{"id":17617,"date":"2026-07-13T09:03:56","date_gmt":"2026-07-13T02:03:56","guid":{"rendered":"https:\/\/investinasia.id\/blog\/?p=17617"},"modified":"2026-07-13T09:03:56","modified_gmt":"2026-07-13T02:03:56","slug":"can-a-pt-pma-established-under-an-offshore-holding-company","status":"publish","type":"post","link":"https:\/\/investinasia.id\/blog\/can-a-pt-pma-established-under-an-offshore-holding-company\/","title":{"rendered":"Can Investors Establish a PT PMA Under an Offshore Holding Company?"},"content":{"rendered":"<p><strong>Yes.<\/strong> A foreign investor can set up a PT PMA in Indonesia and have its shares held entirely by an offshore holding company, most commonly one registered in Singapore, Hong Kong, or the British Virgin Islands (BVI). Indonesian law does not require an individual to be the direct shareholder. What changes when you add an offshore layer is not whether the structure is allowed, but what it actually does for your tax position, and that part is where most explanations get vague.<\/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>A Singapore or other offshore holding company can legally own 100% of a PT PMA&#8217;s shares in most open sectors, provided the two-shareholder rule and standard PT PMA capital thresholds under BKPM Regulation No. 5 of 2025 are still met.<\/li>\n<li>Routing dividends through a Singapore parent can lower Indonesia&#8217;s dividend withholding tax from the statutory 20% to a treaty rate of 10% (if the parent owns at least 25% of the PT PMA) or 15% below that threshold, under the Indonesia-Singapore tax treaty.<\/li>\n<li>Intercompany loans, royalties, and management fees between the PT PMA and its offshore parent must clear the arm&#8217;s length test under PMK-172\/2023 and the 4:1 debt-to-equity cap under PMK-169\/2015. A structure with no real economic substance behind it risks losing treaty benefits altogether.<\/li>\n<\/ul>\n<\/div>\n<h2>Can a PT PMA Be Owned by a Foreign Holding Company?<\/h2>\n<figure id=\"attachment_13543\" aria-describedby=\"caption-attachment-13543\" style=\"width: 735px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-13543\" src=\"http:\/\/investinasia.id\/blog\/wp-content\/uploads\/2024\/10\/pt-company-indonesia.jpg\" alt=\"Can Investors Establish a PT PMA Under an Offshore Holding Company?\" width=\"735\" height=\"489\" srcset=\"https:\/\/investinasia.id\/blog\/wp-content\/uploads\/2024\/10\/pt-company-indonesia.jpg 735w, https:\/\/investinasia.id\/blog\/wp-content\/uploads\/2024\/10\/pt-company-indonesia-300x200.jpg 300w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption id=\"caption-attachment-13543\" class=\"wp-caption-text\">Can Investors Establish a PT PMA Under an Offshore Holding Company? (source:pexels)<\/figcaption><\/figure>\n<p>A <a href=\"https:\/\/investinasia.id\/blog\/what-is-a-pma-company\">PT PMA<\/a> is an Indonesian limited liability company with foreign shareholding, governed by Investment Law No. 25 of 2007 and Company Law No. 40 of 2007. Nothing in either law requires the shareholder to be a natural person. A foreign corporate entity, including a holding company incorporated in Singapore, Hong Kong, or elsewhere, can hold shares directly, subject to the same sector-by-sector ownership caps under the Positive Investment List (Presidential Regulation No. 10 of 2021, amended by No. 49 of 2021) that apply to any foreign shareholder.<\/p>\n<p>The PT PMA still needs at least two shareholders under Company Law No. 40 of 2007. In practice, an offshore holding structure usually satisfies this by having the parent company hold the majority stake while a second entity, often another group company or the individual investor personally, holds a small remaining share. The standard capital thresholds also still apply in full: a minimum paid-up capital of IDR 2.5 billion and a total investment plan generally expected to exceed IDR 10 billion per KBLI code, per BKPM Regulation No. 5 of 2025. An offshore parent does not soften these requirements.