What Is a PT PMA? Indonesia’s Foreign-Owned Company Explained for Investors (2026)

A PT PMA is the only company structure in Indonesia that lets a foreign individual or entity hold equity directly, earn commercial revenue, sponsor work permits for expatriate staff, and operate as a recognized Indonesian legal person. If you are a foreigner who wants to do business in Indonesia commercially, this is almost certainly what you need. This guide explains what the structure is, what it allows you to do, where its limits are, and whether it makes sense for your situation.

Also Read: Can a Foreigner Own a Business in Indonesia? Complete Guide

PT PMA: The Legal Definition

PT PMA stands for Perseroan Terbatas Penanaman Modal Asing, or Foreign Capital Investment Limited Liability Company. It is a standard Indonesian limited liability company, governed by Company Law No. 40 of 2007, with one or more foreign shareholders. The “PMA” part is an investment classification, not a separate legal entity type. The underlying structure is a PT, the same limited liability company any Indonesian business uses. The moment a foreign individual or foreign corporate entity acquires even one share in that PT, it becomes a PT PMA and falls under the foreign investment framework regulated by BKPM. You can check a company’s registration details in Indonesia through the AHU Online system to verify whether an existing company carries PMA or domestic PT status.

Three laws form the legal basis for PT PMA companies. Investment Law No. 25 of 2007 establishes foreign investors’ rights to conduct business in Indonesia, transfer profits, repatriate capital, and receive legal protection equivalent to domestic investors. Company Law No. 40 of 2007 governs the structure, management, and obligations of all limited liability companies. The Omnibus Law No. 11 of 2020 and its implementing regulations, including Government Regulation No. 5 of 2021, reformed and simplified investment licensing through the OSS-RBA system.

Also Read: Foreign Direct Investment in Indonesia: Complete Guide

Why Indonesia Created the PT PMA Structure

Before Investment Law No. 25 of 2007, Indonesia’s foreign investment framework was fragmented, inconsistent across provinces, and widely criticized for opacity. The PT PMA structure consolidated foreign investment into one recognized legal form with defined rights, defined capital requirements, and a single regulatory body (BKPM) handling oversight. The goal was to attract foreign capital while giving the government tools to regulate which sectors foreigners could enter and at what ownership percentages.

It largely worked. Indonesia’s total FDI inflow reached USD 47.3 billion in 2024, a 15.2% year-on-year increase according to BKPM’s Q4 2024 investment realization report. The PT PMA remains the dominant vehicle for that investment. Over 80% of foreign investors entering Indonesia through a commercial structure use the PT PMA. The rest use representative offices for non-commercial market research, genuine joint ventures with Indonesian partners through local PT structures, or sector-specific vehicles.

Also read: PT PMA Requirements: Documents, Capital, and Structure

What a PT PMA Allows You to Do

A PT PMA grants its foreign shareholders the ability to operate commercially in Indonesia with the same legal standing as a domestic company. Here is what that means in practice:

Generate Revenue in Indonesia

A PT PMA can issue invoices, sign commercial contracts, receive payments, and conduct revenue-generating activities in any sector open to foreign investment under the Positive Investment List. This is the core right that separates a PT PMA from a Representative Office (KPPA), which cannot generate revenue or sign commercial contracts.

Also Read: What Fields Can a PMA Company Operate in Indonesia?

Hold Indonesian Land Rights

A PT PMA can hold HGB (Hak Guna Bangunan, Right to Build) and Hak Pakai (Right to Use) titles under Indonesian agrarian law. HGB provides up to 90 years of land use rights through an initial 30-year term, a 20-year extension, and a further 30-year renewal. This is how foreign investors legally acquire property in Indonesia for commercial use: villas, hotels, commercial premises, development land. Individual foreigners cannot hold HGB directly. The PT PMA is the vehicle.

