Company Incorporation in Indonesia & Bank Account Opening Requirements

 

1. Indonesia Company Incorporation Requirements (PT PMA) – within 2 months

  • Foreign-owned companies in Indonesia are established under a PT PMA (Perseroan Terbatas Penanaman Modal Asing).
  • Minimum 2 shareholders (individual or corporate).
  • Minimum 1 director and 1 commissioner (director can be foreign; commissioner may be foreign depending on business sector).
  • Registered office address in Indonesia.
  • Business sector classification must follow the Indonesian Standard Industrial Classification (KBLI).
  • Minimum capital requirement of IDR 10 billion for PT PMA (approx. USD 650,000) — though not all capital must be paid immediately.
  • Company name approval (3 options recommended).
  • Submission of business license via the Online Single Submission (OSS) system.
  • Tax ID (NPWP) registration after incorporation.

Required Documents for Incorporation

  • Passport copies for all foreign directors, shareholders, and commissioners.
  • Residential address proof for all key persons.
  • Indonesian Tax ID (NPWP) for Indonesian participants.
  • Company name options (3–4).
  • Shareholding structure details.
  • Business activity description + KBLI codes.
  • Lease agreement for registered office.
  • Power of attorney (if using a local agent).

2. Bank Account Opening Requirements in Indonesia – within 1 months

  • Physical presence of directors or authorized signatories is often required.
  • Completed bank application forms.
  • Business License (NIB) from OSS system.
  • Deed of Establishment and Ministry of Law & Human Rights approval.
  • Tax ID (NPWP) for the company.
  • Company domicile letter (SKDP) depending on region.
  • Company stamp.
  • Business plan and operational details.
  • Supporting documents: contracts, invoices, website, client list.
  • Minimum initial deposit (varies by bank).

Documents Typically Required by Banks

  • Deed of Establishment.
  • Approval letter from Ministry of Law & Human Rights.
  • NIB (Business Identification Number).
  • Company Tax ID (NPWP).
  • Directors’ and shareholders’ passports.
  • Residential address proof for all directors and shareholders.
  • Organizational structure (Commissioner, Director).
  • Board resolution authorizing account opening.
  • Business plan and proof of counterparties.
  • Source of funds and source of wealth explanation.