<\/p>\n<p>If your group is also weighing a purely domestic structure, where an Indonesian PT sits between the foreign investor and multiple operating subsidiaries, that is a related but different question covered in <a href=\"https:\/\/investinasia.id\/blog\/can-a-pt-pma-be-used-as-a-holding-company-in-indonesia\">our guide on using a PT PMA as a domestic holding company<\/a>. The two approaches solve different problems, and larger groups sometimes combine both.<\/p>\n<h2>What Tax Treaty Benefit Does a Singapore Holding Company Actually Give You?<\/h2>\n<p>This is the part worth getting precise about, because the common shorthand (&#8220;Singapore reduces your tax&#8221;) skips the detail that determines whether it is true for your structure.<\/p>\n<p>Dividends paid by an Indonesian company to a foreign shareholder are subject to a 20% withholding tax under domestic law (PPh Pasal 26). <a href=\"https:\/\/investinasia.id\/blog\/tax-treaty-indonesia-guide\/\">Indonesia&#8217;s tax treaty network covers more than 70 countries<\/a>, and the Indonesia-Singapore treaty reduces that rate, but not to a single flat number. Under Article 10 of the treaty, the withholding rate drops to 10% if the Singapore recipient company directly owns at least 25% of the capital of the Indonesian paying company. Below that ownership threshold, the reduced rate is 15%, still an improvement on the 20% statutory rate, but a smaller one than many investors expect going in.<\/p>\n<p>To claim either rate, the Singapore entity needs a Certificate of Domicile (also called the DGT form) confirming its tax residency, and it must be able to show it is the beneficial owner of the income, not simply an agent, nominee, or conduit for someone else. Without a valid, current Certificate of Domicile on file, the Indonesian withholding agent defaults to the full 20% rate regardless of what the treaty technically allows. As of PMK-112\/2025, this documentation is filed electronically through Indonesia&#8217;s Coretax system, and the responsibility for getting the withholding rate right sits partly with the Indonesian entity acting as withholding agent, not only with the offshore recipient.<\/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;\">The 25% ownership line trips up more investors than any other part of this structure. We regularly see groups assume they automatically qualify for the 10% rate because they have a Singapore parent, only to find out during a dividend payout that their actual shareholding sits at 20% or 22% after earlier dilution or a co-investor round. Check your current cap table against the 25% threshold before you plan a distribution around it, not after.<\/p>\n<\/div>\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;\">Not Sure Which Ownership Percentage Applies to Your Structure?<\/p>\n<p style=\"margin: 0 0 16px 0; color: #333; text-align: center;\">Our tax compliance team, active in Jakarta and Bali, can check your treaty position before you file anything.<\/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\/tax-compliance\">View Tax Compliance Services<\/a><\/div>\n<p style=\"margin: 14px 0 0 0; font-size: 13px; text-align: center;\"><a style=\"color: #223666; text-decoration: underline;\" href=\"https:\/\/wa.me\/6281295665565?text=Hello!%20I%20want%20to%20check%20my%20PT%20PMA%27s%20offshore%20holding%20structure%20and%20treaty%20eligibility.%0A%0ASource%3A%20article%20%22Can%20Investors%20Establish%20PT%20PMA%20Under%20Offshore%20Holding%20Company%22%20(SEO)\" target=\"_blank\" rel=\"noopener nofollow\">or chat with our team on WhatsApp<\/a><\/p>\n<\/div>\n<h2>Why Do Some Groups Use BVI or Similar Jurisdictions for IP Holding?<\/h2>\n<p>The logic behind holding intellectual property offshore, trademarks, software, or licensed processes, in a jurisdiction like the BVI is straightforward on paper: centralize IP ownership outside any single operating market, then license it into each country where the group operates, collecting royalty income in a low-tax jurisdiction.<\/p>\n<p>For an Indonesian operating company, this logic runs into a specific problem. Indonesia has no tax treaty with the BVI. Royalty payments from a PT PMA to a BVI-based IP holding company are therefore taxed at the full 20% statutory withholding rate under PPh Pasal 26, with no treaty relief available at all. Compare that to a royalty paid to a Singapore-resident IP holder, where the treaty rate typically falls between 10% and 15% depending on the royalty category. For a group where Indonesia is a meaningful revenue source, routing IP through BVI can end up more expensive at the point of payment than simply holding IP in Singapore or the Netherlands, both of which have active treaties with Indonesia.