{"id":17576,"date":"2026-09-22T09:22:11","date_gmt":"2026-09-22T02:22:11","guid":{"rendered":"https:\/\/investinasia.id\/blog\/?p=17576"},"modified":"2026-09-22T11:25:30","modified_gmt":"2026-09-22T04:25:30","slug":"due-diligence-checklist-before-investing-in-indonesia","status":"publish","type":"post","link":"https:\/\/investinasia.id\/blog\/due-diligence-checklist-before-investing-in-indonesia\/","title":{"rendered":"Business Due Diligence in Indonesia: A Pre-Investment Checklist for Foreign Investors"},"content":{"rendered":"<p>Business due diligence in Indonesia helps foreign investors verify a company&#8217;s ownership, licenses, financial position, liabilities, and operating claims before committing capital. The scope depends on whether you plan to acquire shares, purchase business assets, or enter a joint venture.<\/p>\n<p>Start by checking whether the intended business activity permits your proposed foreign ownership. Then examine the company behind the opportunity. A profitable business can still carry unpaid taxes, disputed assets, or contracts that become difficult to maintain after an acquisition.<\/p>\n<div style=\"background: #f8f9fa; border-left: 4px solid #223666; border-radius: 0 8px 8px 0; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"font-weight: bold; margin: 0 0 10px 0; color: #223666;\">Key Takeaways<\/p>\n<ul style=\"margin: 0; padding-left: 20px; line-height: 1.8;\">\n<li>Match the target&#8217;s actual activities with its KBLI classification, OSS licensing records, and foreign ownership eligibility before agreeing on an investment structure.<\/li>\n<li>Under BKPM Regulation No. 5 of 2025, the general minimum paid-up capital for a PT PMA is IDR 2.5 billion per company, while the general planned investment threshold exceeds IDR 10 billion, subject to applicable exceptions.<\/li>\n<li>Verify corporate records and beneficial ownership against supporting documents. A company profile alone cannot establish the condition of its assets, finances, or regulatory compliance.<\/li>\n<li>Review historical tax exposure, employee obligations, financing arrangements, litigation, and contracts that may affect the transaction.<\/li>\n<\/ul>\n<\/div>\n<h2>Start With the Transaction Structure<\/h2>\n<figure id=\"attachment_16918\" aria-describedby=\"caption-attachment-16918\" style=\"width: 735px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-16918\" src=\"http:\/\/investinasia.id\/blog\/wp-content\/uploads\/2026\/01\/business-expansion.webp\" alt=\"Due Diligence Checklist Before Investing in Indonesia\" width=\"735\" height=\"490\" srcset=\"https:\/\/investinasia.id\/blog\/wp-content\/uploads\/2026\/01\/business-expansion.webp 735w, https:\/\/investinasia.id\/blog\/wp-content\/uploads\/2026\/01\/business-expansion-300x200.webp 300w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption id=\"caption-attachment-16918\" class=\"wp-caption-text\">Due Diligence Checklist Before Investing in Indonesia (pexels.com)<\/figcaption><\/figure>\n<p>The structure of your investment determines which documents and liabilities deserve closer attention. A share purchase, asset acquisition, and joint venture can involve the same business while presenting different legal and commercial issues.<\/p>\n<h3>Buying Shares in an Indonesian Company<\/h3>\n<p>In a share purchase, the company generally continues as the same legal entity. Its existing contracts, loans, employees, assets, and disputes remain relevant to the buyer&#8217;s assessment.<\/p>\n<p>Request the shareholder register, articles of association, share certificates where applicable, and agreements affecting ownership or voting rights.<\/p>\n<p>Ask Indonesian counsel whether the proposed transfer changes control or triggers shareholder approvals, pre-emption procedures, creditor notices, or other statutory acquisition requirements.<\/p>\n<p>Law No. 40 of 2007 on Limited Liability Companies, as amended, provides the corporate legal framework. The applicable process depends on the transaction&#8217;s actual structure.<\/p>\n<p>Check financing agreements and major commercial contracts for change-of-control provisions. The company may continue operating under the same legal identity while still needing a lender&#8217;s consent or a regulatory update.<\/p>\n<h3>Buying Selected Business Assets<\/h3>\n<p>An asset acquisition allows you to define which assets and rights the seller will transfer. Check ownership and transferability before assuming those assets will be available to your business.<\/p>\n<p>Request the fixed asset register, land and building documents, equipment financing records, inventory reports, and material intellectual property agreements.<\/p>\n<p>Ask whether customer contracts, permits, leases, and software licenses can be assigned to the buyer.<\/p>\n<p>An asset purchase also needs its own tax and employment analysis. Selecting particular assets does not automatically resolve secured claims, employee consequences, or restrictions imposed by third parties.<\/p>\n<h3>Investing Through a Joint Venture<\/h3>\n<p>Joint venture due diligence should cover the proposed partner&#8217;s legal standing, financial commitments, decision-making authority, and ability to contribute the promised assets or business relationships.<\/p>\n<p>Review the proposed shareholders&#8217; agreement and identify which decisions require consent from both parties.<\/p>\n<p>Pay particular attention to:<\/p>\n<ul>\n<li>Board composition and voting rights.<\/li>\n<li>Reserved matters and quorum requirements.<\/li>\n<li>Initial funding and future capital calls.<\/li>\n<li>Related-party transactions and approval procedures.<\/li>\n<li>Shareholder dilution and funding defaults.<\/li>\n<li>Audit and information rights.<\/li>\n<li>Deadlock resolution and exit arrangements.<\/li>\n<\/ul>\n<p>These provisions help investors understand how the partnership will operate when shareholders disagree or one party cannot meet its commitments.<\/p>\n<p>Our guide to <a href=\"https:\/\/investinasia.id\/blog\/starting-a-business-partnership-in-indonesia\/\">starting a business partnership in Indonesia<\/a> explains the wider considerations for foreign investors entering local business arrangements.