Whether you are kickstarting a side hustle or an ambitious venture, it is important to keep all your business money matters in order.

After successfully registering your business, one of the foremost tasks is to apply for a business bank account. Business current accounts today offer many features specifically created to help small and medium enterprises (SMEs) keep up with the needs of modern trade, giving the seedling that is your venture a solid foundation for growth before it flourishes in full bloom.

Why do you need a business account?

A dedicated business account is essential to officiate your business, in addition to conveying professionalism and establishing credibility before your various stakeholders.

Besides making your accounting more efficient, a separate business account also comes with benefits such as competitive processing rates for payments and tax benefits exclusive to businesses.

Opening a business account also addresses several main challenges small businesses face in today’s highly competitive market, particularly by improving their financial planning, enabling digital adoption, and opening new doors to finance business growth.

1. Better financial planning and management

Separating your personal and business finances enables you to clearly monitor the flow of your business transactions. By practicing organised bookkeeping and establishing financial boundaries, you can stick to your budget more effectively with better control over cost cuts and resource allocation.

2. Digitising business processes

Business accounts come with digital solutions to streamline your business processes, freeing up valuable time for highervalue activities. The OCBC eBiz Account comes with financial tools for cash flow management, sales e-invoicing, and bill einvoicing, accelerating your payments and collections without the need to obtain additional, external software.

When integrating with third-party digital tools, linking a business account is also preferred over a personal account for better clarity.

3. Accessing financing opportunities for growth

Having a business bank account provides easier access to financing facilities like loans, overdrafts, and government grants. It enables a more forward-looking understanding of your business’ credit worthiness and revenue patterns, resulting in a more accurate evaluation from relevant institutions.

Additionally, the more organised your finances are, the easier it is when preparing documents for an application.

For considerations on how to choose the right bank account for your business, refer to our article ‘Opening a Business Bank Account: 4 Things to Look for’.

What do you need to open a business account?

Now let us take a look at the information and documents you need before we get to applying. These documents verify the legitimacy of each individual partner and the business itself. Take note that requirements may vary between banks.

To open a business bank account, you will need:

• A business bank account application form

• A letter of introduction (not required for certain accounts)

• Details of your registered business (e.g., registration number, name, type, address, etc.)

• Details of all partners and directors (e.g., NRIC, contact information)

• Photocopies of MyKad/passport of all partners and directors

• Digital signature or image of signature for online application

• Documents from the latest 3 months bearing the registered business name and address

Requirements for Private Limited Companies (Sdn. Bhd.)

You may also need certified true copies of the:

• Resolution from the board of directors to open the account

• Company’s Constitution (S32)

• Certificate of Incorporation (S17) or Notice of Registration (S15)

• Notification of Change in the Register of Directors, Managers, and Secretaries (S58)

• Return for Allotment of Shares (S78)

Ready to begin?

Once all preparations are in place, you can now decide on your bank of choice to best serve your business needs.

Designed for Malaysian-owned SMEs with up to 2 partners or directors, the OCBC eBiz Account caters excellently to modern entrepreneurs navigating their opportunities in the digital age. With a quick and secure 100% online application process, you can set your business in motion without substantial time commitments or large initial deposits traditionally needed to open a business bank account.

The eBiz Account also includes indispensable digital banking tools for fast-paced, data-driven commerce, along with additional business tools to assist you in streamlining your operations.

Here is why the eBiz Account is ideal for your small business:

• Simple and convenient online application

• Only requires a low initial deposit of RM500

• Receive card QR payments from your customers

• Comes with business debit card for safe and cashless transactions

• Comes with digital tools for internet and mobile banking, and business financial management tools

How to apply for an OCBC eBiz Account?

STEP 1: Submit an application online (processing time: 3-5 working days)

Fill and submit our online application form, which will require images of your MyKad and signature, along with information about your business and its partners.

Refer to our complete guide for detailed steps and documents required for an eBiz Acccount. After submitting your form, the application will be automatically sent to your other partner or director (if any) for completion.

STEP 2: Verify your identity online via the eKYC portal (processing time: 1-2 working days)

The eKYC process will be available for 7 calendar days following the submission of your application form. This process can be done on desktop or mobile, and requires your original MyKad (both sides). For additional details about the eKYC process, refer to this FAQ.

STEP 3: Activate your account – yes, online too

Once you have received confirmation that your application is successful, the final step is to activate your account by performing an online credit transfer.

For businesses with more than 2 partners or directors, opt for the MYR Business Current Account, which offers equally or more attractive features and benefits.

For further guidance, consult with an expert from the OCBC team. We are here to assist you in making a well-informed decision.