Open corporate bank account in Indonesia
Tetra Consultants assists our international clients with Indonesia corporate bank account opening for their newly-established companies. Over the years, we have established relationships with multiple reputable Indonesia banks with excellent internet banking facilities.
Some of the Indonesian banks we worked with include DBS Indonesia, HSBC Indonesia and Standard Chartered Indonesia. As such, our banking experts are familiar with the different requirements and expectations of each bank.
Most Indonesian banks do not require our international clients to travel down for a face-to-face meetings. If required, Tetra Consultants will immediately negotiate for a video conference call or phone call instead. Alternatively, our nominee director will be able to attend the bank meeting on our international clients’ behalf.
Requirements for opening a corporate bank account in Indonesia
The requirements for opening a corporate bank account in Indonesia may differ from bank to bank. However, the requirements that nearly all banks require include:
- A copy of the Indonesian identification card or passport for Indonesian citizens;
- A copy of the passport or KITAS (stay permit) of foreign individuals;
- A copy of the business permit and proof of identity of business owners for individual businesses;
- Tax identification number (NPWP), deed of establishment, and articles of association for non-individual businesses;
- A monthly account administration fee;
- Business license;
- An initial deposit of which limit may vary from bank to bank;
- A minimum balance of which limit may vary from bank to bank;
- Retained balance of which limit may vary from bank to bank.
The general set of documents you will need to open a corporate bank account are:
- A copy of the domicile letter;
- A copy of the Business Identification Number (NIB);
- A copy of the OSS Business License;
- A copy of the identification card of all members of the board of directors, shareholders and authorized signers;
- A copy of the tax identification number;
- Letter of attorney from the shareholders, board of directors, commissioners, and authorized signers.;
- Signature of shareholders, board of directors, and commissioners on all pages of the documents;
- Cover note from the notary public stating that the approval of the company deed of establishment is still in progress at the Ministry of Law and Human Rights,
Procedure to open corporate bank account in Indonesia
In recent years, the Indonesian government made significant efforts to boost the country’s business environment. The country’s consumer-centric Deregulation Packages had already encouraged several foreign businesses to invest in the nation.
These recent developments enhanced the investor’s confidence in the country. But, before entrepreneurs and investors can operate in this country, they must first open a corporate bank account for the smooth running of their business. So, for interested business owners looking to begin their operations in Indonesia, Tetra Consultants has summarized the steps required to open a corporate bank account as a foreign national:
Step 1: Registration of legal structure
- Foreign investors looking to start a business in Indonesia need to have a legally registered business entity. The most preferred form of business entity in Indonesia is a Perseroan Terbatas Penanaman Modal Asing or PT PMA. This limited liability company will allow foreign entrepreneurs to start doing business in Indonesia.
- Tetra Consultants is a specialized consultancy firm, we provide assistance to our clients with regards to registration of company in Indonesia, corporate bank account opening, and fulfilling tax and accounting obligations for the smooth operation of your business in Indonesia.
- Moving further, once the form of legal entity to be registered in Indonesia is decided, it is suggested to start considering other important aspects of the business like opening of corporate bank account.
Step 2: Choosing the banking institutions
- As offshore company owners and investors have different banking needs. Therefore, it is suggested to first identify what type of bank account they require and then find the right banking establishment for the company’s size.
- Starting with our corporate bank account opening services, Tetra Consultants’ banking team will first evaluate your business nature and type to suggest the best banking institution for your business. We will take into consideration important factors with regard to your expectation and requirements for banking products and services.
- Once we have evaluated your banking needs, we will provide you with a list of internationally reputable and local banks in Indonesia. As mentioned, some of the Indonesian banks we worked with include DBS Indonesia, HSBC Indonesia, and Standard Chartered Indonesia. Since Tetra Consultants has years of experience working with the banks as named, our client will have a preferred advantage during the bank account opening process for your business.
- Once our client has confirmed the choice of banking institution from the list so suggested, we will immediately advance our corporate bank account opening services.
Step 3: Preparation of requisite documents
- Once the choice of the bank is made by our client we will consequently start with the preparation and compilation of the document to be submitted for the initial round of due diligence checks by the bank.
- Tetra Consultants’ banking team specializes in the opening of corporate bank account for our clients not just in Indonesia but all over the world. Our banking team is well aware of the documentation and requirements to be complied with for opening corporate bank account in Indonesia.
- As such in Indonesia, the document requirements differ for different company types. For example, documents required for foreign-owned companies are a completed and signed application form, relevant supporting documents, tax registration number, certificate of incorporation, Business Identification Number, and OSS Business License.
- At the end of this stage, Tetra Consultants will send the pre-filled application form and other sets of documents for you to review and sign.
Step 4: Submission of documents to the bank & interview training
- Once the aforementioned set of documents is prepared & signed, we will submit the same along with the requisite fee to the bank for the first round of approval.
- If the bank is satisfied with the application, they may move further with the face-to-face interview process. At this point, Tetra Consultants will extensively liaise with the bank and negotiate for a video conference for the same. If not, we will provide a representative to assist you for the face-to-face interview in Indonesia.
Step 5: Bank approval & depositing of required minimum capital
- Bank will take the note for final consideration of your application and interview, if everything is satisfactory your corporate bank account will be opened in due time.
- Once the approval for the opening of corporate bank account is received, Tetra Consultants will move further to inject the minimum capital amount so required for furthering the process of your Indonesia company incorporation.
- Additionally, we will courier the bank token, corporate account number, and other important documents to your preferred address.
Timelines to open Indonesian bank account
Once the bank account application is submitted, our clients can expect the account to be opened within 3 weeks. Thereafter, the Indonesian banks will issue internet banking tokens within 1 week.
Although your Indonesia business will be classified as a local company, the shareholders are still foreigners. As such, there is a chance the banks will revert to asking for additional supporting documents of the directors, shareholders, bank signatories, and ultimate beneficial owners.
Tetra Consultants’ banking team has ample of experience in this field and will prepare a detailed business plan explaining the corporate structure and due diligence documents in advance. See this webpage to find out how Tetra Consultants manages to open each corporate bank account within stipulated deadlines.
Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.