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Open an Offshore Bank Account with UOB Malaysia

The United Overseas Bank or UOB was established by Datuk Wee Kheng Chiang and incorporated in 1935 under the name United Chinese Bank. However, the directors of the bank changed the name to UOB in 1965. One of the main reasons Datuk established the bank was to provide comprehensive financial services to the Fujian community. Nonetheless, since that time, the bank has managed to evolve through acquisitions. It is now one of the biggest banks in the region. It has a substantial network of more than 500 offices all across the Asia Pacific, North America, and Western Europe.

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The United Overseas Bank or UOB was established by Datuk Wee Kheng Chiang and incorporated in 1935 under the name United Chinese Bank. However, the directors of the bank changed the name to UOB in 1965. One of the main reasons Datuk established the bank was to provide comprehensive financial services to the Fujian community.

 

Nonetheless, since that time, the bank has managed to evolve through acquisitions. It is now one of the biggest banks in the region. It has a substantial network of more than 500 offices all across the Asia Pacific, North America, and Western Europe.

 

1. UOB Malaysia

UOB Malaysia was incorporated in 1993 but has had a presence in the country since 1951. The bank is committed to creating sustainable financial relationships with customers worldwide through its market and product expertise. As it stands, UOB Malaysia boasts of having the largest branch network in the country, with over 45 of them in operation.


uob bank

 

2. Benefits of setting up a UOB offshore business bank account

 

A UOB offshore business account allows its holders to maintain a low minimum daily balance of $5,000 and gain free access to UOB Infinity, a digital banking platform for businesses. Holders also enjoy free and fast account transactions. The UOB offshore business bank account also provides users with free bulk GIRO payroll transactions and round-the-clock banking.

 

3. Documents required for opening a UOB offshore business account

 

In most cases, any business entity wishing to open an offshore UOB business bank account will have to provide documents like a resolution notice from the board of directors, a company profile, a company certificate of incorporation, proof of address, and any other additional documentation required by the bank on a case-by-case basis.

 

4. UOB business bank account set up fees

 

The costs of setting up a UOB offshore business account are as follows:

  • $1,000 for the initial deposit

  • $15 for monthly maintenance costs for accounts with a minimum      daily balance of less than $5,000. However, this fee is waived for the      month the applicant opened and the 11 months after that.

 

5. Process of opening a UOB offshore business account

 

The first step in opening up this sort of UOB business bank account is to make an application to the bank. You will then need to present all the relevant documents required by the bank and pay all the associated fees associated with the kind of account you want.

 

In some cases, the prices may vary a bit due to any additional classes you may include in your application. It is also important to state that unlike in previous years where you physically had to visit one of their branches, people and corporations can now apply to UOB via their online banking platform. This is the outbreak of the COVID-19 virus, which has forced UOB to change some of its practices and most of the other major banks operating in the region.

 

FAQs

 

Q1. Can I open a UOB offshore business bank account remotely?

Yes, you can. With the COVID-19 wreaking havoc all across the globe, UOB has adapted some of its policies. This was to allow local and international clients to open accounts with their bank via their online platforms. This means that you can submit your documents from where you are, conduct video conferencing calls with bank officials, and make phone call inquiries regarding account opening matters.

 

Q2. What benefits are there with a UOB offshore business account?

Various benefits come with having a UOB offshore business bank account, including 24-hour banking privileges, tax-saving measures, and the use of foreign currencies when transacting.

 

Q3. Are there any charges for opening a UOB offshore business account?

Yes, they are. When making your application, the bank will inform you how much you need to pay in terms of the initial deposit and monthly and annual maintenance costs. This is based on the kind of account you are applying for, but the rule of thumb is that any additional classes will lead to further charges.

 

Q4. What kinds of documents are needed when applying for an offshore UOB business bank account?

In most cases, when filling out the account opening application form, there will be a section highlighting the documents you need to submit to the bank for review.


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