Business

Open a corporate bank account in Indonesia

1. Open a Corporate Bank Account in Indonesia: Overview 

Opening a corporate bank account in Indonesia requires obtaining licenses from the Financial Services Authority (OJK) and registering the company with the Business Licensing Agency (BPPT). The process typically takes several weeks and requires substantial documentation. Approximately 35% of businesses opt to open multiple accounts across different banks. Bank transfer fees can be quite high, making alternative payment methods more attractive.

2. Requirements 

A corporate bank account in Indonesia requires a valid business registration certificate and proof of the company’s identity. Additionally, the company must provide documents such as the company’s deed of establishment or Articles of Association, financial statements, and tax identification numbers. These requirements may vary depending on the type of corporate structure. 

The process for opening a new corporate bank account in Indonesia also requires a Board of Directors resolution and signatures on the relevant documents.

3.Choosing an Account Type 

Choosing the right corporate bank account for business operations in Indonesia can be a complex process. Different account types offer varied features and fees, to best meet the needs of businesses of different sizes and requirements. Opening a corporate bank account in Indonesia requires careful consideration of factors such as transaction limits, interest rates, currency availability, minimum deposit amounts, and service fees. Additionally, businesses should assess the safety and security of their chosen account provider before making a final decision

4. Account Opening Process 

An Open a Corporate Bank Account in Indonesia requires 10 simple steps to complete the process. Like mentioned above, companies looking to open an account must provide necessary documents such as proof of identity and business registration, followed by completing the bank’s application forms and signing contracts. 

Furthermore, the company must deposit funds into the newly opened corporate bank account, providing them access to various banking services. Opening a Corporate Bank Account in Indonesia can be  a simple and straightforward process if all is in place. 

The Open Account Process for Open a Corporate Bank Account in Indonesia requires:

1. Provide proof of identity, such as passports or identification cards. 

2. Provide business registration documents.

3. Complete bank application forms. 

4. Sign contracts with the bank. 

5. Open a corporate bank account in Indonesia. 

6. Deposit funds into the new account. 

7. Activate online banking services, including access to ATMs and payment systems. 

8. Receive confirmation of account opening from the bank via email or post.

9. Open an Indonesian corporate bank account with an international bank. 

10. Open a corporate bank account in Indonesia to access financial services such as loans and investments.

5. Closing an Account 

If you wish to close your corporate bank account in Indonesia, you will need to provide written notice to the bank and submit all outstanding payments. Additionally, you may be required to pay any fees associated with closing the account within the specified time frame. Once the account has been closed, you should receive a notification from the bank confirming that it is no longer active.  

The process of opening a corporate bank account in Indonesia is relatively simple, as long as you have the necessary documents and information to fulfill the requirements. With the right type of account in place, you can enjoy access to multiple banking services that can help your business grow and succeed. Open a corporate bank account today and start taking advantage of all the benefits it has to offer.

If you require assistance to open a corporate bank account, we recommend that you reach out to a local service provider who can assist in both company setup and bank account opening in Paul Hype Page Indonesia.