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.
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 | 有 | 有 | ||
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“.