<\/p>\n<p>This does not make BVI structures pointless. Groups sometimes still use them for reasons unrelated to Indonesian withholding tax: asset protection, investor familiarity in certain fund structures, or consolidating IP for markets outside Southeast Asia where the calculation is different. The point is that &#8220;BVI for IP holding&#8221; is not automatically the tax-efficient move it is often presented as once an Indonesian PT PMA is the entity paying the royalty.<\/p>\n<h2>How Are Intercompany Loans, Royalties, and Management Fees Treated?<\/h2>\n<p>Once a PT PMA sits under an offshore parent, three types of cross-border payment tend to recur: interest on intercompany loans, royalties for IP or brand use, and management or service fees for group-level support. Each has its own rules.<\/p>\n<h3>Intercompany loans and thin capitalization<\/h3>\n<p>Interest paid on a loan from the offshore parent is deductible for the PT PMA, but only within limits. PMK-169\/2015 caps the deductible debt-to-equity ratio at 4:1. Interest expense attributable to debt beyond that ratio is not deductible for corporate income tax purposes, whether or not the lender is a related party. The interest payment itself is also subject to withholding tax, 20% by default, reduced to around 10% under most treaty jurisdictions including Singapore.<\/p>\n<h3>Royalties<\/h3>\n<p>Royalty payments for trademark use, technology licensing, or franchise rights follow the same treaty logic described above. The rate depends heavily on which jurisdiction actually holds the IP and whether that jurisdiction has an active, favorable treaty with Indonesia.<\/p>\n<h3>Management and service fees<\/h3>\n<p>Fees charged by the offshore parent for centralized management, HR, or technical support are deductible for the PT PMA in principle, but Indonesian tax auditors scrutinize these closely. The Indonesian entity generally needs to show the services were genuinely rendered (contracts, correspondence, deliverables) and that they provided a specific, demonstrable benefit, not simply a shareholder-level cost allocated downward because it was convenient to do so.<\/p>\n<p><strong>Also read:<\/strong> <a href=\"https:\/\/investinasia.id\/blog\/how-to-legally-repatriate-profits-from-a-pt-pma-company-in-indonesia\/\">How to Legally Repatriate Profits from a PT PMA Company in Indonesia<\/a><\/p>\n<h2>What Transfer Pricing Risk Comes With an Offshore Holding Structure?<\/h2>\n<p>Every payment described above, interest, royalties, management fees, falls under Indonesia&#8217;s <a href=\"https:\/\/investinasia.id\/blog\/indonesia-tax-transfer-pricing\/\">transfer pricing and anti-avoidance rules<\/a>. The current governing regulation is Minister of Finance Regulation No. 172 of 2023 (PMK-172), which consolidated and replaced the earlier PMK-213\/2016 framework. It requires all related-party transactions, including everything between a PT PMA and its offshore parent, to be priced at arm&#8217;s length, meaning the price a genuinely independent party would have accepted.<\/p>\n<p>A PT PMA whose gross revenue exceeds IDR 50 billion, or whose related-party transactions cross specific thresholds, must maintain formal transfer pricing documentation (Master File and Local File) and make it available to the tax office within a set window if requested during an audit. Where the Directorate General of Taxes determines a transaction does not meet the arm&#8217;s length standard, it can make a primary adjustment to taxable income, and under PMK-172 that adjustment automatically triggers a secondary adjustment treating the excess as a constructive dividend, which is then itself subject to <a href=\"https:\/\/investinasia.id\/blog\/withholding-tax-in-indonesia\/\">withholding tax<\/a>.