<\/p>\n<h2>Confirm the Business Activity and Foreign Ownership Structure<\/h2>\n<p>Check whether Indonesian investment rules permit your proposed ownership in every material business activity. The target company&#8217;s broad industry description is insufficient for this assessment.<\/p>\n<h3>Map the Target&#8217;s Activities to Its KBLI Codes<\/h3>\n<p>Request the company&#8217;s current OSS business profile, NIB, applicable licenses, and articles of association. Compare these records with the activities that generate its revenue.<\/p>\n<p>Indonesia uses the Klasifikasi Baku Lapangan Usaha Indonesia (KBLI) to classify business activities.<\/p>\n<p>BPS Regulation No. 7 of 2025 introduced KBLI 2025. Existing companies may still have documents or historical records showing KBLI 2020 codes.<\/p>\n<p>Use the official OSS conversion tool to check how those codes correspond to KBLI 2025. A code may remain unchanged, receive a different number, split into several classifications, merge with another code, or undergo restructuring.<\/p>\n<p>The conversion result requires a closer look at the underlying activity. A code&#8217;s name may remain familiar even when the description or scope has changed.<\/p>\n<p>For each material activity, record:<\/p>\n<ul>\n<li>The actual product or service the company sells.<\/li>\n<li>The corresponding purpose stated in its articles of association.<\/li>\n<li>The KBLI recorded in its OSS business profile.<\/li>\n<li>The relevant KBLI 2025 conversion result.<\/li>\n<li>The business location and applicable risk classification.<\/li>\n<li>The licenses or supporting approvals required for that activity.<\/li>\n<\/ul>\n<p>In April 2026, BPS clarified that adopting KBLI 2025 does not automatically invalidate previously issued business licenses.<\/p>\n<p>Where the adjustment involves only a code conversion without changing the substance of the business, the government may handle the conversion through the AHU and OSS systems without requiring a new license or amendment to the articles of association.<\/p>\n<p>A substantive change to the company&#8217;s purpose, business activities, or operating scope requires a separate assessment of the necessary corporate and licensing updates.<\/p>\n<p>For the classification process itself, read our guide to <a href=\"https:\/\/investinasia.id\/blog\/what-is-kbli-indonesia\/\">Indonesia KBLI codes and how to choose the right classification<\/a>.<\/p>\n<h3>Check Whether the Planned Foreign Shareholding Is Permitted<\/h3>\n<p>Presidential Regulation No. 10 of 2021, as amended by Presidential Regulation No. 49 of 2021, provides Indonesia&#8217;s investment-business-field framework.<\/p>\n<p>Assess the company&#8217;s actual activities against the applicable foreign ownership conditions and any sector-specific rules.<\/p>\n<p>A business that operates under Indonesian ownership may need structural changes before accepting foreign shareholders. Existing registration does not establish that the proposed ownership percentage is permitted.<\/p>\n<p>Have Indonesian counsel examine the shareholder structure, relevant nationalities, ultimate ownership, and proposed voting arrangements before you commit to the transaction.<\/p>\n<h3>Check PMA Investment and Capital Requirements<\/h3>\n<p>Foreign ownership eligibility and PT PMA capital requirements are separate matters. A permitted shareholding percentage does not establish that the proposed investment structure meets the applicable capital rules.<\/p>\n<p>BKPM Regulation No. 5 of 2025 addresses both minimum investment value and minimum capital for foreign investment companies.<\/p>\n<div style=\"overflow-x: auto;\">\n<table style=\"width: 100%; border-collapse: collapse;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">Requirement<\/th>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">General Rule<\/th>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">What to Check<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Placed and paid-up capital<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">At least IDR 2.5 billion per PT PMA, unless other regulations provide otherwise.<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Articles of association, shareholder contributions, corporate records, and applicable sector rules.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Planned investment value<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Generally more than IDR 10 billion, excluding land and buildings, per five-digit KBLI business field per project location.<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Investment plan, KBLI classifications, project locations, and applicable calculation exceptions.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>The regulation provides different calculation treatments for certain activities, including wholesale trade, food and beverage services, construction, manufacturing, property, accommodation, and specified activities in special economic zones.<\/p>\n<p>Ask the financial and legal teams to check the provisions that apply to your actual business model.<\/p>\n<p>These figures describe investment and capital requirements. They are not due diligence fees, acquisition prices, or interchangeable measures of the same obligation.<\/p>\n<p>If an existing domestic PT will receive foreign investment, review whether the transaction requires changes to its capital structure, investment plan, or registered investment status.<\/p>\n<h3>Check the Licensing Framework Against Actual Operations<\/h3>\n<p>Government Regulation No. 28 of 2025 replaced Government Regulation No. 5 of 2021 as Indonesia&#8217;s general risk-based business licensing framework.<\/p>\n<p>BKPM Regulation No. 5 of 2025 provides further procedures for business licensing through OSS.<\/p>\n<p>Check the licensing requirements for each material activity and operating location. Obtain the target&#8217;s current OSS status rather than relying on an old NIB document or a screenshot supplied during initial negotiations.<\/p>\n<p>An NIB alone does not establish that every activity has completed the licensing requirements applicable to its risk classification.<\/p>\n<p>Review the relevant Standard Certificates, business permits, supporting approvals, and verification status. A certificate that remains subject to further verification should be assessed according to the applicable licensing requirements.