Also Read: Can a PT PMA Own Land in Indonesia? What Foreign Investors Need to Know

Sponsor KITAS for Expatriate Staff and Directors

A PT PMA can sponsor KITAS (Kartu Izin Tinggal Terbatas, Temporary Stay Permit) for foreign Directors and employees. An Investor KITAS lets its holder reside in Indonesia as an investor for up to two years per issuance, renewable. A Director or Work KITAS, sponsored by the PT PMA as employer, lets the holder work in Indonesia legally. The KITAS also forms the basis for getting an Indonesian driving license, a local bank account, and access to national healthcare. Without a PT PMA, there is no formal mechanism for a foreign business owner to live and work in Indonesia on a commercial basis.

Also Read: How PMA Companies Hire Foreign Employees in Indonesia

Participate in Government Procurement

PT PMA companies with the required certifications can participate in Indonesian government tender processes, particularly relevant in construction, engineering, technology services, and energy. Representative offices and foreign branches cannot.

Repatriate Capital and Profits Without Restriction

Under Investment Law No. 25 of 2007, PT PMA companies can transfer and repatriate profits, dividends, royalties, and capital abroad without restriction, subject to applicable withholding taxes. The domestic withholding tax on dividends paid to a foreign shareholder is 20%, though Indonesia’s tax treaties reduce this to 10% for shareholders in Singapore, the Netherlands, Japan, and many other countries with Double Tax Agreements. For investors planning to grow the company significantly over time, it is worth noting that PT PMA companies can also conduct an IPO in Indonesia under certain conditions, opening access to public capital markets.

Import Goods Using the API Facility

The NIB issued to a PT PMA through OSS-RBA also works as an API (Angka Pengenal Importir), letting the company import goods commercially. This makes the PT PMA essential for foreign companies supplying or manufacturing goods in Indonesia or importing raw materials for production.

What a PT PMA Cannot Do

Understanding the limits is as important as understanding the rights. These are the constraints that matter most:

Operate in Closed or Restricted Sectors Without a Local Partner

Not every sector is open to foreign ownership, and not every open sector allows 100%. Sectors fully closed to foreign investment include gambling, narcotics production, collection and processing of protected wildlife, and businesses deemed strategically sensitive. Sectors where foreign ownership is capped, typically at 49%, 51%, or 67%, include domestic sea transportation, courier services, certain retail formats, domestic radio broadcasting, and some hospitality categories. A PT PMA operating in a restricted sector without the correct ownership structure is in violation of Indonesian investment law and risks license cancellation.

Own Freehold (Hak Milik) Land Title

Indonesian agrarian law (UUPA 1960) reserves absolute freehold title (Hak Milik) exclusively for Indonesian citizens and certain Indonesian legal entities. A PT PMA can hold HGB and Hak Pakai, both of which provide long, renewable land use rights, but not Hak Milik. This matters primarily in the property sector, where some investors arrive expecting full freehold ownership and need to understand that HGB through a PT PMA is the strongest title available to them.

Conduct Activities Outside Its Registered KBLI Codes

A PT PMA can only legally conduct the specific activities described by the KBLI codes registered in its Deed and OSS-RBA profile. Any revenue-generating activity outside those codes is unlicensed. Adding KBLI codes after incorporation requires a deed amendment and OSS re-registration. Companies that grow and diversify often need to do this, but it requires planning ahead rather than fixing things retroactively.

Also Read: Can a PT PMA Company Become a Distributor in Indonesia?

PT PMA vs. the Alternatives: Which Structure Fits Your Goals?

The PT PMA is right for most foreign investors wanting commercial operations in Indonesia. But it helps to understand exactly why, particularly compared to the alternatives investors sometimes consider.

PT PMA vs. Representative Office (KPPA)

A KPPA (Kantor Perwakilan Perusahaan Asing) is a representative office of a foreign company in Indonesia. It can conduct market research, coordinate between a foreign parent and Indonesian counterparts, and maintain local presence. It cannot sell goods or services, sign commercial contracts, generate revenue, or employ Indonesian staff directly without specific approvals. No capital requirement and lower setup costs make it a reasonable first step for companies researching Indonesia before committing. For any company that wants to operate commercially, it is the wrong structure.