<\/p>\n<div style=\"overflow-x: auto;\">\n<table>\n<thead>\n<tr>\n<th>Payment Type<\/th>\n<th>Governing Rule<\/th>\n<th>Key Constraint<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Intercompany interest<\/td>\n<td>PMK-169\/2015 (thin capitalization)<\/td>\n<td>4:1 debt-to-equity cap on deductibility<\/td>\n<\/tr>\n<tr>\n<td>Royalties, management fees<\/td>\n<td>PMK-172\/2023 (transfer pricing)<\/td>\n<td>Must meet arm&#8217;s length standard and benefit test<\/td>\n<\/tr>\n<tr>\n<td>Dividends<\/td>\n<td>Indonesia-Singapore tax treaty, Article 10<\/td>\n<td>10% or 15% depending on ownership percentage, requires valid Certificate of Domicile<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Behind all of this sits a broader anti-abuse principle. Indonesia&#8217;s treaty network, including the one with Singapore, denies benefits to structures that exist mainly to obtain a tax advantage rather than to run a real business. A Singapore holding company with no staff, no office, no board meetings, and no function beyond passively receiving dividends is a much easier target for a beneficial ownership challenge than one with genuine regional management activity. The economic substance question is not academic. It determines whether the treaty rate you planned around actually holds up.<\/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;\">One pattern we see often: a group sets up the offshore holding company correctly on paper but never gives it any real function beyond holding the shares. When a dividend flows through it a year or two later, the tax office questions whether it was ever the true beneficial owner. Building minimal but real substance into the holding entity from the start, even a part-time director actively involved in decisions, is cheaper than defending a treaty claim after the fact.<\/p>\n<\/div>\n<h2>Offshore Holding Structure: Who Actually Needs One?<\/h2>\n<p>An offshore holding layer is not the default recommendation for every foreign investor setting up a PT PMA. It adds a second entity to incorporate and maintain, a second set of annual filings, and, if done without real substance, real audit risk. It tends to make sense for:<\/p>\n<h3>Larger investors and group structures<\/h3>\n<p>Investors planning multiple Indonesian entities, or already running operations in other Southeast Asian markets through a regional holding company, get more out of the structure. The Singapore layer can sit above several Indonesian subsidiaries at once, not just one PT PMA, which spreads the fixed cost of maintaining it across a larger base.<\/p>\n<h3>Investors with meaningful, recurring dividend flow<\/h3>\n<p>The tax benefit is realized at the point dividends are paid out. A PT PMA that reinvests most of its profit and rarely distributes gains little from the treaty rate difference in the near term.<\/p>\n<h3>Groups that already have regional infrastructure<\/h3>\n<p>If your business already has a genuine Singapore office, staff, and decision-making presence for reasons unrelated to Indonesia, adding the PT PMA under that existing entity is a much stronger position than building a new holding company purely for this one purpose.<\/p>\n<p>For a single-entity foreign investor setting up one PT PMA with no near-term plans to expand regionally, a direct ownership structure is usually simpler, cheaper to maintain, and carries none of the beneficial ownership risk described above. The offshore layer is a tool for a specific set of circumstances, not a universal upgrade.<\/p>\n<h2>How Do You Set Up a PT PMA Under an Offshore Holding Company?<\/h2>\n<p>The sequencing matters. Most groups incorporate the offshore holding company first, since the PT PMA&#8217;s deed of establishment needs the parent entity&#8217;s corporate documents (certificate of incorporation, articles, and a board resolution authorizing the Indonesian investment) as part of the notarial process. From there, the PT PMA registration itself follows the standard path: name reservation, notarial deed, Ministry of Law and Human Rights approval, and NIB issuance through OSS-RBA, with the offshore entity listed as the majority shareholder.