Onshore bank and Offshore bank

Finally, when opening a corporate bank account, which bank to choose is an item to consider, but before that, the question of whether to use onshore or offshore and how to use the two differently is also an important issue.

Bank

We can provide advice at the incorporation stage, as the needs of each are different, such as business settlements, investment settlements, etc. The differences between onshore and offshore banks are as follows: –

 

Onshore bank Offshore bank
Target customers Target local customers

(Malaysian residents)

Target global customers

(non-residents of Malaysia)

Transactions covered Domestic and international transactions International transactions only
Branch counter Yes No
Currency type Malaysian ringgit and foreign currencies Foreign currencies
Payment method Face-to-face or by telephone, fax, email, cheque, internet banking, etc. By telephone, fax, email, cheque, internet banking, etc.
Transfer fee  Domestic remittance → Domestic remittance fee
International remittances → International remittance fees
International remittance fees
Minimum deposit amount Tend to be low overall Tend to be higher overall
Tax incentives Not applicable Applicable
Exchange control regulations Applicable (treated as resident) Not applicable (treated as non-resident)

We can assist you in opening a corporate account as follows: –

 

Banking information comparison
Onshore bank (Malaysia)
S Bank O Bank U Bank A Bank
Initial deposit 10,000 USD 10,000 USD 10,000 USD 10,000 USD
Interviews with bankers YES YES YES YES
Minimum deposit amount 10,000 USD 10,000 USD 設定無 設定無
Other features Corporate Debit Cards Corporate ATM Cards N/A Corporate Credit Cards
Internet Banking YES YES YES YES
Necessary documents Personal Resume Personal Resume Personal Resume Personal Resume
Offshore bank (Labuan, Malaysia)
K Bank A Bank F Bank M Bank
Initial deposit 10,000 USD 10,000 USD 10,000 USD 25,000 USD
Interviews with bankers NO NO YES YES
Minimum deposit amount 10,000 USD 10,000 USD 10,000 USD 25,000 USD
Other features N/A N/A N/A N/A
Internet Banking YES NO YES NO
Necessary documents 1) Bank Reference
2) Business Plan
3) Personal Resume
1) Bank Reference
2) Business Plan
3) Personal Resume
1) Bank Reference
2) Business Plan
3) Personal Resume
1) Bank Reference
2) Business Plan
3) Personal Resume
Singapore Bank
O Bank R Bank
Initial deposit 30,000 USD 80,000 USD
Interviews with bankers YES YES
Minimum deposit amount 30,000 USD 80,000 USD
Other features Corporate Debit Cards N/A
Internet Banking
Necessary documents 1) Various documents to prove business transactions, such as contracts and invoices
2) Personal Resume
3) Questionaire
1) Personal Resume
2) Questionaire

The use of Labuan cormpany differs according to client needs, and likewise, the types of accounts that should be utilised vary.

When we receive enquiries from customers, we listen to what they want to achieve by using Labuan and, based on our practical experience as a trust business operator, we will also “understand the problems you are currently facing, present solutions and concrete ways to use the Labuan“.