Indonesia corporate bank account
Healy Consultants Group PLC will be pleased to open an Indonesian corporate bank account for our Clients without requiring them to travel to SEA. As our Clients can appreciate, it is a difficult and time-consuming task to obtain bank account approval through a newly formed company, when shareholders and directors and bank signatories reside overseas. However, Healy Consultants Group PLC will optimize the probability of our Client’s bank account application approval by preparing a business plan for the bank whilst sheltering them from the administrative challenges.
Indonesia’s banking sector is relatively unsophisticated for international entrepreneurs. In our experience, finding an efficient Indonesia business bank account is challenging. However, many international banks have branches in Indonesia and an Indonesia company bank account is a useful tool for companies that intend to carry out their business activities solely in Indonesia.
The following information will help our Clients determine whether Indonesia corporate bank accounts meet their desired business goals
- Indonesia’s banking sector is less sophisticated than traditional Asian financial centres such as Singapore and Hong Kong;
- An Indonesia business banking account offers a full range of conventional banking products and services for businessmen, including i) investment products; ii) financing products and services; iii) trade and credit facilities; iv) remittances; v) bank guarantee facilities; and vi) vendor financing;
- An Indonesian bank account having access to international banking has full Internet banking facilities;
- There are no restrictions on foreign (i.e. non-Indonesian) firms opening a business bank account in Indonesia;
- Our Clients do not need to travel to Indonesia to open their Indonesian corporate bank accounts. Our Banking Team in Indonesia will handle the account opening formalities on our Client’s behalf.
Indonesia corporate banking options
- To receive the best internet banking and customer service, Healy Consultants Group PLC recommends banking with HSBC, Standard Chartered, and Citibank;
- After completing the Indonesia company registration, Healy Consultants Group PLC assists our Client to open a corporate bank account with HSBC or SCB Jakarta. Our Client deposits the paid-up share capital of US$100,000 and supplies our Banking Team with a certificate of deposit and bank statement;
Foreign exchange obligations in Indonesia
There are no major foreign exchange controls in Indonesia. A person may freely hold, use and transfer funds in foreign currencies. However, following are the main foreign exchange considerations for our Client’s Indonesia business setup:
|S. No.||Bank Indonesia Regulation||Legal obligation for businesses|
|1.||Monitoring of Foreign Exchange Traffic for Banks and Customers|
|2.||Reports of Foreign Exchange Activities|
|3.||IDR transfer restriction and foreign currency credit||Businesses can not repatriate their profits from Indonesia in IDR.|
It is important that our Clients are aware of their corporate and legal obligations in Indonesia and that they timely fulfil the same. Let us know if you require Healy Consultants Group PLC’s assistance to timely and efficiently complete your legal and corporate responsibilities.
Healy Consultants fees to help open a corporate bank account in Indonesia
Our fee to assist you to open a company bank account amounts to US$4,950. This fee includes:
- Healy Consultants Group PLC’s Banking Team completing the Indonesia business banking application form on behalf of our Client, and obtaining our Client’s signature on the required bank forms;
- Preparing a detailed business plan relating to our Client’s company to support their bank account application. The business plan provides details of the company’s activities, products and services offered, its suppliers, its Clients, and the intended markets;
- Submitting the application form and business plan to the bank, along with the corporate and personal information outlined above;
- Our local officer attending the bank interview in Indonesia on our Client’s behalf, describing their global business activities and explaining why they require an Indonesian business bank account. As described earlier, Healy Consultants Group PLC can assist our Clients to open an Indonesian business bank account without the bank signatory and beneficial owners’ physical presence in Indonesia;
- Paying the initial bank deposit to the Indonesian bank on our Client’s behalf. A scanned copy of the bank deposit slip is emailed to our Client as a proof of the same;
- Receiving approval from Indonesian bank for the opening of our Client’s business bank account;
- Applying for corporate internet banking facilities on behalf of our Client to accompany the Indonesia corporate banking;
- Receiving the bank account internet login and password information in a sealed letter that is passed directly to our Client;
- Applying for a credit card, ATM card and cheque book on behalf of our Client for their Indonesian bank account;
- Healy Consultants receiving a corporate cheque book in a sealed letter that is passed directly to our Client;
- Receiving credit and ATM cards in a sealed letter that is passed directly to our Client.
Please note that our fee to open corporate bank accounts in Indonesia does not include the initial deposit required by the bank.
Frequently asked questions
What services will be offered to my firm in if I open a corporate bank account in Indonesia?Indonesia’s corporate banking services includes internet banking and telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits and wealth management.
I wish to avail Islamic Banking services in Indonesia. Can Healy Consultants help my firm?Yes. Healy Consultants will assist our Clients in this regard.
What are the key considerations for our Clients while transacting with foreign suppliers in Indonesia?Before proceeding to transact with any supplier outside Indonesia, our Clients must take note of the following:
- Forex activity restriction: All transfers made to foreign suppliers exceeding US$100,000 are required to be supported by supplementary documents;
- IDR transfer restriction: Prohibition on transfers of business proceeds in IDR to any non-Indonesian account;
- Liquidity restriction: Restriction on carrying currency equivalent of more than US$8,500 in cash across Indonesian borders.
Are there any foreign exchange controls in Indonesia?Following are the major foreign exchange controls in Indonesia:
- Non-bank forex regulation: All transactions intended for purchasing of a foreign currency against rupiah that exceeds an amount of US$25,000 per month must be supported with relevant documentary evidence;
- Domestic financial transaction regulation: All transactions carried out within Indonesia must be conducted in IDR.