<\/p>\n<p>Where investors most often lose time is coordinating the two jurisdictions&#8217; compliance calendars from the start, Singapore&#8217;s annual filing requirements alongside Indonesia&#8217;s quarterly LKPM reporting, rather than treating them as separate problems to solve later.<\/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;\">Planning to Enter Indonesia in the Most Tax-Efficient Structure Possible?<\/p>\n<p style=\"margin: 0 0 20px 0; color: rgba(255,255,255,0.75); font-size: 14px; text-align: center;\">With 380+ professionals across Jakarta and Bali, InvestinAsia structures your PT PMA and coordinates the offshore layer end to end.<\/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\/pma-registration\">Get Your PT PMA Structure Assessed<\/a><\/div>\n<p style=\"margin: 14px 0 0 0; font-size: 13px; text-align: center;\"><a style=\"color: #fff; text-decoration: underline; opacity: 0.85;\" href=\"https:\/\/wa.me\/6281295665565?text=Hello!%20I%27m%20planning%20a%20PT%20PMA%20under%20an%20offshore%20holding%20company%20and%20want%20a%20structure%20assessment.%0A%0ASource%3A%20article%20%22Can%20Investors%20Establish%20PT%20PMA%20Under%20Offshore%20Holding%20Company%22%20(SEO)\" target=\"_blank\" rel=\"noopener nofollow\">or chat with our team on WhatsApp<\/a><\/p>\n<\/div>\n<p><strong>References<\/strong><\/p>\n<p><strong>1.<\/strong> Government of Indonesia. (2021). Presidential Regulation No. 10 of 2021 on Investment Business Fields (Positive Investment List). Retrieved from<br \/>\nhttps:\/\/peraturan.bpk.go.id\/Details\/161806\/perpres-no-10-tahun-2021<\/p>\n<p><strong>2.<\/strong> Government of Indonesia. (2021). Presidential Regulation No. 49 of 2021 on Amendments to Presidential Regulation No. 10 of 2021. Retrieved from<br \/>\nhttps:\/\/peraturan.bpk.go.id\/Details\/168534\/perpres-no-49-tahun-2021<\/p>\n<p><strong>3.<\/strong> Directorate General of Taxes, Ministry of Finance of Indonesia. Tax Treaty Rates. Retrieved from<br \/>\nhttps:\/\/www.pajak.go.id\/en\/tax-treaty-rates<\/p>\n<p><strong>4.<\/strong> Directorate General of Taxes, Ministry of Finance of Indonesia. Income Tax Article 26 (Income Tax for Foreign Taxpayers). Retrieved from<br \/>\nhttps:\/\/www.pajak.go.id\/en\/income-tax-article-26-income-tax-foreign-taxpayers<\/p>\n<p><strong>5.<\/strong> Ministry of Finance of the Republic of Indonesia. (2015). Regulation No. 169\/PMK.010\/2015 on Determination of Corporate Taxpayer&#8217;s Debt to Equity Ratio for Income Tax Calculation Purposes. Retrieved from<br \/>\nhttps:\/\/www.pajak.go.id\/sites\/default\/files\/2019-08\/PMK-169-2015%20-%20Debt%20to%20Equity%20Ration%20-%20English%20Version.PDF<\/p>\n<p><strong>6.<\/strong> Directorate General of Taxes, Ministry of Finance of Indonesia. Form DGT (Certificate of Domicile of Non-Resident for Indonesia Withholding Tax). Retrieved from<br \/>\nhttps:\/\/www.pajak.go.id\/en\/node\/10198<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yes. A foreign investor can set up a PT PMA in Indonesia and have its shares held entirely by an offshore holding company, most commonly one registered in Singapore, Hong &hellip; <\/p>\n","protected":false},"author":1,"featured_media":17618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-17617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-investment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PT PMA Under an Offshore Holding Company: Is It Legal? | InvestinAsia<\/title>\n<meta name=\"description\" content=\"Learn how investors structure a PT PMA under a Singapore or BVI holding company, the real tax treaty benefit, and the transfer pricing risks involved.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investinasia.id\/blog\/can-a-pt-pma-established-under-an-offshore-holding-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PT PMA Under an Offshore Holding Company: Is It Legal? | InvestinAsia\" \/>\n<meta property=\"og:description\" content=\"Learn how investors structure a PT PMA under a Singapore or BVI holding company, the real tax treaty benefit, and the transfer pricing risks involved.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investinasia.id\/blog\/can-a-pt-pma-established-under-an-offshore-holding-company\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog - 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