|
Q：
|
How long does it take to incorporate a company in Malaysia?
|
|
A：
|
Typically, company incorporation can be completed within 1 to 3 working days upon submission to the Companies Commission of Malaysia, provided all the required information and documents are complete and in order.
Where the incorporation is handled by corporate service providers, Customer Due Diligence (CDD) must be completed before the submission of the incorporation application, as these providers are considered reporting institutions under AMLA (Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. Without successful CDD, the service provider cannot proceed with the incorporation.
|
|
Q：
|
Does incorporation mean the company is ready to operate immediately?
|
|
A：
|
Not entirely. While the company is legally incorporated, it is still required to complete certain post-incorporation steps, such as opening a corporate bank account, before it can commence full operations. Additionally, the company should also ensure that all relevant licenses or approvals required for its specific business activities are obtained prior to starting business operations.
|
|
Q：
|
How long does it take to open a corporate bank account?
|
|
A：
|
The process typically takes approximately 4 weeks from the date a complete set of required documents is submitted to the bank. However, this timeline is subject to change based on the bank’s internal due diligence procedures and the complexity of the company structure.
|
|
Q：
|
What factors may delay the bank account opening process?
|
|
A：
|
The bank account opening process may be delayed due to the following factors:
-
Enhanced due diligence required particularly for companies with complex ownership structures
-
Incomplete or inconsistent documentation submitted to the bank
-
Physical presence requirements for directors and signatories
-
Additional requests for supporting documents by the bank
|
|
Q：
|
Can the incorporation and bank account opening processes be carried out simultaneously?
|
|
A：
|
No. The bank account application can only be submitted after the company has been successfully incorporated. Banks require the official Certificate of Incorporation and the latest statutory records to perform their mandatory internal due diligence and preliminary assessment before deciding whether to onboard the company.
|
FAQ