<\/p>\n<p>Where the target lacks a material approval, ask counsel to identify the corrective action, responsible party, and point at which the company can lawfully conduct the intended activity.<\/p>\n<div style=\"background: #d5e6e5; border: 2px solid #223666; border-radius: 8px; padding: 20px 24px; margin: 32px 0; text-align: center;\">\n<p style=\"margin: 0 0 8px 0; font-size: 16px; font-weight: bold; color: #223666; text-align: center;\">Does the Target&#8217;s Legal Structure Support Your Investment?<\/p>\n<p style=\"margin: 0 0 16px 0; color: #333; text-align: center;\">Discuss the ownership and licensing questions that need resolution before you sign.<\/p>\n<div style=\"text-align: center;\"><a style=\"background: #223666; color: #fff; padding: 12px 28px; border-radius: 6px; text-decoration: none; font-weight: bold; display: inline-block;\" href=\"https:\/\/investinasia.id\/services\/legal\">Explore Indonesia Legal Services<\/a><\/div>\n<div style=\"height: 15px;\"><\/div>\n<div style=\"text-align: center;\"><a style=\"background: #25D366; color: #fff; padding: 12px 28px; border-radius: 6px; text-decoration: none; font-weight: bold; display: inline-block;\" href=\"https:\/\/wa.me\/6281295665565?text=Hello%2C%20I%20would%20like%20to%20discuss%20foreign%20ownership%20and%20licensing%20checks%20for%20an%20investment%20in%20Indonesia.%0A%0ASource%3A%20article%20%22Business%20Due%20Diligence%20in%20Indonesia%22%20(SEO)\" target=\"_blank\" rel=\"noopener nofollow\">Discuss Your Investment via WhatsApp<\/a><\/div>\n<\/div>\n<h2>Match the Company Record to Its Operating Reality<\/h2>\n<p>Before relying on the seller&#8217;s company profile, verify the legal entity that owns the business and will enter the transaction.<\/p>\n<p>The name on the proposed agreement should match the relevant corporate records. Confirm that the entity also owns the assets and holds the contracts on which the valuation depends.<\/p>\n<h3>Review Corporate Documents and Share Ownership<\/h3>\n<p>Request the deed of establishment, amendments, articles of association, shareholder register, and relevant corporate resolutions.<\/p>\n<p>Compare these documents with records available through the Directorate General of General Legal Administration&#8217;s AHU system.<\/p>\n<p>Law No. 40 of 2007, as amended, provides the company-law framework. Minister of Law Regulation No. 49 of 2025 governs administrative procedures concerning the establishment, amendment, and dissolution of limited liability companies.<\/p>\n<p>The 2025 ministerial regulation replaced Minister of Law and Human Rights Regulation No. 21 of 2021.<\/p>\n<p>Ask counsel and the notary to identify the required resolutions, deeds, ministerial approvals or notifications, and AHU updates for the proposed transaction.<\/p>\n<p>Use our guide on <a href=\"https:\/\/investinasia.id\/blog\/how-to-check-company-details-in-indonesia\/\">how to check company details in Indonesia<\/a> for a closer explanation of the available corporate verification channels.<\/p>\n<h3>Identify the People Who Ultimately Control the Company<\/h3>\n<p>Request a beneficial ownership declaration and an ownership chart that identifies the relevant natural persons behind the corporate structure.<\/p>\n<p>Presidential Regulation No. 13 of 2018 establishes Indonesia&#8217;s beneficial ownership framework. Minister of Law Regulation No. 2 of 2025 addresses verification and supervision of corporate beneficial ownership.<\/p>\n<p>Examine shareholdings, voting rights, profit entitlements, appointment powers, and other arrangements that may establish effective control.<\/p>\n<p>A cap table may show the registered shareholders without explaining every arrangement affecting control.<\/p>\n<p>Compare the seller&#8217;s declaration with share registers, shareholder agreements, corporate records, and other supporting documents.<\/p>\n<p>Record the source of each finding. Information obtained from a regulator, a seller declaration, and an independently reviewed agreement carry different evidentiary weight.<\/p>\n<p>If two records disagree, obtain an explanation supported by documents before treating ownership as verified.<\/p>\n<h3>Check Litigation and Regulatory Enforcement<\/h3>\n<p>Ask the seller for a schedule of pending litigation, threatened claims, arbitration proceedings, regulatory investigations, and material administrative disputes.<\/p>\n<p>Request the relevant pleadings, judgments, settlement agreements, regulator notices, and correspondence with external counsel.<\/p>\n<p>Check whether any dispute affects a material contract, operating license, shareholder right, or business asset.<\/p>\n<p>Ask Indonesian counsel to assess the unresolved exposure and identify any restrictions on transferring the relevant assets or shares.<\/p>\n<p>A seller&#8217;s statement that a dispute has been settled should be supported by the settlement terms and evidence of compliance with any outstanding obligations.<\/p>\n<h3>Review Integrity and Related-Party Risks<\/h3>\n<p>Where the transaction warrants it, examine the target&#8217;s intermediaries, related-party payments, public-sector relationships, and material investigations.<\/p>\n<p>Review unusual payments and business arrangements that lack a clear commercial explanation. Assess beneficial owners and relevant counterparties against the screening requirements applicable to the transaction.<\/p>\n<p>For cross-border investments, confirm the documented source of transaction funds and any relevant sanctions or anti-money laundering requirements.<\/p>\n<div style=\"background: #d5e6e5; border-left: 4px solid #223666; border-radius: 0 8px 8px 0; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"font-weight: bold; margin: 0 0 8px 0; color: #223666;\">Notes from InvestinAsia Consultants<\/p>\n<p style=\"margin: 0; color: #333;\">Build one entity map before reviewing the rest of the data room. Put the name on the proposed agreement beside the AHU record, OSS profile, tax registration, bank account, and major customer contracts. If the operating business sits across several entities, ask the seller to identify which assets and obligations belong to each company. Have the legal and transaction teams verify the map before using it in the closing documents.<\/p>\n<\/div>\n<h2>Test Revenue, Cash, and the Business Model<\/h2>\n<p>Financial due diligence should establish whether the target&#8217;s reported performance supports the proposed valuation and future cash flow assumptions.