Bank Account – Indo Prime

How to Open a Bank Account in Indonesia

Both natural and legal persons are entitled to open a bank account in Indonesia. Find out how to open a bank account in Indonesia here.

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 or Bank Devisa so that it can handle foreign currencies.

Even though most banks allow setting up a bank account after the company registration is complete, it is also possible to register a bank account during the process. Unfortunately, not all banks provide this service.

Foreign Individual

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

In Indonesia, there are three commonly used bank accounts, namely saving, checking, and deposits accounts.

Savings account

Frequently used account that allows real-time transfers.
ATM card

Checking account

Payments via checks or giro (demand deposit)
Delayed payment by retroactive checks

Deposit account

Higher interest rates
Deposits are withdrawn based on an agreement between a client and a bank

Open a Bank Account in Indonesia with Indo Prime

On top of the bank account opening for foreign citizens and legal entities in Indonesia, Indo Prime Indonesia can assist in the following services that require an individual approach.

Registration of a Corporate Account from Overseas

Thanks to our partnership with several banking institutions, it is possible to open a bank account while staying in a different country. Once provided with the required documents, Indo Prime Indonesia will act on our client’s behalf and set up an account.

Open a Bank Account in Indonesia before Company Registration

To save time, Indo Prime Indonesia is here to work on customers’ behalf and start a business bank account during the establishment of a foreign-owned company is completed.

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Frequent Asked Questions

How many types of business licenses are there in Indonesia?

There are two main types, namely, primary business licenses and non-primary business licenses. The primary ones commonly apply to various industries, such as general and industrial business licenses. Additional non-primary ones are included, depending on the operations of your business. Examples of non-primary business licenses are operational and commercial licenses.

Is it mandatory to apply for a permanent business license in Indonesia?

Yes, you must apply for it to be able to issue work permits for your foreign employees. This permanent business license is also a prerequisite for the applications for other business licenses and import licenses.

What Our Clients Say

After comparing several consultants, I found Indo Prime Indonesia is a international and professional organization with good understanding of local market. Indo Prime Indonesia helped our company to set up our first Indonesian entity, and also helps with day-to-day operation. Indo Prime Indonesia showed high level of professionalism. Jump start the business in Indonesia, take care of routine process, therefore we can focus more on our core business.

We were searching for suitable partner for the begining of our operation on Indonesian market. After short exploration and recommendation from our business partners we decided for Indo Prime. Local knowledge, orientation at our business problematics, contacts and language. In a friendly approach combined with professional service. Consultation before the project – avoids so much unnecessary act of “foreigners” worse overview of the Indonesian legislative.

We chose Indo Prime because we considered Indo Prime as a professional company with a good attitude and a streamlined business model. Indo Prime met all our expectations as it created the atmosphere of accountability and transparency. The most significant added values that we received from cooperation with Indo Prime are the time we saved and mistakes we avoided.

Indo Prime provided outstanding services in registering our representative office in Indonesia in a timely manner. Their financial services have been helping us a lot — our local employees feel secure working for our company. Indo Prime became our reliable partner with quick response on our needs. Their flexibility and full support of our business in Indonesia are the main reasons to continue in our cooperation.