Foreigners opening bank accounts, businesses, MM2H or others.

Eligibility

• Hold permanent residence
• Work permit
• Malaysia My second Home (MM2H)
• Reference letter by Malaysian contact or company
• Above eligibility is not firmly set and some banks will permit opening account without any documents

Foreign business owners

There are 4 categories.

• Labuan work permit, 2 years (includes family members) under Labuan International company (ref. 2)
  • 100% foreign owned
  • Lowest paid up capital
  • No trade licence
  • No office
  • Within 90 days processing to get visa endorsement into passport
  • 3% corporate tax
• DP10 work permit under Malaysia Sdn Bhd
  • 100% foreigner owned
  • Eligible under director/ shareholder if > RM 500,000 shares
  • Paid up capital > RM 1 mil
  • Require permit whole, retail, trade (WRT) licence, 2 to 3 for approval
  • Total between 6 to 9 months
• DP10 under JV
  • Paid up capital RM 350,000
  • WRT exempted if partner holds >50% share
  • Takes 2 to 3 months
• Regional or representative office (without trade activity).

MM2H

Malaysia My second Home (MM2H) is for foreigners to stay in Malaysia for as long as possible on a multiple-entry visa pass. It is for 10 years, renewable. Visa holder can bring in family members as dependent.

Things to note

• Foreigners can purchase condominium and apartment at RM 600,000 onwards

Reference

1. Bank accounts. How to open a bank account in Malaysia (https://www.justlanded.com/english/Malaysia/Malaysia-Guide/Money/Bank-accounts)
2. Malaysia work permit for foreigners (http://malaysiabizadvisory.com/malaysia-work-permit-for-foreigners/)
3. MM2H (http://www.mm2h.gov.my/index.php/en/)
4. Budget 2020. Lowering the threshold for foreigners will address property overhang, says PM (https://www.thestar.com.my/news/nation/2019/10/11/budget-2020-lowering-the-threshold-for-foreigners-will-address-property-overhang-says-pm)