<\/p>\n<p>Start with the financial statements, then examine the underlying transactions.<\/p>\n<h3>Reconcile Financial Statements With Cash Receipts<\/h3>\n<p>Request audited financial statements where available, management accounts, general ledgers, bank statements, and supporting sales records for a period appropriate to the business.<\/p>\n<p>Trace selected invoices to contracts, delivery evidence, and bank receipts.<\/p>\n<p>Distinguish revenue recognized under the target&#8217;s accounting framework from cash already collected and receivables that remain outstanding.<\/p>\n<p>An unpaid invoice does not automatically represent fictitious revenue. It does require examination of the underlying transaction, collectibility, and any relevant impairment assumptions.<\/p>\n<p>Review unusual period-end transactions, subsequent credit notes, related-party sales, and material adjustments made after the reporting date.<\/p>\n<h3>Test Receivables and Customer Concentration<\/h3>\n<p>Request the accounts receivable aging report and reconcile it with payments received after the reporting date.<\/p>\n<p>Examine disputed invoices, credit notes, related-party receivables, and the assumptions used to estimate amounts that may not be collected.<\/p>\n<p>If a few customers account for a substantial portion of revenue, review their contracts and purchasing history.<\/p>\n<p>Determine whether those customers can terminate, renegotiate, or reduce orders following a change in ownership.<\/p>\n<h3>Identify Debt-Like Items and Working Capital Requirements<\/h3>\n<p>Ask the financial team to distinguish ordinary operating liabilities from items that should be treated as debt under the proposed pricing mechanism.<\/p>\n<p>Potential items for review include shareholder loans, overdue financing obligations, unpaid dividends, and other transaction-specific liabilities.<\/p>\n<p>Assess normalized working capital using a representative operating period. Seasonal businesses may require a different approach from companies with predictable monthly collections.<\/p>\n<p>Review nonrecurring income and expenses before accepting management&#8217;s adjusted earnings presentation.<\/p>\n<p>Where the parties use a cash-free, debt-free valuation, reconcile the agreed enterprise value with the equity price after applying the negotiated cash, debt, and working capital adjustments.<\/p>\n<h3>Challenge the Commercial Assumptions<\/h3>\n<p>Ask management to explain which customers, products, locations, or contracts support the business forecast.<\/p>\n<p>For example, a manufacturer may project higher sales after installing another production line. Before accepting that growth in the valuation, check the equipment budget, site capacity, utilities, staffing, and required approvals.<\/p>\n<p>If management expects a major customer to renew its contract, examine the renewal terms and available evidence of the customer&#8217;s intentions.<\/p>\n<p>Separate assumptions supported by signed agreements from management forecasts that still depend on future negotiations.<\/p>\n<h2>Investigate Tax and Financing Exposure<\/h2>\n<p>Tax due diligence should examine the target&#8217;s historical compliance and identify unresolved exposure that could affect the buyer after closing.<\/p>\n<p>The proposed transaction also needs a separate tax analysis. A share transfer and an asset transfer may have different consequences for the parties involved.<\/p>\n<h3>Verify Tax Filings With the Company&#8217;s Authorization<\/h3>\n<p>Request corporate income tax returns, relevant VAT filings, withholding tax records, payment evidence, and available correspondence with the Directorate General of Taxes.<\/p>\n<p>Review outstanding assessments, audits, objections, disputes, and payment arrangements.<\/p>\n<p>The Directorate General of Taxes provides role-based delegation arrangements through Coretax. Obtain access through authorized company representatives and the applicable system controls.<\/p>\n<p>A company&#8217;s NPWP registration establishes its tax identity. It does not certify that the company has fulfilled every tax obligation.<\/p>\n<h3>Assess the Tax Consequences of the Transaction<\/h3>\n<p>Ask the tax adviser to examine the proposed share or asset transfer separately from the target&#8217;s historical tax exposure.<\/p>\n<p>The analysis may need to address applicable withholding taxes, indirect taxes, transaction structure, cross-border considerations, and the treatment of relevant assets or liabilities.<\/p>\n<p>Do not assume that the seller&#8217;s historical tax returns establish the tax treatment of the proposed acquisition.<\/p>\n<h3>Inspect Loans, Guarantees, and Related-Party Balances<\/h3>\n<p>Request loan agreements, repayment schedules, security documents, guarantees, and shareholder-loan records.<\/p>\n<p>Check whether any facility requires repayment or lender consent following a change of control.<\/p>\n<p>Reconcile related-party balances with the seller&#8217;s disclosures and the target&#8217;s financial statements.<\/p>\n<p>Before closing, agree whether the seller will repay, waive, transfer, or leave those balances in the company. The treatment should match the negotiated purchase-price mechanism.<\/p>\n<h2>Review Employees, Social Security, and Management Dependencies<\/h2>\n<p>Employment due diligence helps the buyer understand the workforce and the obligations associated with the proposed transaction.<\/p>\n<p>Request the employee register, employment agreements, payroll records, accrued leave balances, and information on ongoing disputes.<\/p>\n<p>Review BPJS Kesehatan and BPJS Ketenagakerjaan registration and contribution records using appropriate company authorization.<\/p>\n<p>Government Regulation No. 35 of 2021 addresses fixed-term employment, outsourcing, working time, termination, and related employment payments.<\/p>\n<p>Ask employment counsel to assess any proposed workforce changes against the applicable rules and employment arrangements.<\/p>\n<p>A share acquisition does not automatically terminate every employment relationship. The consequences depend on the transaction and subsequent actions involving employees.