I’ve done this, though some years ago. I could recommend the agent I used though there are plenty with websites.

Once you receive an “Approval Letter” you’re able to open a bank account, in which you would transfer in funds and place the Fixed Deposit. At that point you can open other accounts as you like.

Surprise, I just received this from a friend: “no physical presence is require to open an (offshore company) account with Fidelity Asia Bank”

@manu: the international banks (like HSBC) should be OK, I guess. No?

I am working on the same thing (offshore company in Labuan with bank and PayPal accounts).
It seems one has to involve a local service provider (called …trust…) to set up a company there. Later a local secretary and a registered office is needed. I could not decide for any of the providers yet. I am still waiting for replies coming in this week (after the holiday).
It seems set-up service costs from US$ 2700. It take 2-3 working days till the bank account can be set up (assistance to do so included in those service costs). 1st year secretary and registered office are included too and cost $2400 from the 2nd year. Auditing is required to pay 3% tax on the the profit. Auditing is not required if the company opts for paying 20ooo MYR flat (around US$5000)
What are your findings, @nomadsanddrifters?

Banks are not much better here in Malaysia. And Labuan needs minimum capital now if you want work permits. So not as good a deal as it used to.

If you still want referrals, better PM me instead of discussing in public.

@Lena Everything you need to know about Penang http://smartmoneysmartliving.com/2016/05/22/penang-a-new-hub-for-digital-nomads/

If you don’t like big cities, forget KL… I lived recently in both places for 1-1 month, and wouldn’t recommend KL for that long. Even in Penang I recommend choosing a calm place like Gelugor and first stay for a week then decide whether you like it or not.

Thanks everyone for the kind replies. We decided to give KL a shot and stay there for 3-4 weeks, but spend the majority of our time in Georgetown.

I would recommend Penang (Georgetown) over KL any day. Penang is really cute and does not have a “big city feel” to it at all. It’s also a food paradise for us vegan/vegetarians - some of the best Indian food (and i’ve been to India) I’ve had in my life has been in Little India, Penang.

Hi Lena

I was in KL for the last three months and one week in Penang after that. Basically I liked Penang. But I have only seen the heritage area where I stayed in a boutique hotel for 100 MYR a night (would have been 120 but I got it cheaper). I didn’t check out the newly opened co-working space (forgot the name) as I didn’t have much time and there was pretty good wifi in the hotel. I think you can save time of commuting if you stay in Penang, compared to KL. Especially if you don’t like big cities (unlike me ) it makes sense to go to Penang. Things are cheaper there (not sure about apartments), air is better, sea is closer and nicer (didn’t check out beaches though), traffic is ok (especially in the heritage area which is really quite and relaxing, as well as pretty!).

In KL I found a modern and nice apartment for 2500 MYR near the skytrain (LRT) in Petaling Jaya, about 20 min away from the main station, but not through Airbnb as they are usually more expensive on there. I found an agent which was willing to find an apartment for me. Normally they don’t do below 6 months, but she negotiated with the owner and got it for 2,5! If you want her contact, let me know. A few pics on my German language blog post here: https://www.addor.ch/phil/kl-living/

Philippe

I"d be interested to know too. I’ve been to KL a few times so was thinking about a few months in Penang next year. From looking on Airbnb, a decent apartment is easier to get in KL but I have no idea what it’d be like when you are on the ground.

I have found KL a very easy city to settle into and had no trouble with wifi but then I’ve only needed light usage.