Looking for advice regarding loan application

Hi! I've been living in Malaysia for more than 20 years. Married to a Malaysian and with kids and running my own business.  I'm a holder of Red IC and is eligible to apply for Blue IC but I do not want to give up my citizenship for personal reasons, (I guess we are all aware that Malaysia does not permit dual citizenship).

I have applied for credit cards to most of the banks including my business banker but have been rejected for reasons I do not know. I also have applied for loans but have been turned down as well. One bank did tell me that rejection for my loan application is because I am not a Malaysian. Fine... but I am running legitimate business and has been duly paying taxes. My CTOS report is also clean. Ah yes, my friends jokingly said that maybe it's too clean.  :D

I've read somewhere here that the most possible way to get credit card is to have at least a monthly salary of RM 10,000.00 or make an FD which will be the same amount of your credit limit. Can anyone confirm this?

Do banks not consider any other reason such as the length of years one has been living here or the ability to pay back.

Note: main reason for trying to apply for financing is expansion of business.

Yes foreigners are now asked to place a FD covering maximum credit limit to get a CC issued by Malaysian banks. In effect a person is just sponsoring their own credit.

I've only seen loans based on collateral such as cars or property. If you have a Company Secretary and Accountant they may have advice where business loans could be sourced. However it might be through involving other investors (partners) in your business

Thanks. Our company Secretary has been very helpful in all our financing applications but it is really not easy. It looks like the only alternative is to sell the major shares to a Malaysian.

you dont have to sell off the shares for real.
you can find a proxy and get them to pre-sign all the share cert transfer back to you as well as the director resignation forms. that way if they cause trouble, you just need to get the co.sec. to immediately submit all the forms to effectively remove the proxy
everyone knows that.

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