<\/p>\n<h3>Check Foreign Workers Where Relevant<\/h3>\n<p>If the target employs foreign directors, technical staff, or other foreign personnel whose continued employment matters to the business, review their employment and immigration documentation.<\/p>\n<p>Government Regulation No. 34 of 2021 governs the use of foreign workers in Indonesia.<\/p>\n<p>Check applicable foreign-worker approvals, role limitations, employment arrangements, and the effect of any planned management changes.<\/p>\n<h3>Identify Employees the Business Cannot Easily Replace<\/h3>\n<p>Some businesses depend heavily on a founder, technical specialist, account manager, or employee who maintains a material customer relationship.<\/p>\n<p>Ask whether those individuals intend to remain after the transaction.<\/p>\n<p>Review their contractual arrangements and determine whether the financial forecast assumes their continued involvement.<\/p>\n<h2>Inspect Land, Buildings, and Transfer-Critical Contracts<\/h2>\n<p>When the target operates a factory, warehouse, hotel, restaurant, or other location-dependent business, verify its legal right to use the premises.<\/p>\n<p>Land ownership, building compliance, spatial suitability, and environmental requirements involve separate checks.<\/p>\n<h3>Check Land Rights and Encumbrances<\/h3>\n<p>Request land certificates or lease agreements, site plans, and documents showing mortgages or other encumbrances.<\/p>\n<p>Government Regulation No. 18 of 2021 addresses land rights and registration.<\/p>\n<p>Have a qualified Indonesian land professional verify the relevant title and records through the appropriate official channels.<\/p>\n<p>Confirm the registered holder, type of right, remaining tenure, and any restriction affecting the planned transaction.<\/p>\n<h3>Verify Building and Environmental Requirements<\/h3>\n<p>Check whether the premises support the company&#8217;s actual operations under applicable spatial, building, and environmental requirements.<\/p>\n<p>Depending on the site and activity, relevant documents may include:<\/p>\n<ul>\n<li>Spatial suitability documentation, including applicable KKPR requirements.<\/li>\n<li>Building approval documentation, including PBG where applicable.<\/li>\n<li>Building fitness-for-use documentation, including SLF where applicable.<\/li>\n<li>Environmental approvals and supporting documents required for the activity.<\/li>\n<\/ul>\n<p>Government Regulation No. 16 of 2021 addresses building requirements, while Government Regulation No. 22 of 2021 provides the environmental protection and management framework.<\/p>\n<p>Have the relevant specialists assess which documents apply to the actual site. The requirements for an office, manufacturing plant, and agricultural project may differ.<\/p>\n<h3>Read the Contracts That Make the Business Operate<\/h3>\n<p>Review the agreements that support the target&#8217;s revenue, supply chain, financing, and access to business-critical assets.<\/p>\n<p>These may include customer contracts, distribution agreements, supplier arrangements, leases, technology licenses, and equipment financing agreements.<\/p>\n<p>Identify termination rights, exclusivity provisions, price adjustments, assignment restrictions, and change-of-control requirements.<\/p>\n<p>For an asset acquisition, establish whether the relevant rights can be transferred. For a share acquisition, identify provisions that require consent or notification when ownership changes.<\/p>\n<h3>Confirm Intellectual Property Ownership<\/h3>\n<p>Check whether the target owns or holds the necessary licenses for its trademarks, software, formulas, designs, and other material intellectual property.<\/p>\n<p>Request relevant registrations, license agreements, and assignments from employees, founders, or external developers.<\/p>\n<p>A trademark registered under the founder&#8217;s personal name deserves attention if the company presents that trademark as one of its principal assets.<\/p>\n<p>Determine whether the rights can remain with the business after the transaction and whether material infringement disputes exist.<\/p>\n<h2>Protect Confidential Information During Due Diligence<\/h2>\n<p>A transaction data room may contain employee identities, shareholder information, customer records, bank statements, and commercially sensitive agreements.<\/p>\n<p>Law No. 27 of 2022 on Personal Data Protection is relevant when the review involves personal data.<\/p>\n<p>Agree on the information-sharing process before requesting unrestricted access.<\/p>\n<p>Practical controls include:<\/p>\n<ul>\n<li>Confidentiality agreements appropriate to the transaction.<\/li>\n<li>Access permissions based on each reviewer&#8217;s role.<\/li>\n<li>Proportionate redaction of unnecessary personal information.<\/li>\n<li>Secure storage and restricted document downloads.<\/li>\n<li>Documented handling of information after the review ends.<\/li>\n<\/ul>\n<p>Ask Indonesian privacy counsel to assess the lawful basis and safeguards for the specific data processing involved. Individual consent is not the only possible lawful basis under the applicable framework.<\/p>\n<h2>Use a Document-to-Decision Due Diligence Checklist<\/h2>\n<p>A useful due diligence report connects each material finding with the evidence supporting it and the action required from the parties.<\/p>\n<p>Use the following matrix when organizing your document requests and reviewing the results with Indonesian advisers.<\/p>\n<div style=\"overflow-x: auto;\">\n<table style=\"width: 100%; border-collapse: collapse;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">Area<\/th>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">Documents to Request<\/th>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">Cross-Check<\/th>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">Potential Finding<\/th>\n<th style=\"border: 1px solid #ddd; padding: 10px; text-align: left; background: #d5e6e5;\">Response to Consider<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Foreign ownership<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Proposed cap table and KBLI records<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Investment-business-field and sector rules<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Proposed ownership conflicts with activity requirements<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Reassess the investment structure before commitment<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Corporate