Also Read: PT vs PMA vs KPPA: Key Differences Explained

PT PMA vs. Nominee Arrangement

Some foreign investors, trying to avoid PT PMA capital requirements or enter restricted sectors, use nominee arrangements where Indonesian nationals hold shares on their behalf under a side agreement. This is illegal under Indonesian investment law and unenforceable in Indonesian courts. The foreign investor has no legal protection if the nominee acts against their interests. Indonesian authorities have pursued enforcement in recent years, particularly in the Bali property sector. A PT PMA, even with its capital requirements, provides full legal protection. A nominee arrangement provides none.

PT PMA vs. Local PT (with an Indonesian Partner)

A domestic PT owned entirely by Indonesian nationals can work if the foreign investor has a genuine Indonesian business partner with real equity and aligned commercial interests. This is different from a nominee arrangement because the Indonesian partner is an actual shareholder with skin in the game. Some foreign investors use this structure in restricted sectors. The risk is direct: the Indonesian partner owns the company legally, and the foreign investor’s recourse depends entirely on contract law and the quality of the partnership. Where the Positive Investment List allows full or partial foreign ownership, a PT PMA is the safer structure by a considerable margin.

Also read: Convert Local PT to PT PMA Indonesia: Regulation and Complete Guide from InvestinAsia

The Positive Investment List: What Sectors Are Open to PT PMA?

Presidential Regulation No. 10 of 2021 established the Positive Investment List, replacing the previous Negative Investment List. The old framework listed everything closed or restricted. The new one inverts that: it lists sectors with conditions or restrictions, while everything not mentioned is presumed fully open to 100% foreign ownership.

Three categories apply. Fully open sectors allow 100% foreign ownership with no partnership requirement. These include most manufacturing activities, renewable energy, pharmaceutical production (with conditions), digital economy services, logistics, professional services, and international tourism. Conditionally open sectors allow foreign investment but cap the percentage of foreign ownership at 49%, 51%, or 67% depending on the industry: domestic courier services, certain retail formats, domestic sea transportation routes, and some media and telecommunications segments. Closed sectors prohibit foreign investment entirely: gambling, narcotics production, harvesting of protected species, and activities declared strategically sensitive by law.

The practical reality is that most commercial sectors in Indonesia are now open to 100% foreign ownership through a PT PMA. The Positive Investment List reform opened hundreds of previously restricted sectors. For most foreign investors in services, technology, manufacturing, hospitality, and professional sectors, the list is no longer a meaningful barrier.

Also Read: How Long Is a PT PMA Permit Valid For?

PT PMA Capital Requirements: The Full Picture

Capital requirements cause more confusion than almost any other part of the PT PMA process. There are three distinct figures, and each serves a different purpose.

Total Investment Plan: Minimum IDR 10 Billion Per KBLI Code

Every PT PMA must declare to OSS-RBA a total investment plan exceeding IDR 10 billion for each 5-digit KBLI code it registers under and intends to generate revenue from. This figure is the total planned cost of the business: equipment, fixed assets, working capital, and other expenditures, generally excluding land and buildings. It is the benchmark against which the company’s actual investment spending is measured in quarterly LKPM reports.

Authorized Capital: Minimum IDR 10 Billion

Company Law No. 40 of 2007 requires a PT’s authorized capital to be at least four times the paid-up capital. For a PT PMA with the minimum paid-up capital of IDR 2.5 billion, the authorized capital must be at least IDR 10 billion. The authorized capital is stated in the Articles of Association but does not need to be fully subscribed or deposited at incorporation.

