Opening a Company Bank Account in Indonesia

To establish a business in Indonesia, it is advisable to open a dedicated bank account for your company. This applies to both local and foreign companies residing in Indonesia.

Fundamentally, Indonesia’s economy has shown significant growth in various sectors. Therefore, having a bank account in Indonesia not only demonstrates the company’s reliability but also serves as one of the requirements for company incorporation.

Opening a corporate bank account in Indonesia may seem easy, but there are various rule changes, especially from the Ministry of Finance, that make the process more complex.

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The Importance of Opening a Company Bank Account in Indonesia

Opening a Company Bank Account in Indonesia

This section is not just a requirement for company incorporation. By having a bank account in Indonesia, you can utilize other banking services to support your company’s operational activities.

Collaborating with financial institutions can reduce the burden on business owners and employees when dealing with financial administration. Financial institutions offer corporate accounts, which can provide businesses with various other business solutions. This can be beneficial for business growth or expansion.

Business owners need to know that no company can share a corporate bank account with another company in Indonesia. This is because each legal entity is unique and must have its own corporate account. One corporate account is not allowed for multiple company incorporations in Indonesia.

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Opening a Company Account in Indonesia

In essence, there are two situations related to opening a bank account: before establishing a Limited Liability Company (PT PMA) and after establishing a PT PMA. The difference lies in the fact that not all banks in Indonesia allow foreign companies to register a bank account before the incorporation process is completed.

Before Establishing PT PMA

Some mandatory documents required while you are still in the process of registering PT PMA include:

Tax Identification Number Card (NPWP)
Domicile letter
Deed of Establishment Business license (SIUP)
Identification cards of directors, shareholders, and signatories
Notarial letter stating that the approval of the Deed of Establishment from the Ministry of Law and Human Rights is still in progress
Lawyer’s letter

Within one month after the submission, the following documents also need to be submitted to the bank:

Deed of Establishment from the Ministry of Law and Human Rights SIUP
Photocopy of the Company Registration Certificate (TDP)

After Establishing PT PMA

Once PT PMA is established, you need to submit all the mandatory documents to the chosen bank. Almost all banks in Indonesia allow you to open an account after the PT PMA establishment process is completed.

Some documents that need to be submitted in photocopy form include:

NPWP card
Domicile letter
Deed of Establishment
SIUP
Identification cards of directors, shareholders, and signatories
TDP
Approval of the Deed of Establishment from the Ministry of Law and Human Rights

Requirements for Opening a Company Bank Account for Foreigners

Opening a Company Bank Account

If a foreigner wants to establish a PT in Indonesia, they can do so under the local representative arrangement. In such a situation, having a company bank account is crucial because it allows you to control the company by managing all cash flows.

The requirements for opening a company bank account in Indonesia for foreigners are relatively simple. Some of the necessary preparations include:

Initial deposit (the amount varies for each bank)
Original or copy of the required passport and KITAS (Limited Stay Permit Card)
Original or photocopy of business license and proof of identity
Original or photocopy of the company’s Tax Identification Number (NPWP)
Original or copy of the Deed of Establishment
Original or copy of the Articles of Association (if applicable) Business license
Domicile letter
Monthly account administration fees

Please note that the above requirements are general for opening a company bank account. There may be additional or different requirements depending on specific circumstances.

Various Documents Required to Open a Company Bank Account in Indonesia

Once the requirements mentioned in the previous points have been fulfilled, the next step is to prepare important documents. The various important documents you need to submit are as follows.

Photocopy of Tax Identification Number (NPWP) and Taxpayer Registration Certificate (SKT)
Photocopy of Domicile Letter from the building management or lease agreement
Photocopy of Deed of Establishment (AKTA)
Photocopy of Business Identification Number (NIB)
Photocopy of ID cards of all directors, shareholders, commissioners, and authorized signatories
Photocopy of Business License (Izin Usaha)
Photocopy of Approval Letter for the Deed from the Ministry of Law and Human Rights of the Republic of Indonesia (SK Kehakiman)

You must bring all the original documents for verification purposes by the bank officer. However, there is an exception for ID cards. If you are not allowed to travel, for example, due to a lockdown or closed borders, a video call will be conducted to verify those documents.

In addition to the aforementioned documents, you also need to fill out and complete the bank application form. Some banks may even require additional documents beyond the list mentioned above. The additional requirements can vary depending on your chosen bank. They will inform you which documents are needed when applying for a bank account.