action and PMA capital<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Deeds, approvals, cap table, and investment plan<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">AHU and applicable BKPM requirements<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Missing filing or capital mismatch<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Set a corrective condition and filing plan<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Corporate identity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Deeds, shareholder register, beneficial ownership disclosures<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">AHU records and supporting agreements<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Unexplained ownership or signing-authority discrepancy<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Require supporting evidence and legal resolution<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Licensing<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">NIB, OSS profile, applicable approvals<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Actual activities, site, risk classification, and current status<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Material activity lacks required approval<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Agree on corrective steps before operating or closing<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Financial performance<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Accounts, invoices, receivables, and financing records<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Bank receipts, customer records, and working capital analysis<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Unsupported earnings or undisclosed debt-like items<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Review valuation and pricing adjustments<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Tax and financing<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Tax filings, assessments, loan documents<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Authorized records and lender confirmations<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Unresolved liability or security interest<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Seek resolution or appropriate contractual allocation<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Employees<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Payroll, employment agreements, BPJS records<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Actual workforce and employment obligations<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Unrecorded liability or key-person dependency<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Review workforce plan and pricing implications<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Land, buildings, and environment<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Title, lease, site, building, and environmental documents<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Official records and specialist review<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Premises cannot support intended operations<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Require remediation or revise the transaction<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Litigation and integrity<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Case schedule, regulator correspondence, related-party records<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Independent records where permitted<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Undisclosed claim or unexplained payment<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Seek further investigation or a defined closing condition<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Data protection<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Data-room protocol and disclosure permissions<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Authorized access and information controls<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Unnecessary or unauthorized disclosure<\/td>\n<td style=\"border: 1px solid #ddd; padding: 10px;\">Restrict access and redact information<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><em>This matrix provides a starting framework for transaction planning. The appropriate response depends on the documents, applicable law, negotiated terms, and professional assessment of the particular deal.<\/em><\/p>\n<h2>Turn Findings Into Closing Decisions<\/h2>\n<p>The due diligence report should help you decide which problems must be resolved, which risks can be allocated through the transaction agreement, and which questions require further investigation.<\/p>\n<p>Ask each adviser to distinguish confirmed findings from seller assertions, disputed information, and missing evidence.<\/p>\n<h3>Resolve Material Issues Before Closing<\/h3>\n<p>Certain issues may become conditions precedent under the transaction agreement.<\/p>\n<p>Examples include obtaining a required lender consent, resolving a material ownership discrepancy, or completing a licensing correction necessary for the intended operations.<\/p>\n<p>The agreement should identify the responsible party and the evidence needed to establish completion.<\/p>\n<h3>Allocate Quantifiable Risks in the Transaction Documents<\/h3>\n<p>Other findings may affect price or contractual risk allocation.<\/p>\n<p>Depending on the circumstances, the parties may negotiate:<\/p>\n<ul>\n<li>Purchase-price adjustments.<\/li>\n<li>Escrow arrangements.<\/li>\n<li>Specific indemnities.<\/li>\n<li>Representations and warranties.<\/li>\n<li>Post-closing obligations with defined deadlines.<\/li>\n<\/ul>\n<p>For example, the buyer and seller may need to agree who bears an identified tax assessment or how an outstanding shareholder loan affects the equity price.<\/p>\n<p>Ask counsel to draft the relevant protection around the identified issue and the facts supported by the review.<\/p>\n<h3>Defer Commitment When a Core Assumption Remains Unverified<\/h3>\n<p>An unresolved ownership restriction, missing right to use a business-critical asset, or unsupported financial claim may require further investigation before the buyer commits funds.<\/p>\n<p>Document the remaining questions and the information needed to answer them.