Paid-Up Capital: Minimum IDR 2.5 Billion

This is the amount shareholders actually deposit into the company’s corporate bank account at incorporation. The minimum is IDR 2.5 billion under BKPM Regulation No. 5 of 2025. This is not a fee paid to the government. It is the company’s money, owned by the company, available for business use from day one. Shareholders sign a Capital Statement Letter confirming the funds are deposited and free of encumbrances. A 12-month capital lock-up commitment is also declared in OSS-RBA.

Also Read: Minimum Capital Requirements for PT PMA in Indonesia: Full Breakdown

“The most consistent confusion we see is investors treating the IDR 10 billion investment plan as a fee or deposit they will lose. It is neither. It is a declaration of how much you plan to invest in the business over its operational life. The IDR 2.5 billion paid-up capital is real money deposited into your company’s account, used to run the business. It belongs to your company from day one.”

InvestinAsia Investment Advisory Team
380+ professionals across Jakarta and Bali

PT PMA Corporate Structure Requirements

Every PT PMA must meet the structural requirements of Company Law No. 40 of 2007.

At Least Two Shareholders

A PT PMA must have at least two shareholders. Both can be foreign individuals, both can be foreign corporate entities, or one of each. No shareholder needs to be Indonesian, even in sectors that allow 100% foreign ownership. Many PT PMA companies are set up by a single foreign investor who lists a spouse, business partner, or holding company as the second shareholder. The minimum is one share per shareholder.

Also Read: Does a PT PMA Need Indonesian Employees and Shareholders?

At Least One Director

The Director is the active executive representative of the PT PMA: day-to-day management, contract signing, and legal representation. A foreign national serving as Director while residing in Indonesia must hold a valid KITAS with a Director or Investor designation before starting work. A Director managing the company from abroad is legally permitted, but the practical limitations are real, especially for bank account operations and tax filing.

At Least One Commissioner

The Commissioner oversees the Board of Directors and reports to shareholders. A Commissioner cannot simultaneously act as Director in the same company. The Commissioner can be a foreign national and does not need to be in Indonesia. A common structure for foreign owners who want to be actively involved: the investor serves as Commissioner while a trusted local representative or professional Director handles operations. This lets the investor maintain oversight without needing a KITAS if they do not plan to reside in Indonesia.

Also Read: Director and Commissioner Requirements for PT PMA Companies in Indonesia

Tax Obligations of a PT PMA

A PT PMA is subject to the same tax regime as any Indonesian limited liability company. There is no separate PT PMA tax classification. Every company needs an NPWP (Nomor Pokok Wajib Pajak) from the Directorate General of Taxes before it can open a corporate bank account, register for VAT, or conduct any formal commercial transaction.

Corporate Income Tax (PPh Badan)

The standard corporate income tax rate is 22% on net taxable income, confirmed for 2024 and 2025 assessments. The annual corporate tax return (SPT Tahunan Badan) is due by April 30 of the following fiscal year. Monthly installment payments (PPh 25) are required based on the prior year’s tax liability.

Also Read: How to Get an NPWP for a PMA Company in Indonesia

Value Added Tax (PPN)

VAT is 11% on taxable goods and services in Indonesia, effective April 2022. PT PMA companies with annual taxable turnover above IDR 4.8 billion must register as PKP (Pengusaha Kena Pajak) and collect, report, and remit VAT monthly. Many PT PMA companies in B2B service sectors register as PKP immediately upon incorporation, because clients require Tax Invoices for their own VAT accounting regardless of the company’s revenue level.

Withholding Taxes

PT PMA companies must withhold and remit PPh 21 (employee income tax) on salary payments, PPh 23 (2% or 15% depending on the payment type) on service and royalty payments, and PPh 26 (generally 20%, reducible by tax treaty) on payments to non-resident foreign parties. These obligations begin from the first month of operation and require monthly reporting through Coretax.

Dividend Withholding Tax

Dividends paid to foreign shareholders are subject to a 20% withholding tax under domestic law. Indonesia has Double Tax Agreements with over 70 countries. Singapore and the Netherlands shareholders commonly qualify for a 10% reduced rate. Claiming a treaty benefit requires a Certificate of Tax Residence from the shareholder’s home country.

