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Bank Account

How to Open a Bank Account in Indonesia?

Corporate Entity
Opening a corporate bank account is one of the mandatory steps of a foreign-company incorporation process. The account must be established with a bank that is licensed as a Foreign-Exchanged Bank so that it can handle foreign currencies.

Even though most banks allow companies to set up a bank account after registration is complete, it is also possible to register a bank account during the process. Unfortunately, not all banks provide this service. Basic business processes, especially those that involve income tax in Indonesia and corporate tax in Indonesia, are critical in nature, requiring your company to have them processed timely and with high accuracy.

Foreign Individual
Banks apply different requirements, but a stay permit (either temporary or permanent) is required. Only with ITAS or ITAP are foreign individuals in Indonesia allowed to open bank accounts. In-depth knowledge of Indonesian regulations plays an important part because other than ITAS or ITAP, you will also have to prepare supporting documents.