How to open a Current Account

How to open a Current Account

To open a Current Account, an Introducer is required. The Introducer must have the following criteria :-
  • The Introducer can be an individual or non-individual (eg. company, partnership, etc.) having good knowledge of the applicant and be present at the Account Opening branch.
  • Maintains an active Current Account with Public Bank for more than 12 months.
  • Maintains a good track record without any Dishonoured Cheque (DCHEQS) offence and no frequent representation of cheques.
  • Must not have committed any act of bankruptcy or been subject to any resolution or petition for winding up or insolvency.
When opening a Current Account, you are required to :-
  • Furnish the particulars required to open the account and declare that all the information is correct.
  • Undertake to inform the Bank of any changes to your details.
  • Provide the Bank with all such documents/forms, as may be prescribed by the Bank, together with your specimen signature for sighting/verification by the Bank's authorised officer.
a) Individuals
  • Identification Document (e.g. MyKad, MyTentera, Passport, etc.) of all individuals operating the account.
  • For a non-resident individual, he/she must fulfill one of the following conditions and must produce the relevant supporting documents.
  • A valid work permit and a confirmation letter from the employer.
  • A valid student pass and a letter of referral from the College/Institute.
  • A valid Marriage Certificate if the applicant is married to a Malaysian.
 
b) Sole-Proprietorship/Partnership
  • Business Registration Certificate [Perakuan Pendaftaran] (Form D).
  • Business License Forms (2 pages)
  • Business Information/Maklumat Perniagaan (Page 1).
  • Latest Owner Information/Maklumat Pemilik Masa Kini (Page 2).
  • Identification Document (e.g. MyKad, Passport, etc.) of the sole-proprietor/partners.
 
c) Private Limited Companies
 

For Companies Incorporated under Companies Act, 2016

  • Section 17 - Notice of Registration.
  • Section 14 - Application For Registration Of A Company.
  • Section 58 & 236(2) - Notification of Appointment of the First Company Secretary.
  • Company's Constitution (Memorandum & Articles of Association) [Mandatory for companies limited by guarantee to have a Constitution].
  • Resolution of the Company's Board of Directors (duly certified by the Chairman and the Secretary of the Company) specifying the following:
  • Appointment of Bank and Branch to open the Current Account.
  • Names and specimen signatures of the Officials/Directors/Signatories.
  • Method of signing (mode of operation) and endorsing cheques, bills and promissory notes.
  • Authority to overdraw the account.
  • Specimen of Chop or Rubber Stamp of the Company.
  • Undertaking by the Company to notify the bank via certified Resolution of all future changes affecting the mandate.
  • Authority to transfer funds from the Account to any other account on behalf of the Company.
  • Identification Document (e.g. MyKad, Passport, etc.) of the directors/signatories.
 

For Companies Incorporated under Companies Act, 1965

  • Certified Copy of Certificate of Incorporation (Form 9) (Original Certificate to be sighted by the Bank).
  • Certified Copy of Memorandum & Articles of Association.
  • Certified Copy of Latest Form 24 (Companies Act, 1965) - Allotment of Shares.
  • Certified Copy of Latest Form 49 (Companies Act, 1965) - Particulars of Directors, Managers and Secretaries.
  • Resolution of the Company's Board of Directors (duly certified by the Chairman and the Secretary of the Company) specifying the following:
  • Appointment of Bank and Branch to open the Current Account.
  • Names and specimen signatures of the Officials/Directors/Signatories.
  • Method of signing (mode of operation) and endorsing cheques, bills and promissory notes.
  • Authority to overdraw the account.
  • Specimen of Chop or Rubber Stamp of the Company.
  • Undertaking by the Company to notify the bank via certified Resolution of all future changes affecting the mandate.
  • Authority to transfer funds from the Account to any other account on behalf of the Company.
  • Identification Document (e.g. MyKad, Passport, etc.) of the directors/signatories.
 
d) Limited Liability Partnership (LLP)
  • Notice of Registration of the LLP [Perakuan Pendaftaran] issued by Registrar of LLP.
  • Register of the names, particulars and address of each Partner and Compliance Officer.
  • Approval Letter from the Professional governing body to form a LLP and a valid Professional Indemnity Certificate (applicable for Professional Practice LLP only).
  • Resolution passed according to the terms as stated in the LLP Agreement OR by a majority of the partners of the LLP resolving the following.
  • Appointment of Bank and Branch to open the Current Account.
  • Names and specimen signatures of the Authorised Signatories.
  • Method of signing (mode of operation).
  • Identification Document (e.g. MyKad, Passport, etc.) of the partners/signatories.