While we do earn a small referral fee, we endorse this first and foremost as it genuinely benefits SME owners – a win-win for all 🙂!
As mentioned in our guide to evaluating banks in Malaysia for SME-friendliness, speed of account opening is vital.
After all, smaller businesses often cannot afford to wait lengthy periods for banks to approve their account.
That is why we are happy to share that UOB currently allows Malaysian SME owners to open a business account online easily!
This post provides an overview of the process, including:
- Account types available
- Eligibility requirements
- Documents required
- Three steps to opening an account
We make it sound complicated, but all it takes is just three simple steps!
Let’s begin.
Account types available
UOB currently offers two types of accounts under their Online Account Opening initiative, namely:
- Business Current Account/ Business Current Account –i
- Foreign Currency Account (limited to existing customers)
Eligibility requirements
Anyone is eligible provided they have a registered Malaysian-owned Enterprise, Conventional Partnership, or Sdn Bhd.
For Sdn Bhds, there are three additional requirements:
- The applicant must be a director who is an Approved Signatory and Approved Person
- There can be a maximum of five directors
- All company directors must be Malaysian
Unfortunately, this initiative does not extend to Limited Liability Partnerships, though LLP partners can still open an account by visiting a UOB branch.
Documents required
- Updated SSM company profile
- MyKad with 80k chip, issued after January 2012
- (For traders / wholesalers) Business supplier and buyer information
- (Optional for Sdn Bhds) Certified true copy of Memorandum & Articles of Association (M&A) / Company Constitution
Readers with a pre-2012 MyKad can get an upgrade from MYEG.
Your business profile can be accessed via the SSM e-Info portal.
3 steps to open your business account
If you meet the eligibility requirements and have all necessary documents on hand, the registration process will be done via the UOB SME App which can be downloaded via Google Play or Apple App store.
Step 1: Verify your identity by taking a photo of your MyKad and a selfie.
Step 2: Provide details about your business*.
Step 3: Perform a RM100 DuitNow transfer from your non-UOB personal account to your new account.
Let UOB serve your business banking needs
MISHU has worked with UOB for some time, and having seen their dedication to SMEs, we wholeheartedly recommend them to Malaysian business owners of all sizes.
Good Day to you!
1. Can Foreigners register SDN. BHD. In Malaysia?
2. What are the terms and conditions and requirements for Foreigners register SDN. BHD. In Malaysia?
Thanks!
Hi Jordan,
We know we’ve already replied to your initial comment, and just wanted to wish you good luck again 🙂
Sincerely,
The MISHU Editorial Team