When do I have to Deposit Money in the Bank?

Being the biggest archipelago and largest Muslim population in the world, Indonesia has now position itself as an economy in transition from that of a low income to middle income economy and from a primary producer to a value added exporter as well as knowledge based economy. As Indonesia’s economy is on the rise, it has attracted many foreign investors’ attention on investing their business in Indonesia. That being said, as a foreign investor, you would seek to set up a company here in Indonesia. The whole company incorporation process would require you to open a corporate bank account for your company as well. In this article, you will be provided with the needed information on when should deposit money in the corporate bank account. 

Corporate Bank Deposit Requirement 

To know what the minimum requirement is and when to deposit money in your company bank account is crucial information for all investors. In Indonesia, each bank has its own requirements for foreigners to open an account. Generally they require the following: 

Documents Required for Opening a Corporate Bank Account 

• Completed corporate bank account opening forms  
• Copy of all company’s documents & bring the original as well to be verified by the bank officer  
• Copy of ID card for local director or passport for foreign director 

In Indonesia, you would not require to go through a lengthy process to open a corporate bank account. As a matter of fact, it will only take up to a day to open a corporate bank account here in Indonesia. Do ensure however that you would be required to prepare and provide the needed documents as requested by you bank of choice. This would then ensure you a smoother and shorter time to obtain a bank account for your company.  

If you do require any assistance in regards to the following matter, our experienced Corporate Specialist here Paul Hype Page would be able to assist you. 

Bank Options in Indonesia to Open a Corporate Bank Account

In Indonesia, to receive the best interest of banking and customer service from us here at Paul Hype Page, we would recommend banking with DBS bank. 

Why choose DBS bank?

Here at Paul Hype Page, our Headquarters are located in Singapore and it is one of the incorporation companies which have ties-up with DBS Bank for applications of corporate account opening and regional payment services. Therefore, we can provide foreign investors with further assistance in setting up a Local Company, PT in Indonesia and to open foreign company bank account. 

DBS Bank has been named the ‘Safest Bank in Asia’ by Global Finance from year 2009 to 2017. DBS was also named the ‘World Best Digital Bank’ in year 2016 and 2018 and the ‘World’s Best SME Bank’ in 2018 by Euromoney.  

DBS Bank could also Access 13 different countries’ currencies. The countries are as follow:  

1. Australia, Australian Dollar (AUD);  
2. Switzerland, Swiss Franc (CHF);   
3. China, Chinese Yuan (CNY);   
4. European Union, Euro (EUR);   
5. Great Britain, Pound Sterling (GBP);   
6. Hong Kong, Hong Kong Dollar (HKD);   
7. Indonesia, Indonesian Rupiah (IDR);   
8. Japan, Japanese Yen (JPY);   
9. New Zealand, New Zealand Dollar (NZD); 
10. Sweden, Swedish Krona (SEK);  
11. Singapore, Singapore Dollar (SGD);  
12. Thailand, Thai Baht (THB); and   
13. United States, United States Dollar (USD).  

Nevertheless, there are hundreds of banks available in Indonesia. The three main banks that are the most well known and biggest in Indonesia are: 

• Bank Mandiri; 
• Bank BRI; and 
• Bank BCA