6 Best Corporate Accounts for Business in Indonesia

A modern business cannot be separated from banking transactions that support the smooth running of a business, where the credibility of the company is sometimes seen by clients from the ownership of accounts in the name of the company.

Before looking further into the grid of company accounts, it is necessary to know a few things about the type of company itself. Here's the discussion.

Types of company

Companies can be founded by a group of people and can also be founded by only one person. Companies founded by a group of people in general can be in the form of a Limited Liability Company (PT) or a Comanditer Vetnoschaap (CV). Then a company founded by an individual is commonly referred to as an individual company. The legality obtained from the two is also different, which will be explained later in this article. 

As mentioned above, the establishment of an individual company is only carried out by 1 person, where foreign nationals are not allowed to establish an individual company. Furthermore, the characteristics of an individual company do not have a minimum authorized capital requirement, and do not require a notarial deed because there is only 1 founder as a shareholder, and there is no need for a commissioner in it.

Corporate / Business Account

Corporate or business account is another form of bank account which is specifically designated to serve the needs of customers in the category of business entities. In contrast to personal accounts, corporate accounts offer higher interest rates, as well as a more complex service model. The requirements set for getting a company account are certainly different from personal accounts.

Personal accounts only require personal identification such as ID and Taxpayer Identification Number, while corporate accounts require multiple documents. The following requirements are required to make an account for a company: 

1. ID card of the founder and person in charge of the company (ID for Indonesian citizens and KITAS/Passport for foreigners);

2. Taxpayer Identification Number of the founder and the person in charge of the company;

3. Company's Deed of Establishment;

4. Deed of Establishment by the Ministry of Law and Human Rights;

5. Company’s Taxpayer Identification Number;

6. Company’s domicile permit;

7. Single Business Number; and 

8. Business License by OSS.

After getting an understanding of the different types of companies, we can conclude that if you want to create an account in the name of a company, then the fulfillment of the legal requirements that must be submitted between a business entity (Limited Company/CV) and an individual company is certainly different. Check out the differences between the requirements below:

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The registration fee for opening a company account also differs from one bank to another, as well as the placement of the initial deposit.

_{Why Must Business Owners Have a Company Account?}

When you have succeeded in obtaining complete legality of your company, then you will think about what needs to be fulfilled to support your business operations. In the end, there is a need for a company account to support the transaction and corporate finance sector. Maybe some of you are still unsure about the benefits of having a corporate account, here we explain the benefits:

1. Credible

In transaction patterns, it is often found that buyers or consumers trust the credibility of a company more if it has a corporate account. It will be easier to suspect fraud on companies that use personal account numbers, so most consumers doubt the credibility of the company.

2. Separation of Assets

The legal basis for the separation of assets between the founder of the company and the company they founded is set out in Article 3 paragraph 1 of Law No. 40 of 2007 concerning Limited Liability Companies, which reads:

“The shareholder of a company is not personally responsible for the engagements made on behalf of the Company and is not responsible for the Company's losses in excess of the shares owned."

In other words, the directive to separate personal assets from company assets is implemented by separating the personal account of the company founder and the account in the name of the company.

3. Bookkeeping

As the owner of a particular business unit, you should be aware of every transaction made within the company. Therefore, in order to facilitate financial and tax calculations, company accounts become a documentation tool for every upstream and downstream financial flow.

4. Interest Rate

The most prominent difference between personal accounts and company accounts offered by Banks to its customers is the interest rates. This also refers to the indicator of the type of currency chosen by the account holder.

Best Corporate Accounts

1. Mandiri Tabungan Bisnis

Bank Mandiri was established in 1998 and is the result of a merger of four banks, namely: Bank Bumi Daya, Bank Dagang Negara, Bank Pembangunan Indonesia and Bank Export Import Indonesia.

Bank Mandiri is one of the biggest banks in Indonesia with asset management of 1,156 trillion Rupiah in 2018, so it is not surprising that many business owners open a business account at Bank Mandiri.

Mandiri Tabungan Bisnis offers convenience and easiness because you can open an account at Bank Mandiri Branches or you can do it online on your smartphones. You will have a Mandiri Business Debit Card where the transaction limit can be adjusted to your needs. In addition, there is a free program for outward RTGS, TT outward (SWIFT) transactions and Inbound Clearing Deposits from your Mandiri business savings account, with a minimum initial deposit of IDR 1,000,000, a daily minimum balance of IDR 10,000 and a minimum balance of IDR 10,000,000 at the end of the month. There are also 9 currency options, namely IDR, USD, EUR, GBP, AUD, SGD, CHF, CNY, and HKD.

