EXPERIENCE IS THE TEACHER OF ALL THINGS
-Julius Ceaser

Sunday, August 07, 2011

ESTABLISHING THE COMPANY’S BANK ACCOUNT

A business can’t run without money. So when you decided to start a business, you must have some savings to be turned into your capital. Savings alone is not proper if there is no transactions being done.

After you have registered your company with the Registrar of Companies, your next step is to open a bank account. For companies, clubs, organisations etc. the owner or person responsible can open an account with the bank of your choice. A word of advice is to choose your favourite bank or bank near to you since it would be easy to manage. I am writing this post as a newbie and relating my experience going through all those steps of running a business.

I open an account with CIMB Bank at one of the bank’s branch in Kuala Lumpur. Oops…… but before you can open an account, make sure your newly set up company has the official rubber stamp or cop. Ordering one is not difficult and can be ready within a few days. The rubber stamp will be your company’s identity to be used on any dealing with your bank account. It is usually rounded. I ordered mine for RM10.00.

Get the respective Forms from the bank and as with my account it is the CIMB Islamic. I was told that it is much better to open an Islamic Current Account because there is Mudharabah (profit sharing) s compared to interest in conventional account.

For the purpose of application, get ready a photostat copy of your MyKad, Company Registration Certificate and Company Chop. Of course la the money. For my account I have to deposit RM1k and that will be my start up capital. If the account is to be signed too, by your partner, he/she has to be present with the photostat copy of the MyKad to deliver his/her signature specimen.

After the bank approved your application to open an account, deposit RM1k (not sure of other banks, but I think that is standard) and I was told to come back after three days to collect my cheque book.   

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