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guide for malaysian entrepreneurs to quickly open a uob business bank account online

3 Easy Steps To Open A UOB Business Account Online

📢 For full transparency, this post is a collaboration between MISHU and UOB.
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.

a business owner struggling due to long wait time for corporate bank account opening
Ten sunsets later and still no bank account.

That is why we are happy to share that UOB currently allows Malaysian SME owners to easily open a business account online!

This post provides an overview of the process, including:

  • Available business accounts types
  • Eligibility requirements
  • Required documents
  • Three steps to opening an account

Let’s begin.

Available business bank accounts

UOB currently offers two types of accounts under their Online Account Opening initiative, namely:

  1. Business Current Account/ Business Current Account –i
  2. 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.

Required documents

  • 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

Assuming you meet the eligibility requirements and have all the 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.

UOB sme app logo

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.

*Note: You will receive a courtesy call upon successful submission, and with that, your new account is activated – happy trading!

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.

promotional poster showing entrepreneur successfully opening uob business account online

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.

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2 thoughts on “3 Easy Steps To Open A UOB Business Account Online

  1. 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!

    1. 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

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