2. BriTama Bisnis

BRI is one of the oldest Indonesian state-owned banks. This bank was founded in 1895 in Purwokerto, Central Java under the name "De Poerwokertosche Hulp en Spaarbank der Inlandsche Hoofden" or which means "Aid and Savings Bank of the Priyayi Purwokerto".

The BRI network is spread throughout Indonesia, even to remote areas with limited access to electricity. This reach of the BRI network can be an advantage for business owners.

BriTama Bisnis offers free monthly administration fees with a minimum average balance requirement of IDR 5,000,000 at the end of the month. For internet banking, the RTGS limit reaches 1 billion and overbooking is up to 5 billion. BriTama Bisnis also offers personal accident insurance costs of up to 150 million for its customers.

3. Tahapan Gold BCA

Bank BCA was established in 1957 with total assets under management of IDR 792 trillion in 2018.

BCA's business savings products include BCA Dollars, Timed Deposits, Current Accounts and Tahapan Gold. For Tahapan Gold, the interest rate given starts from 0.00% to 1.90%. Information regarding business transactions is tailored to the needs via SMS or email to customers. In addition, Tahapan Gold BCA has a minimum initial deposit of IDR 10,000,000, a minimum average monthly balance of IDR 10,000,000, and is subject to an additional administration fee of IDR 25,000 if your balance is below the minimum balance requirement.  

4. BNI Taplus Bisnis

BNI is a state-owned bank which was originally established as the central bank of Indonesia under the name "Bank Negara Indonesia" through Government Regulation in Lieu of Law no. 2 in 1946.

The benefits of having a BNI Taplus Bisnis savings account include getting a BNI Gold Debit Card or a BNI Platinum Debit Card as a Debit Card with a higher limit, transaction notification facilities via SMS Banking, and a digital savings opening feature. Initial deposit of IDR 1,000,000, for a minimum monthly average balance of IDR 1,000,000, an account management administration fee of IDR 10,000, and an account administration fee below the minimum daily average balance of IDR 20,000. The interest rate offered by BNI Taplus Bisnis is 0.00% to 1.50%.

5. OCBC NISP Current Account (Business Smart)

OCBC NISP current account offers services in multiple currencies in 1 account, with a choice of currencies, namely IDR, USD, SGD, EUR, AUD, JPY, GBP, HKD, CAD, CHF, NZD, CNH, and CNY. Initial deposit of IDR 1,000,000, monthly administration fee of IDR 30,000, and free of charge under the minimum balance. The interest rates offered range from 0.75% to 2.75%.

6. CIMB Niaga XTRA Savers

The bank, which was established in 1955 under the name Bank Niaga, was the first bank in Indonesia to offer banking services through ATMs to its customers in 1987. The total assets managed by Bank CIMB Niaga amounted to IDR 257.5 trillion in 2018.

This corporate account is suitable for SMEs who have modest capital. Because with an initial deposit starting from IDR 500,000, you can enjoy CIMB Niaga business account facilities. Some of the features and benefits of CIMB Niaga business savings include SMS alerts, Auto Sweep, and Pick Up Service.

The settled balance in CIMB Niaga Business Savings is IDR 50,000,-. This savings account does not charge an administration fee, but if your average monthly balance is below IDR 25 million, you will be charged a below average balance fee of IDR 17,500. 

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The following is a comparison table of the 6 most popular corporate accounts for businesses in Indonesia. 

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To meet the complex and various needs of companies, companies can have more than one account at different banks or institutions. This is done for various reasons such as budget separation, transfer cost savings, or to get more favorable interest rates.

To bridge it all, financial technology company Aspire provides financial solutions to manage multiple accounts of different companies in one platform. Aspire is an all in one finance platform to make it easier for companies to manage business operations. All company accounts from different banks can be managed at once in one Aspire account and directly connected to the company's budget in real-time. Some of the Aspire features include:

• Employee claims tracking and real-time expense recording features directly connected through Aspire's  expense management features.
• Virtual accounts generation for automatic payment receipt and collection of receivables.
• Budget allocation feature for each employee and department that can be adjusted at any time through the Aspire platform.
• Cashback on purchases from Aspire partners and vendors.
• Aspire multi-currency account to save on foreign exchange rate fees for spending in foreign currencies.

As business grows, the company's financial operational needs will certainly be more complex. However, you can simplify the process of tracking and managing funds with the all-in-one Aspire platform. With an Aspire business account, make sure your financial system stays in control and organized as your company grows.

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