Board Resolution To Open Bank Account Template for Indonesia
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What is a Board Resolution To Open Bank Account?
A Board Resolution To Open Bank Account is a crucial corporate document required by Indonesian banks and regulatory authorities when a company wishes to establish banking relationships. This document is mandated under Indonesian Company Law (Law No. 40 of 2007) and banking regulations, demonstrating proper corporate governance and authorization. It is typically needed when setting up a new company, opening additional accounts, changing authorized signatories, or establishing accounts at different banks. The resolution must include specific details about the company, the type of account to be opened, designated signatories, and their respective authority levels. It serves as the primary evidence for banks that proper corporate procedures have been followed in authorizing the account opening and its operation.
About the Board Resolution To Open Bank Account
A Board Resolution To Open Bank Account is an essential corporate document that formally authorizes your company to establish banking relationships in Indonesia. This resolution demonstrates to banks and regulatory authorities that your board of directors has properly authorized the account opening and designated specific individuals to operate the account on behalf of the company.
When do you need this document?
You need this resolution whenever your Indonesian company seeks to open a new bank account or establish banking relationships. This includes opening your first corporate account after incorporation, adding accounts at different banks for operational purposes, opening specialized accounts for specific business activities, or when changing authorized signatories on existing accounts. Banks in Indonesia require this document as part of their customer due diligence procedures and to comply with Financial Services Authority (OJK) regulations. Without a properly executed board resolution, banks cannot legally open corporate accounts or process account-related changes.
Key legal considerations
Your resolution must comply with your company's articles of association regarding board meeting procedures and decision-making authority. The document should clearly specify the type of account being opened, the bank's name and branch, authorized signatories and their individual or joint signing authorities, transaction limits, and specific powers granted to each signatory. You must ensure that the resolution is passed by a properly constituted board meeting with adequate quorum as required by your company's constitution. The resolution should also address operational matters such as online banking access, account closure authority, and procedures for changing signatories in the future.
Legal requirements in Indonesia
Under Law No. 40 of 2007 on Limited Liability Companies, board resolutions must follow proper corporate governance procedures and be documented according to legal standards. The resolution must be signed by the board of directors and company secretary, and may require notarization depending on the bank's requirements. Indonesian banking law under Law No. 7 of 1992 (as amended) requires banks to verify corporate authority before opening accounts, making this resolution a mandatory document. Additionally, Law No. 8 of 2010 on Money Laundering Prevention requires banks to conduct enhanced due diligence, including verification of beneficial ownership and corporate authorization. Your resolution should also comply with OJK Regulation No. 23/POJK.01/2019 regarding customer identification procedures. The document must be accompanied by other corporate documents such as the certificate of incorporation, articles of association, and identification documents of authorized signatories to complete the account opening process.
GOVERNING LAW
Applicable law
This Board Resolution To Open Bank Account is drafted to comply with Indonesia law. Key legislation includes:
Law No. 7 of 1992 on Banking (as amended by Law No. 10 of 1998): The main banking law in Indonesia that regulates banking operations, including requirements for opening and maintaining bank accounts by corporate entities.
Law No. 8 of 2010 on Prevention and Eradication of Money Laundering: Provides requirements for customer due diligence and documentation needed when opening bank accounts, including verification of corporate identity and beneficial ownership.
OJK Regulation No. 23/POJK.01/2019: Financial Services Authority regulation on customer due diligence for financial services providers, including specific requirements for corporate account opening.
Bank Indonesia Regulation No. 20/6/PBI/2018: Regulation on money transfer and payment systems, relevant for corporate bank account operations and requirements.
Law No. 25 of 2007 on Investment: Relevant if the company has foreign ownership, as it affects banking requirements and restrictions for foreign-owned companies.
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