Open An Offshore Business Bank Account In Malaysia| QX Trust | Offshore Labuan Consultants

Both Labuan and offshore companies are allowed to open business bank accounts in Labuan, Malaysia. It is relatively simpler and easier to operate offshore accounts than standard accounts. Further, the offshore jurisdiction Labuan offers varied options as more than 50 top banks operate in the region.

Though all companies are allowed to open an offshore business bank account, the financial institutions can reject an application. In general, banking services are not provided to politically exposed persons because of risk to the bank’s reputation. Further, banks deny the opening of accounts if they have doubts about as regards the source of funds.

Procedure to be followed for opening an offshore business bank account

  • The application form for opening an account which is duly filled in
  • Signed/verified bank specimen cards
  • One notarized copy each of Certificate of Incorporation as well as Articles of Association
  • A certified copy of the passport issued by the government
  • Bank or professional reference – When it comes to bank reference, the preference is for international banks; some banks do not insist on references from international banks; however, the reference letter should clearly state the type of business account held, relationship details, and how the banking conduct was
  • Prospective account holder’s curriculum vitae
  • A description as to what kind of business is being carried out
  • Profile of the company
  • Cash flow projection, source of funds, and reason for opening an offshore business bank account in Labuan, Malaysia

As different banks have different requirements, it is important to have a clear idea before starting the account opening process. The physical presence of the prospective account holder is necessary, but it would be of great help for future dealings.

The time required to open an offshore business bank account ranges a few working days to about three weeks. In Labuan, local banks, Islamic banks, international banks, commercial banks, conventional banks, and private banks are available. The initial deposit demanded by international banks is often much higher.

QX Trust Co. Ltd - The One Stop Solution to setting up your Business Venture in Malaysia

QX Trust, licensed by the Financial Services Authority in Labuan, is your one-stop-shop for setting up an offshore bank account in Malaysia. Our founders, as well as the team members, are highly experienced and professional when it comes to providing a wide range of services for setting offshore Labuan companies and opening bank accounts.