Do You Need to Open Business Account in Indonesia? How?

Corporate Secretary Service – One of the things that foreign companies or investors who want to invest in Indonesia must understand is the process of opening bank accounts and accounts used to conduct business transactions.

In Indonesia, three accounts are commonly used: giro accounts, savings, and deposits. These types of bank accounts have their advantages, namely;

• A Giro account allows the account holder to make payments using checks and demand deposits. Account holders for this type of account can also delay payments with retroactive checks.
• Savings accounts provide various benefits to account holders, including the ability to use them for transfers and debits, access ATMs, and accumulate assets.
• Deposit accounts have several advantages, such as higher interest rates than savings accounts, the ability to withdraw funds according to an agreement with the bank, and the ability to transfer funds (certificates of deposit).

Any foreign company established in Indonesia must have a bank account established with a bank licensed to handle foreign currency (known as a Foreign-Exchange Bank or Devisa Bank).

Furthermore, under Indonesian law, every bank in Indonesia must implement “Know Your Customer” procedures to learn more about the bank’s customers. Banks may apply different requirements, but they are required to at least have customer information, including;

For individuals;

• Copy of ID card or passport
• For foreigners, a copy of their Indonesian residence permit (ITAS).

For companies;

• Memorandum and/or articles of association,
• Business License
• Taxpayer identity number

Customers can use their bank accounts without restrictions, with the exception of using them for money laundering and terrorism financing.

Read Also: How do I Qualify for Business Verification?

Bank Indonesia regulations also require that all banking transactions (such as capital injections, loan administration, payment of capital equipment, raw materials, etc.) made by newly established PMA companies be transacted through a dedicated investment bank account in Indonesia.

• Documents required to open an account in Indonesia for PMA companies include;
• PKPM Initial approval, deed of establishment, domicile letter, and taxpayer number.
• Power of attorney to the person authorized to open the bank account.
• Copy of ID/passport of the person authorized to open the bank account.
• Photo of the person authorized to open the bank account.
• Minimum deposit of 1 million rupiah or USD 1000.

As we all know, every person around the world today needs a bank account, even when you are in Indonesia. This is especially true when you build a company and do business in Indonesia. So, do you need help opening a PMA company bank account? Don’t worry too much; PortCorp is here for you as a great solution.

Don’t worry about developing your business by setting up a company in Indonesia, because Portcorp is here as a solution for your business. Portcorp is your comprehensive corporate secretary service in Indonesia. With our presence, you can get a dedicated company secretary to support you to what you need. Our company secretaries will track deadlines and file paperwork so your business keeps running smoothly. Contact us now on +6221-5020-8090 for your business succeed in the future!