Once your PMA company establishment is completed, the next important step is to open a corporate bank account. Corporate bank account is essential for operational purposes, financial management, regulatory compliance, and corporate credibility enhancement. Hence this article will give you a general guidance to opening a corporate bank account in Indonesia.
Opening a corporate bank account in Indonesia involves several steps and requires various documents. Here’s a general guide to help you navigate the process:
Step 1 - Choose a Bank
Select a bank that suits your business needs. Some of the biggest banks in Indonesia include Bank Negara Indonesia(BIN), Bank Mandiri, Bank Rakyat Indonesia (BRI) and Bank Central Asia (BCA). The first three ones are state owned banks. Their branch offices spread all over the country.
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Owner of PT Paja Property Invest
Step 2 - Prepare Documentation
Documents required for opening a corporate bank account normally include the following:
- Deed of Establishment (DOD). This document is made by a notary.
- Ministerial Decree of Ministry of Law and Human Rights. This document is obtained by the notary.
- Domicile Certificate: a certificate indicating the registered address of the company. This document is obtained at the County Office of your company’s area of domicile.
- Tax Identification Number (NPWP). This is issued by Directorate General of Taxes of Finance Department and is mandatory for all businesses operating in Indonesia.
- Business Identification Number (NIB). This document is obtained online through Online Single Submission (OSS) account.
- Director’s ID cards (passport/KTP) copies.
- Director’ KITAS (Temporary Residential Permit)
- Recommendation Letter. It can be issued by your attorney or legal consultant.
- Company’s stamp
- Initial deposit. The amount of minimum initial deposit is about IDR 1 million or its equivalent in other currencies. The minimum initial deposit may vary from one bank to another.
- Power of Attorney (POA). Should you need to open a bank account while you are away, you can give your POA to your attorney so he can represent to open the account.
- Corporate email address. This address will be used to sent the activation link, password reset and other purposes.
- Mobile phone number. On top of the email, the bank may also use this number to communicate with you from time time.
Please note that different bank may require slightly different document from what is described above and ask for additional information or document and impose different policies depending on the nature of your business.
Step 3 - Opening the Corporate Bank Account
Visit the Bank
Visit the bank of your choice and bring the required documents. It is not required to make an appointment in advance but if you can, it will be very helpful in speeding up the process. This doesn’t mean that you have to come in person, but you can give your POA to your legal proxy.
Complete Application Forms
Once you are at the bank, you will be required to fill out the corporate bank account application form. This may include providing detailed information about your business and its operations.
Review and Approval
The bank staff will review your application and documents. If the application is completed and the document meets the requirement, the opening process will be continued to depositing the initial funds.
Initial Funds Deposit
In order the account is processed and activated, the bank requires an initial deposit. The amount can vary depending on the bank and the type of account. Normally, it is about IDR 1 million or its equivalent in foreign currencies.
Account Activation
Once the application is approved, the bank will provide all the details, including the account number, internet banking access, debit card, and credit cards (if applied). The activation, especially the internet banking, may take few days.
