Acclime helps you set up, manage & advance your business in Indonesia and beyond.
This article will guide you through what you need to know about successfully opening a corporate bank in Indonesia.
Once the company registration process is complete, you are then required to open a corporate bank account, which Indonesia provides a variety of bank options ranging from local banks to international banks.
Let’s take a look at the requirements and considerations to make.
Top banks in Indonesia
The three main local banks in Indonesia that you may consider opening a corporate bank account are:
- Bank Mandiri
- Bank BRI
- Bank BCA
Some international banks in Indonesia include:
- United Overseas Bank (UOB)
- Bank of China
- Standard Chartered Bank
What to consider when choosing a bank
Before you decide which bank you want to open an account with, there are a few factors that you should consider, such as:
- Availability of internet banking
- Ease of making transactions
- Minimum deposit requirements
- Monthly fees
- Services and facilities provided
- The bank’s reputation
- Types of currencies you will be transacting in
Requirements of opening a corporate bank account in Indonesia
The requirements for opening a corporate bank account in Indonesia may differ from bank to bank. However, the requirements that nearly all banks require include:
- An initial deposit of IDR 1 million
- A minimum balance of IDR 10 million at the end of the month
- Retained balance of IDR 10,000
- A copy of the Indonesian identification card or passport for Indonesian citizens
- A copy of the passport or KITAS (stay permit) of foreign individuals
- A copy of the business permit and proof of identity of business owners for individual businesses
- A copy of the tax identification number (NPWP), deed of establishment and articles of association for non-individual businesses
- Monthly account administration fee of IDR 11,500
- Business license
- Domicile letter
Additional documents required for foreign-owned companies are a completed and signed application form, relevant supporting documents, tax registration number, certificate of incorporation, Business Identification Number and OSS Business License.
Representative offices can also open corporate banks, which would require the company registration certificate, business license and tax registration number.
If your PT PMA company’s registration is not yet completed, you can still open a corporate bank account to save time. The downside of this is that not all banks can do this for you.
The documents you will need are:
- A copy of the domicile letter
- A copy of the Business Identification Number (NIB)
- A copy of the OSS Business License
- A copy of the identification card of all members of the board of directors, shareholders and authorised signers
- A copy of the tax identification number
- Letter of attorney from the shareholders, board of directors, commissioners and authorised signers.
- Signature of shareholders, board of directors and commissioners on all pages of the documents
- Cover note from the notary public stating that the approval of the company deed of establishment is still in progress at the Ministry of Law and Human Rights.
The following documents should be presented to the bank no longer than one month after applying for the bank account:
- Approval of deed of establishment from the Ministry of Law and Human Rights
- BKPM investment registration letter
- A copy of the company registration letter
Listed above are the general documents bank will require, some banks may have other specific requirements.
Some facilities of corporate bank accounts in Indonesian banks include foreign currencies such as dollars, ATM, E-Banking services, SMS banking and internet banking.
How long does it take?
It does not take long to open a corporate bank account in Indonesia; it can take one day if you have the required documents of the bank prepared and ready. However, some banks may take up to five days because of different regulations.
Anti-money laundering and combat terrorist financing policies
Banks in Indonesia are required to have policies and procedures regarding the anti-money laundering and prevention of terrorism financing programmes. This comprises of:
- The identification and verification of the customer
- The identification and verification of a beneficial owner
- Termination of business relationship or rejection of a transaction
- Maintaining accurate data regarding the transaction, administration of customer due diligence progress and administration of policies and procedures
Banks must conduct customer due diligence when:
- Engaging in business relationships with prospective customers
- There is a financial transaction in IDR or foreign currencies with a minimum of or equivalent to IDR 100 million
- There are suspicious financial transactions involving money laundering or terrorist financing
- The bank doubts the validity of the information provided by the prospective customer, customer and/or proxy
You can always engage with Acclime’s services to ensure that the process of opening a corporate bank account in Indonesia is completed smoothly.
Acclime helps established multinational companies and startups start and operate their business in Indonesia and beyond. By seamlessly navigating our clients through the complexities of the local regulatory systems, we maximise opportunities while ensuring compliance and good governance.