<\/p>\n<p>Where the information affects the investment thesis, ask the relevant adviser to assess the consequences before the parties proceed.<\/p>\n<div style=\"background: #d5e6e5; border-left: 4px solid #223666; border-radius: 0 8px 8px 0; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"font-weight: bold; margin: 0 0 8px 0; color: #223666;\">Notes from InvestinAsia Consultants<\/p>\n<p style=\"margin: 0; color: #333;\">Before signing, ask each adviser to separate confirmed findings from open questions and seller statements. Give each open item a responsible person, required document, and decision deadline. If a finding changes the agreed structure or price, update the transaction documents and closing checklist together. This gives the people approving the investment a clear record of what remains unresolved.<\/p>\n<\/div>\n<h3>Separate Pre-Closing, Closing, and Post-Closing Obligations<\/h3>\n<p>A transaction may require different actions before signing, before closing, after legal effectiveness, and during subsequent operations.<\/p>\n<p>Prepare a closing tracker that identifies:<\/p>\n<ul>\n<li>Consents and approvals required before closing.<\/li>\n<li>Documents and payments exchanged at closing.<\/li>\n<li>Statutory filings required after the transaction becomes effective.<\/li>\n<li>Corrective actions the parties have agreed to complete after closing.<\/li>\n<\/ul>\n<p>Assign an owner and deadline to each action.<\/p>\n<h3>Check Whether KPPU Notification Applies<\/h3>\n<p>Indonesia&#8217;s Business Competition Supervisory Commission, KPPU, administers merger and acquisition notification requirements.<\/p>\n<p>Under KPPU Regulation No. 3 of 2023 and the commission&#8217;s published guidance, qualifying transactions are generally subject to notification after the transaction becomes legally effective.<\/p>\n<p>A share or asset acquisition may fall within the notification framework when it results in a relevant transfer of control and meets the applicable criteria.<\/p>\n<p>Minority acquisitions can also require review where the acquired rights confer direct or indirect control.<\/p>\n<p>KPPU&#8217;s published general financial thresholds include:<\/p>\n<ul>\n<li>Combined Indonesian assets exceeding IDR 2.5 trillion; or<\/li>\n<li>Combined Indonesian sales exceeding IDR 5 trillion.<\/li>\n<\/ul>\n<p>The published asset threshold for banking is IDR 20 trillion.<\/p>\n<p>The assessment requires the applicable group-level calculations, transaction structure, affiliation analysis, and other relevant criteria.<\/p>\n<p>Where notification is required, the general filing deadline is 30 working days after the transaction becomes legally effective.<\/p>\n<p>Have competition counsel assess the proposed transaction before closing so the parties can plan any applicable post-effective filing.<\/p>\n<h3>Review Corporate and Licensing Changes After the Transaction<\/h3>\n<p>Changes in shareholders, management, capital, or investment status may require updates through the applicable corporate and licensing systems.<\/p>\n<p>Ask the notary and legal team to identify the AHU and OSS actions required for the completed transaction.<\/p>\n<p>If the investment involves a change from domestic to foreign investment status, our guide to <a href=\"https:\/\/investinasia.id\/blog\/convert-local-pt-to-pma-indonesia\/\">converting a local PT to a PT PMA<\/a> explains the separate registration considerations.<\/p>\n<h2>Set a Realistic Due Diligence Scope, Timeline, and Budget<\/h2>\n<p>Business due diligence in Indonesia does not have a universal price or completion period. The work depends on the target&#8217;s size, industry, corporate structure, document quality, and transaction complexity.<\/p>\n<p>A minority investment in a small service company may require a narrower review than an acquisition involving factories, land, employees, financing arrangements, and sector-specific licenses.<\/p>\n<p>Agree on the review scope before appointing advisers.<\/p>\n<h3>Define the Review Period and Workstreams<\/h3>\n<p>Identify the entities, assets, locations, and reporting periods that the engagement will cover.<\/p>\n<p>Specify whether the work includes legal, financial, tax, commercial, employment, property, technical, and regulatory review.<\/p>\n<p>Ask the advisers to identify the areas they will exclude from their engagement.<\/p>\n<h3>Agree on Reporting Milestones<\/h3>\n<p>Arrange the review around identifiable deliverables:<\/p>\n<ol>\n<li><strong>Preliminary red-flag report:<\/strong> Identify issues that could affect transaction structure, legality, or major valuation assumptions.<\/li>\n<li><strong>Full findings:<\/strong> Review the agreed documents and explain material issues, evidence gaps, and recommended responses.<\/li>\n<li><strong>Issue resolution:<\/strong> Obtain additional evidence and assess the seller&#8217;s proposed corrective actions.<\/li>\n<li><strong>Closing support:<\/strong> Review relevant completion documents and the agreed responsibilities of the parties.<\/li>\n<\/ol>\n<p>Agree on how the advisers will charge for additional work when new issues fall outside the original scope.<\/p>\n<h2>Complete the Review Before You Commit Capital<\/h2>\n<p>A useful due diligence process gives you the evidence needed to understand what you are acquiring and which obligations may remain after the transaction.<\/p>\n<p>By the time you sign, you should know which findings have been verified, which issues the seller must resolve, and how the parties intend to handle outstanding risks.<\/p>\n<p>If the transaction involves Indonesian corporate records, ownership changes, licensing, or contractual questions, review the available <a href=\"https:\/\/investinasia.id\/services\/legal\">InvestinAsia Legal Services<\/a> and discuss the specific scope your project requires.<\/p>\n<p>InvestinAsia is the Indonesia market-entry arm of vOffice Group, with Indonesia corporate services supported by vOffice and IZIN.co.id. The wider group states that it has operated since 2003.<\/p>\n<div style=\"background: #223666; border-radius: 8px; padding: 24px; margin: 32px 0; text-align: center;\">\n<p style=\"margin: 0 0 6px 0; font-size: 18px; font-weight: bold; color: #fff; text-align: center;\">Need to Clarify the Legal Scope of Your Investment?