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Basic Guide to Individual and Corporate Bank Account Opening in Indonesia

 

 

Let 3E Accounting Help You Open Your Bank Account in Indonesia

This guide to individual and corporate bank account opening in Indonesia will assist individuals and businesses who intend to set up a business in this country.

 

About Bank Accounts Opening in Indonesia

Legal and natural persons can open a bank account in Indonesia. The most common types of accounts are:

• Savings account
• Deposit account
• Checking account

 

Several banks offer both foreign currency and rupiah savings account. The most common foreign currency in Indonesia is the US dollar.

The advantages of each account type are as follows:

• Savings Account – ATM facility as well as debit and transfer facilities are available. Can be used to amass wealth.
• Checking Account – Making payments with demand deposit (GIRO) or cheques are possible.
• Deposits Account – Interests are much higher than savings account. Deposits can also be withdrawn and transferrable.

 

How to Open an Individual and Corporate Bank Account?

For individual and corporate bank account opening in Indonesia, you must meet the following requirements:

• Corporate Bank Account:
  • Completed bank application form and relevant supporting documents
  • Deed of Establishment & MOLHR Approval
  • Deed of Amendment & MOLHR Approval (if any)
  • BKPM Approval – Investment Coordinating Board Approval (for PMA company only)
  • Domicile letter
  • NPWP (Company Tax Number)
  • Nomor Induk Berusaha (Izin Usaha, Izin Lokasi)
  • List of Board of Director, Board of Commissioners and Shareholders
  • Copies of identity documentation of Director, Authorized Signatories and Attorney, if any, (e.g. Indonesia ID / Passport / KITAS card or KIMS temporary stay permits, or KITAP (permanent resident license)
  • Power of Attorney if your Director assigned someone to do the opening
  • A reference from a prior bank (if any)

   

  Some banks may require the original and copies of documents, and some may need ID from all Directors, Commissioners and Shareholders of your company. If your company has a President Director, he/she is required to sign the bank form to open the business account.

  The banks may also require that the Director/President Director of the company or the power of attorney appointed by the Director/President Director to be physically present at the bank for the bank account opening process.

  The initial deposits required for a corporate bank account fall within the following range:

  • IDR Rp. 1.000.000
  • USD 1.000
  • SGD 2.500
  • EUR 1.000
  • AUD 2.000
  • GBP 1.000
  • JPY 150.000
  • HKD 10.000
  • CHF 2.000

 

• Individual Bank Account:
  • Completed bank application form and relevant supporting documents
  • Only applicable with ITAP or ITAS foreign individuals (in-depth knowledge about local regulations is required)
  • Passport
  • Details of company that you are working for (Name, Address, Line of Business, Telephone number and your position)
  • NPWP/ Tax Number Card (if any)
  • If you are married, your marriage certificate (this apply if you don’t have a KITAS nor work in Indonesia but married to your spouse who has account with the same bank)

 

For each of the above you can request for an Internet Banking facility.

In general, the approval of a bank account is totally subject to the discretion of the bank and the bank reserves the right to ask for any additional information or documents or even require to meet up in person with any of the relevant personnel for the processing of the bank account opening.

 

Need Assistance?

At 3E Accounting, our professionals are well-versed about the local laws and regulations in Indonesia. We find the best possible approach to minimise delays and rejections in Indonesia Company Registration and Bank Account Opening, ensuring your business the best chance of success. For more information about individual and corporate bank account opening in Indonesia and our other services, contact us today.