How to Open Business Account in Indonesia?

Corporate Secretary Service – Foreigners who stay in Indonesia for work and business need to think about opening a new account with a local bank. However, the question of whether foreigners can open an account in Indonesia often comes up as one of the decision makers.

In answering the question of whether foreigners can open an account in Indonesia, let’s understand how and what is required. Apart from being a guide, it is also good information. A few years ago, foreigners still found it difficult to open an account in Indonesia.

Can Foreigners Open an Account in Indonesia?

Regarding account opening in Indonesia, business people in Indonesia can now breathe a sigh of relief. Because, on September 15, 2015, the Financial Services Authority or Otoritas Jasa Keuangan (OJK) issued a circular letter regarding some leeway in the requirements for opening accounts for Indonesian citizens. The purpose of the relaxation of the regulation is useful to attract more foreign nationals who want to invest in Indonesia. In addition, this is also an initiative in stabilizing the value of the rupiah and reducing the volatility of the local currency against the dollar.

OJK circular letter (S-246/S.01/2015) answers whether foreigners can open accounts in Indonesia. Currently, foreigners can keep money in Indonesian accounts of no more than USD 50,000. In addition, the requirements are fairly straightforward.

• Initial deposit of USD 2,000
• Passport

If the bank asks for proof of residency, foreigners can attach a citizen identity card, driver’s license, student card, work card, or health insurance card.

Opening an Account in Indonesia with More than USD 50,000?

To reduce corruption and other criminal activities such as money laundering, Indonesia has strict regulations on the maximum amount of money foreigners can keep in local bank accounts. Then, can foreigners open an account in Indonesia with more than USD 50,000? The answer is yes. But there are additional requirements that need to be completed.

• Passport
• Residency permit, reference letter from home country bank, domicile letter, photocopy of lease agreement, identity card of Indonesian spouse, or photocopy of debit/credit card.

Read Also: How Long Does it Take to Register a Business in Indonesia?

Requirements for Corporations and Investment Companies

Apart from individuals, corporations and foreign investment companies can also open local bank accounts in Indonesia. Entrepreneurs need to complete some additional requirements designed for the purposes of corporations and investment companies that want to open a bank account in Indonesia.

Under Bank Indonesia regulations, investment companies must provide the following requirements.

• Initial investment approval from BKPM (Badan Koordinasi Penanaman Modal)
• Domicile letter
• Tax number (required to open a current account)
• Copy of passport of the account holder
• Power of attorney if another person is authorized to open the account

If the account holder is a corporation, the bank requires:

• Business license
• Taxpayer Identity Number
• Company incorporation deed

Don’t worry about developing your business by setting up a company or having a business account 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 for your business success in the future!