Also Read: PMA Company Tax in Indonesia: A Complete Guide

The Real Advantages of a PT PMA for Foreign Investors

These are the actual reasons the PT PMA is used by tens of thousands of foreign investors in Indonesia. No inflation, just the practical facts.

Full legal standing as an Indonesian entity

A PT PMA has the same legal rights as a domestic Indonesian company. It can own assets, hold licenses, sue and be sued, sign contracts, and participate in commercial life without requiring Indonesian shareholder involvement in sectors where full foreign ownership is permitted. Investment Law No. 25 of 2007 writes this legal equality in explicitly.

Unlimited profit repatriation

No restrictions on transferring profits abroad. The only costs are applicable withholding taxes, reducible through tax treaties. This is a real advantage over many other Southeast Asian jurisdictions where repatriation is restricted or subject to regulatory approval.

Import facility access

The NIB also works as an importer identification number, giving the company immediate access to commercial imports without a separate application.

KITAS sponsorship

The PT PMA provides a clear legal path for foreign founders to reside in Indonesia through Investor and Director KITAS applications.

Property acquisition rights

Through HGB and Hak Pakai, a PT PMA gives foreign investors legally sound access to Indonesian property for commercial development and investment, including the right to lease, sell, and use the property as collateral.

Investment incentive eligibility

PT PMA companies in priority sectors can access tax holidays of up to 25 years, tax allowances, import duty exemptions, and Special Economic Zone benefits not available to individual foreign investors or representative offices.

Also Read: Full List of Advantages of Setting Up a PMA Company in Indonesia

The Real Costs and Limitations of a PT PMA

Every structure has trade-offs. These are the honest ones:

Capital threshold

The minimum paid-up capital of IDR 2.5 billion (approximately USD 155,000 at mid-2025 exchange rates) and the declared investment plan of IDR 10 billion per KBLI code are a real commitment. For small-scale entrepreneurs or digital nomads wanting to freelance legally in Indonesia, this threshold is often disproportionate to the scale of their operations. These investors may need to consider alternative visa structures or a business scope that fits within the PT PMA framework despite the requirements feeling outsized.

Ongoing compliance costs

A PT PMA has quarterly LKPM reporting to BKPM, monthly tax filings across multiple tax types, annual shareholders’ meetings, annual financial reporting, and BPJS compliance for every employee. The administrative burden is real and needs either dedicated internal resources or a retained external accounting and compliance firm. Underestimating these costs is one of the more common financial surprises for first-time PT PMA operators.

KBLI rigidity

The company can only operate in the specific activities registered in its KBLI codes. Expanding into a new revenue stream that needs a different KBLI code means a deed amendment, which takes weeks and costs money. Companies that grow quickly or pivot their model frequently feel this constraint.

Sector restrictions

Despite the expanded Positive Investment List, some sectors remain partially or fully closed. Foreign investors in those sectors must find an Indonesian partner, accept the ownership cap, or pursue an alternative structure. The hospitality sector in particular has nuanced ownership rules that differ by activity type and location.

Also Read: Top Mistakes Foreign Investors Make When Setting Up a PT PMA

Who Should Set Up a PT PMA?

A PT PMA is right for any foreign individual or entity planning to conduct commercial operations in Indonesia, needing to employ staff (local or expatriate), wanting to hold property for investment or business purposes, intending to import goods commercially, or requiring a KITAS to reside legally in Indonesia as a business operator. It is also the standard structure for foreign companies setting up an Indonesian subsidiary.

A PT PMA is probably the wrong structure for a foreign individual wanting to freelance or provide services to a single Indonesian client with minimal overhead, a foreign retiree wanting to live in Indonesia without running a business, a foreign company wanting only non-commercial local presence for market research, or any situation where the paid-up capital requirement is genuinely disproportionate to the actual business size.