<\/p>\n<p style=\"margin: 0 0 20px 0; color: rgba(255,255,255,0.85); font-size: 14px; text-align: center;\">Discuss your transaction with InvestinAsia and the wider vOffice Group business-services team.<\/p>\n<div style=\"text-align: center;\"><a style=\"background: #fff; color: #223666; padding: 12px 32px; border-radius: 6px; text-decoration: none; font-weight: bold; display: inline-block;\" href=\"https:\/\/investinasia.id\/services\/legal\">View Indonesia Legal Services<\/a><\/div>\n<div style=\"height: 15px;\"><\/div>\n<div style=\"text-align: center;\"><a style=\"background: #25D366; color: #fff; padding: 12px 28px; border-radius: 6px; text-decoration: none; font-weight: bold; display: inline-block;\" href=\"https:\/\/wa.me\/6281295665565?text=Hello%2C%20I%20would%20like%20to%20discuss%20legal%20review%20and%20corporate%20support%20for%20a%20potential%20investment%20in%20Indonesia.%0A%0ASource%3A%20article%20%22Business%20Due%20Diligence%20in%20Indonesia%22%20(SEO)\" target=\"_blank\" rel=\"noopener nofollow\">Discuss Your Transaction on WhatsApp<\/a><\/div>\n<\/div>\n<div style=\"overflow-x: auto;\">\n<section><strong>References<\/strong><\/p>\n<ol>\n<li>Government of Indonesia. (2025). Government Regulation No. 28 of 2025 on Risk-Based Business Licensing. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/pp-no-28-tahun-2025<\/li>\n<li>Ministry of Investment and Downstreaming\/Investment Coordinating Board. (2025). Regulation No. 5 of 2025 on Risk-Based Business Licensing and Investment Facilities Through OSS. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/peraturan-bkpm-no-5-tahun-2025<\/li>\n<li>Statistics Indonesia. (2025). BPS Regulation No. 7 of 2025 on the Indonesian Standard Industrial Classification. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/peraturan-bps-no-7-tahun-2025<\/li>\n<li>Statistics Indonesia. (2026, April 30). Government Confirms KBLI 2025 Will Not Require New Business Licenses. Retrieved from<br \/>\nhttps:\/\/www.bps.go.id\/en\/news\/2026\/04\/30\/908\/pemerintah-memastikan-kbli-2025-tidak-memerlukan-perizinan-baru.html<\/li>\n<li>Ministry of Investment and Downstreaming\/Investment Coordinating Board. (n.d.). OSS KBLI 2020 to KBLI 2025 Conversion Tool. Retrieved from<br \/>\nhttps:\/\/oss.go.id\/en\/kbli\/konversi<\/li>\n<li>Government of Indonesia. (2021). Presidential Regulation No. 10 of 2021 on Investment Business Fields. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/perpres-no-10-tahun-2021<\/li>\n<li>Government of Indonesia. (2021). Presidential Regulation No. 49 of 2021 Amending Presidential Regulation No. 10 of 2021 on Investment Business Fields. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/perpres-no-49-tahun-2021<\/li>\n<li>Government of Indonesia. (2007). Law No. 40 of 2007 on Limited Liability Companies, as amended. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/uu-no-40-tahun-2007<\/li>\n<li>Ministry of Law of the Republic of Indonesia. (2025). Minister of Law Regulation No. 49 of 2025 on the Establishment, Amendment, and Dissolution of Limited Liability Companies. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/permenkum-no-49-tahun-2025<\/li>\n<li>Government of Indonesia. (2018). Presidential Regulation No. 13 of 2018 on Beneficial Ownership of Corporations. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/perpres-no-13-tahun-2018<\/li>\n<li>Ministry of Law of the Republic of Indonesia. (2025). Minister of Law Regulation No. 2 of 2025 on Verification and Supervision of Corporate Beneficial Ownership. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/permenkum-no-2-tahun-2025<\/li>\n<li>Government of Indonesia. (2021). Government Regulation No. 35 of 2021 on Fixed-Term Employment, Outsourcing, Working Time, and Termination. Retrieved from<br \/>\nhttps:\/\/peraturan.bpk.go.id\/Details\/161904\/pp-no-35-tahun-2021<\/li>\n<li>Government of Indonesia. (2021). Government Regulation No. 34 of 2021 on the Use of Foreign Workers. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/pp-no-34-tahun-2021<\/li>\n<li>Government of Indonesia. (2021). Government Regulation No. 18 of 2021 on Land Management Rights, Land Rights, Apartment Units, and Land Registration. Retrieved from<br \/>\nhttps:\/\/peraturan.bpk.go.id\/Details\/161848\/pp-no-18-tahun-2021<\/li>\n<li>Government of Indonesia. (2021). Government Regulation No. 16 of 2021 on Buildings. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/pp-no-16-tahun-2021<\/li>\n<li>Government of Indonesia. (2021). Government Regulation No. 22 of 2021 on Environmental Protection and Management. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/pp-no-22-tahun-2021<\/li>\n<li>Government of Indonesia. (2022). Law No. 27 of 2022 on Personal Data Protection. Retrieved from<br \/>\nhttps:\/\/peraturan.go.id\/id\/uu-no-27-tahun-2022<\/li>\n<li>Indonesian Competition Commission. (2023). KPPU Regulation No. 3 of 2023 on the Assessment of Mergers, Consolidations, and Share or Asset Acquisitions. Retrieved from<br \/>\nhttps:\/\/jdih.kppu.go.id\/dokumen\/view?id=367<\/li>\n<li>Indonesian Competition Commission. (n.d.). Merger and Acquisition Notification Guidance. Retrieved from<br \/>\nhttps:\/\/kppu.go.id\/layanan-publik\/notifikasi-merger<\/li>\n<li>Directorate General of Taxes. (n.d.). Coretaxpedia: Provisions on Delegation of Authority. Retrieved from<br \/>\nhttps:\/\/www.pajak.go.id\/coretaxpedia\/ketentuan-pendelegasian-wewenang<\/li>\n<\/ol>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Business due diligence in Indonesia helps foreign investors verify a company&#8217;s ownership, licenses, financial position, liabilities, and operating claims before committing capital. The scope depends on whether you plan to &hellip; <\/p>\n","protected":false},"author":1,"featured_media":17577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[77],"class_list":["post-17576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-investment","tag-legal-reviewed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business Due Diligence in Indonesia: Investor Checklist | InvestinAsia<\/title>\n<meta name=\"description\" content=\"Use this Indonesia due diligence checklist to verify ownership, licenses, finances, taxes, staff, and deal risks before committing investment capital.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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