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How to Open a Bank Account in Indonesia

Corporate bank accounts are essential for any company in Indonesia as it is part of the incorporation process. A company cannot share its corporate account with another company.

Documents required to open a bank account in Indonesia 

1. The Company itself requires the following documents:

  • Deed of Establishment;
  • Decree of Ministry of Law and Human Rights;
  • Business Identification Number;
  • Tax Card; and
  • BKPM Approval.

2. Shareholders

  • Individual:
    • Passport; and
    • Proof of address.
  • Entity:
    • Certificate of Incorporation;
    • Memorandum & Article of Association;
    • Latest Profile/Company Extract (which indicate the structure of Company: Shareholders, Director, Address, etc);
    • Company structure (which indicate the Ultimate Beneficial Owner/Individual ownership with ≥ 10% shares of the Company); and
    • Passport of each individual Shareholder.
  • Director
    • Passport of all Director and the signature page on the passport to validate their signature on the resolution; and
    • Details of the Director: email, mobile number, address.
  • Commissioner
    • Passport of all Commissioners and the signature page of their passports to validate their signature on the resolution.

Procedure for opening a corporate bank account

The procedure of opening a corporate account is as follows:

1. Send all the required documents for Bank review.

2. Bank will send the Board Resolution which states the appointment of Authorized Person to open, operate, maintain, appoint account signatory(ies) and close the bank account. We should get it signed and send back to Bank for their review via email.

3. The bank will send the account opening form to be filled by the Company.

4. Once finished, scan and send to Bank for their review.

5. If all comply, all original signed documents (Board Resolution and Account Opening Form) need to be sent to the Bank for their record.

6. Minimum initial deposit is equivalent 100 million rupiah (US$6,929) for each account.

  • The Company can have as many accounts with different currencies according to their needs but must have the equivalent of the minimum deposit.
  • If there are no transactions within 6 months, the account will be deactivated automatically.

7. Apply for internet banking, if needed.

After sending all the aforementioned documents to the bank, the bank will send a Board Resolution which is a document that states the appointment of the Authorized Person to open, operate, maintain, and close the bank account.

This document must be signed by the applicant and sent back to the bank for their review. The minimum initial deposit varies between banks ranging between 1 million rupiah (US$68) to 10 million (US$684) for each account. The company can have as many accounts with different currencies according to their needs but must have the equivalent of the minimum deposit.

[tips title="Important Tip"]If all the documents are in order then the process will take no longer than one working day. If there are no transactions within six months, the account will be deactivated automatically. [/tips]

Intellectual Property Protection in Indonesia 

Watch our webinar to learn more about intellectual property protect in the country. 

[video file='https://cdn.jwplayer.com/videos/EK3xnOIK-RPafXtEf.mp4' image='https://resource.dezshira.com/resize/900x506/Misc/banners/web_1.jpg' title='Protect Your Intellectual Property In Asean And China - Key Legal Considerations By Country']

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