For those cases, a KPPA for non-commercial presence or a retirement or social visa for personal residency are more appropriate. The point is not that a PT PMA is universally necessary, but that for any genuine commercial operation by a foreigner in Indonesia, it is universally required. If you are ready to move forward, read InvestinAsia’s step-by-step guide on how to set up a PMA company in Indonesia before booking your first consultation.

PT PMA for Property Investment in Bali and Jakarta

This use case gets misunderstood often enough that it deserves its own section.

Many foreigners wanting to buy land or property in Bali or Jakarta assume they can do so as individuals. They cannot hold freehold or HGB title personally. What they can do is set up a PT PMA and have the company hold HGB on the property. The PT PMA gives the investor effective control over the property through their equity ownership in the company, while legal title sits with the PT PMA as the registered HGB holder.

A PT PMA used primarily for property holding still must comply with all investment framework requirements: the IDR 10 billion investment plan declaration per KBLI code, the IDR 2.5 billion paid-up capital, quarterly LKPM reporting, and tax compliance. The property’s KBLI code must match the actual use, whether that is hotel management, villa rental, property development, or commercial real estate leasing. A PT PMA registered for property holding with a KBLI code that does not match its activities is in violation of its licensing obligations.

Also Read: PT PMA vs Non-PT PMA: Buying Property in Bali Compared

PT PMA Post-Registration Obligations: The Ongoing Calendar

Getting the PT PMA registered is step one. Running it legally requires an ongoing compliance calendar that many first-time PT PMA operators underestimate. These are the non-negotiable recurring obligations:

Quarterly LKPM reporting is due to BKPM via OSS by April 30, July 31, October 31, and January 31 each year. Monthly tax filings cover PPh 21, PPh 23, PPh 25, and PPN (VAT), each with their own due dates through the calendar month. The annual corporate tax return is due April 30. An Annual General Meeting of Shareholders must be held within six months of the financial year-end. BPJS contributions for all employees must be paid monthly from the employee’s first day. Any changes to KBLI codes, capital, or management must be formalized through deed amendments and reported to Kemenkumham and OSS-RBA.

Most PT PMA companies working at scale retain a local accounting firm or their corporate service provider on retainer for monthly and quarterly compliance. The cost is modest compared to the risk of non-compliance, which can include administrative penalties, license suspension, and forced dissolution proceedings for persistent violations.

Check our guide for LKPM Reporting for PT PMA / Foreign Companies in Indonesia

Also read: How Long Does It Take to Set Up a PT PMA in Indonesia?

How InvestinAsia Supports PT PMA Setup and Beyond

InvestinAsia has assisted hundreds of foreign investors in setting up and maintaining PT PMA companies across Jakarta, Bali, and major Indonesian cities. The firm’s services cover the full investment lifecycle: KBLI eligibility analysis and sector assessment, PT PMA incorporation from name reservation through NIB issuance, virtual office and domicile address solutions, KITAS and Investor Visa applications, post-registration tax compliance and LKPM reporting, and deed amendments for growing companies adding activities or restructuring capital.

For investors at the decision stage who are not yet certain whether a PT PMA fits their specific business model and budget, InvestinAsia offers a free initial consultation to evaluate the best market entry approach. Learn more about InvestinAsia’s PT PMA registration service here.

Frequently Asked Questions About PT PMA

What does PT PMA stand for?

PT PMA stands for Perseroan Terbatas Penanaman Modal Asing: Foreign Capital Investment Limited Liability Company. It is an Indonesian limited liability company in which one or more shareholders are foreign individuals or foreign legal entities, governed by Investment Law No. 25 of 2007 and Company Law No. 40 of 2007.

Is a PT PMA the same as a foreign branch office?

