Local Bank Account Registration

Both foreign investors and citizens must consider opening bank accounts when they move to Indonesia. This is because most of the transactions here are completed online through credit cards which are linked to local bank accounts.

Types of bank accounts which can be set up in Indonesia

Both local and foreign citizens can open the same types of Indonesian bank accounts. These are:

•           checking or current accounts which can be used by employees in Indonesian companies;
•           savings accounts which can be used for several operations, such as ATM withdrawals;
•           deposit accounts which have the advantage of offering higher interests on deposits;
•           tourist bank accounts which come in various forms and are very advantageous for foreign visitors; individuals who are interested in immigration to Indonesia will typically not choose this form;

Companies in Indonesia that have a foreign shareholder must maintain a bank account. Set it up with a bank that has the license to handle foreign currencies ( known as Foreign-Exchange Bank or Bank Devisa).

Requirements for bank account opening in Indonesia

In order to open an Indonesian bank account, banks may apply different requirements. However, they require at least the following information about their customers:

For an individual:

1. 21 years older or married
2. Completed and signed application form along with supporting details
3. Copies of an identity card (ID/Passport and KIMS/Permit)
4. 4 × 6 photograph

For a corporate entity:

1. Memorandum and/or Articles of Association;
2. NPWP (tax registration number, TDP, Business License, and the Certificate of Incorporation)
3. Completed and signed application form along with supporting documents
4. Copies of identity card (ID/Passport and KIMS/Permit of authorized officer)

Opening corporate bank accounts in Indonesia

The corporate bank account is mandatory when starting a business in Indonesia. In order to set it up, the representative must file the following documents with the chosen bank:

•           a tax registration number which is issued when the company is registered;
•           the company’s business license issued by the Indonesian Investment Board;
•           the Indonesian company’s certificate of incorporation issued by the Trade Register ;
•           a prescribed application form issued by the bank, which must be filled in;
•           the identification papers of the Indonesian company’s representative.