What you Need to do after Company Registration in Indonesia

Over the last decade, the GDP of Indonesia has been following an upward trend, with an average growth rate of 5% since 2014. 

Today, Indonesia is among the South Asian powerhouses with soaring investments in diverse business sectors. Today, Indonesia is a viable destination for foreign investors from across the globe. 

One of the primary steps to setting up your company in Indonesia is opening a corporate bank account. It is equally beneficial for both foreign and local businesses. 

Having a corporate bank account is not a business incorporation requirement in Indonesia, but it is a means to illustrate the credibility of your business to your potential clients. 

Although, it may seem easy-peasy to open a corporate bank account, because of the regulatory amendments by the Ministry of Finance a couple of years back. But, there is a lot of steps and paperwork that is involved. Besides, you’ve to take into account the type of bank account that is suitable for your company. 

Benefits of Opening a Corporate Bank Account in Indonesia

• Having a corporate bank account is essential to avail the many banking services, which include funds for your expanding business. 
• Partnering with a financial institution in Indonesia will ease off the burden of financial administration, as your business records will be better organized. 
• If you have a cooperation bank account, you can accept credit cards.
• Also, it helps in accurate taxes and deductions. 

How to Open a Corporate Bank Account in Indonesia?

There are two circumstances under which you can open a corporate bank account in Indonesia. One is before and after the PT PMA is established.

The primary difference between the two is that no major bank in Indonesia allows a foreign investor to open an account without company incorporation. 

Before the PT PMA Is Established

Here Are the Requirements of the Following Documents:-

• Letter of Attorney
• Directors, Shareholders, and Signers All Must Have their Personal Identity Cards.
• SIUP (Business License)
• Deed of Establishment
• Tax Identification Number, Known as NPWP Card.

After One Month:-

• Company Registration Certificate
• SIUP
• AKTA by the Indonesian Ministry of Law and Human Rights.

After the PT PMA Is Established

Once your PT PMA has been incorporated, you can open your corporate account in any major bank. 

Here Are the Requirements of the Following Documents:-

• TDP
• SIUP
• AKATA
• Domicile Letter
• NPWP Card
• Directors, Shareholders, and Signers All Must Have their Personal Identity Cards.
• Approval of AKTA

Can I Open a Bank Account from Abroad?

Yes, a foreigner can open a bank account in Indonesia, while being not physically present in the country. It can be done with the assistance of a local consultant who can help with opening a bank account. All you have to do is provide all the necessary documents mentioned above. 

Conclusion

After incorporation, opening a corporate bank account is not baffling, although, the requirements depend upon the size and your business activities. A local consultant will assist you with the process of opening a corporate bank account in Indonesia. 

After gathering all the required documents, they can submit the bank account opening the application on your behalf. Also, they can help you chase the right bank based on your business objectives. So, everything will be done in a short period, with minimum involvement from your end.