No. A PT PMA is a separate Indonesian legal entity incorporated under Indonesian law. A foreign branch office is not a separate entity; it is an extension of the foreign parent company, which remains legally and financially responsible for the branch’s activities. Most foreign commercial investments in Indonesia use the PT PMA rather than a branch structure, because the PT PMA provides clear legal separation between the Indonesian operation and the foreign parent.

Can a PT PMA have only one foreign shareholder?

No. Company Law No. 40 of 2007 requires any PT, including a PT PMA, to have at least two shareholders. A sole intended beneficial owner typically involves a second individual (a spouse, partner, or trusted associate) as the second shareholder, or establishes a holding company abroad that holds shares alongside the investor personally. The second shareholder can hold a minimal stake, such as one share.

Does a PT PMA need an Indonesian Director?

No. There is no legal requirement for an Indonesian national to serve as Director of a PT PMA. All Directors can be foreign nationals. Foreign Directors who will physically work in Indonesia must hold a valid KITAS. Some banks and certain sector regulators have informal preferences for a local Director available for in-person meetings, but this is not a legal requirement.

How long does a PT PMA registration take?

For Low Risk business activities with complete documentation, core registration takes 10 to 20 business days from name reservation through NIB issuance. This covers name reservation via AHU Online, deed notarization, Kemenkumham legal entity approval (3 to 7 business days), and OSS-RBA NIB issuance (1 to 3 business days). High Risk sectors requiring additional ministry approvals extend the total timeline to 2 to 4 months.

Can a PT PMA be 100% foreign-owned?

Yes, in sectors fully open under the Positive Investment List (Presidential Regulation No. 10 of 2021). Most manufacturing sectors, renewable energy, digital economy services, logistics, many professional services, and international hospitality all qualify. Sectors with ownership caps require a local Indonesian partner for the restricted equity portion. Fully closed sectors do not permit PT PMA investment at any ownership level.

What happens to a PT PMA that misses LKPM reporting deadlines?

BKPM enforces LKPM obligations with a three-stage process. A first missed submission gets a written warning. Continued non-compliance leads to suspension of the company’s business licenses via OSS-RBA. Persistent non-compliance can escalate to revocation of investment registration. In practice, most failures are administrative oversights, and BKPM allows cure periods in the early stages. Retaining a compliance firm to handle LKPM from the company’s first quarter of operation is the standard solution.

References

1. Government of Indonesia. (2007). Law No. 25 of 2007 on Capital Investment. Retrieved from
https://peraturan.go.id/id/uu-no-25-tahun-2007

2. Government of Indonesia. (2007). Law No. 40 of 2007 on Limited Liability Companies. Retrieved from
https://peraturan.go.id/id/uu-no-40-tahun-2007

3. Government of Indonesia. (2021). Presidential Regulation No. 10 of 2021 on Investment Business Fields (Positive Investment List). Retrieved from
https://peraturan.go.id/id/perpres-no-10-tahun-2021

4. Ministry of Investment/BKPM. (2025). BKPM Regulation No. 5 of 2025: Investment Licensing Through OSS Risk-Based Approach. Retrieved from
https://www.investindonesia.go.id

5. Ministry of Finance of the Republic of Indonesia. (2022). Government Regulation No. 9 of 2022 on Amendments to Capital Investment Facilitation. Retrieved from
https://www.kemenkeu.go.id

6. Directorate General of Taxes (DJP). (2025). Value Added Tax (PPN): Rate and Registration Requirements. Retrieved from
https://www.pajak.go.id

7. Government of Indonesia. (2021). Government Regulation No. 5 of 2021 on Risk-Based Business Licensing. Retrieved from
https://peraturan.go.id/id/pp-no-5-tahun-2021

Legal Disclaimer: This article is for general informational purposes only and does not constitute legal, financial, or investment advice. Indonesian regulations governing foreign investment, PT PMA structure, capital requirements, and business licensing are subject to change. The information reflects the regulatory environment as understood in April 2026. Always consult qualified legal and corporate advisory professionals before making investment decisions. InvestinAsia is not liable for decisions made based on this article.