any of the documents above except for the MyKad which you MUST have, then bring what you have regarding your business such as your SSM certificate as well as any other SSM-related documents. This is particularly useful especially if you’re a small business owner where you might not have a secretary of your own to certify the documents. Thus, just bring all that what you have about your business. It’s better to be prepared with all the documents that you have rather than making a round trip back and forth for each document. 🙂 You can also call one of Maybank’s representatives to get prepare the documents they would want especially if a Maybank is far from where you live and you would not want to make a trip back.

 

 

How to Open a Maybank Current Biz Account: 5 Steps

 

  1. First and foremost, try and locate any Maybank branch closest to you to apply for a current account.
  2. Next, ask for a business current account application forms. More specifically, the type of account will be called Basic Current Account For SME. Just ask for that. Once you get the form simply fill and complete it.
  3. Great! Now, this is the part where your introducer comes in. It’s best if you can have them with you when you go to the bank. If this is not possible, then you can bring the form back home and have them complete it. This is because, either way, you’ll need their signature which has to be done in-person.
  4. Additionally, you will also require your own company rubber stamp for the application form. It’s pretty easy to get one and usually, it doesn’t cost more than RM10-15.
  5. Finally, you need to make sure that yourself as the head of the company be physically present at the time of submission of the forms. All directors and authorized persons must physically present at the bank. If you’re in a partnership, then you’ll need to have your business partner with you too. 

That’s it!

 

Once you’ve completed the application forms, your account can be completed on the spot (the same day) as you will receive a number to approach a Maybank representative who will help you complete the registration and proceed to give you your own business bank account.

If let’s say, your application request has been rejected, you will not be given a reason for it. As opening a current account is the company’s internal and operational affairs, it is the director’s responsibility to make sure all are in order before applying to open the company’s bank account with the bank.

The company’s secretary will not be involved in or be responsible for any bank account application by the company or the director. The responsibility of the company secretary is to prepare and certify the board resolution along with the required documents for account opening the application.

You will be able to try and register once again but you will need to first and foremost make sure that you fulfill the requirements as well as make sure you’re not bankrupt yourself (which is one of the criteria)