印度尼西亚作为东南亚第一大经济体，凭借2.8亿的人口基数、旺盛的居民消费、丰富的自然资源禀赋、巨大的基础建设空间、诸多政府主导项目推进以及快速推进的数字化转型，正吸引着越来越多中国投资者的目光。和日韩、欧美企业进入印尼市场相比，中国投资人的合规准备和合规意识有待加强，且当前的合规环境更加严峻。因此，要将市场潜力转化为合规落地的实际业务，首先要准确把握印尼的市场准入机制。本文结合印尼最新法规，为拟进入印尼市场的中国投资者提供一份系统性的市场准入指引。

Indonesia, Southeast Asia's largest economy, is drawing growing attention from Chinese and other foreign investors on its scale of 280 million population, its robust consumer market, demand, huge space of infrastructure, numerous governmental dominated projects, rich resource endowment, and fast-paced digital transformation. Yet turning market potential into a compliant, operating business hinges on a clear grasp of the country's investment and licensing rules. Drawing on Indonesia's latest regulations, this article offers a systematic legal guidance for foreign investors entering or expanding into the Indonesian market.

外国投资者若要在印尼开展经营活动，通常须设立外商投资企业（Perseroan Terbatas Penanaman Modal Asing，简称“PT PMA”）。PT PMA 至少须由 2（两）名股东共同设立，股东可以是个人和/或法人，部分行业允许100%外资；公司须至少配备 1名董事和 1名监事；此外，公司要需要具备经营地址，以及适当的联系方式。

To conduct business in Indonesia, a foreign investor generally must incorporate a Foreign-Invested Limited Liability Company (Perseroan Terbatas Penanaman Modal Asing, or "PT PMA"). A PT PMA requires at least 2 (two) shareholders — individuals and/or legal entities, some industries may hold 100% by foreign investors— together with at least 1(one) Director and one Commissioner, place of business and proper information of communication.

通过经 2021 年第 49 号总统条例修订的关于投资业务领域的 2021 年第 10 号总统条例，印度尼西亚实施了“正面投资清单”（Daftar Positif Investasi，简称“DPI”）方法，取代了之前的（Daftar Negatif Investasi，简称“DNI”）制度。

原则上，除被明确列为禁止投资或仅限中央政府经营的业务领域外，所有商业性业务领域均对投资开放。【这种模式类似于中国的“负面清单制度”，两国用不同的词语，来界定同一种模式。】

需要提醒的是，一个业务领域的开放并不等同于允许外资100%持股，因为不少业务领域仍附有特定条件或限制。

DPI 项下的业务领域，可分为以下五大类：

（一） 优先业务领域

该类业务领域是政府为吸引战略性行业投资，而重点扶持的领域，符合条件的项目可依现行规定享受税收、关税等投资便利政策。完整清单参见《10/2021 号总统条例》附件一，部分领域举例如下：

（二）指定给合作社、中小微企业（MSMEs）或要求合作的业务领域

部分业务领域专门保留给合作社及中小微企业（MSMEs），和/或允许大型企业（含外资）在符合规定条件的前提下，通过合作模式与合作社、中小微企业共同开展经营。完整清单参见《10/2021 号总统条例》附件二，部分领域举例如下：

（三）附有特定条件的业务领域

部分业务领域需满足外资持股比例上限、内资持股要求，或现行法规规定的其他特定条件。完整清单参见《10/2021 号总统条例》附件三，部分领域示例如下：

（四）向所有投资者开放的业务领域

除上述类别外，还有部分业务领域对所有投资人开放，无需满足 DPI 项下的特殊条件。示例如下：

• KBLI 46412 —— 服装批发

• KBLI 46413 —— 鞋类批发

• KBLI 47245 —— 加工肉类及加工鱼类零售

（五）禁止投资的业务领域

根据《2007年第 25号投资法》（经《创造就业法》修订）第 12 条规定外资不得从事的业务领域，包括：

• 第一类毒品（麻醉品）的种植与工业化生产；

• 任何形式的赌博及/或赌场活动；

• 捕捞《濒危野生动植物种国际贸易公约》（CITES）附录一所列鱼类物种；

• 利用或采掘来自自然界的珊瑚及珊瑚礁，用于建筑材料、石灰/钙、水族箱或纪念品/饰品，以及利用或采掘来自自然界的活珊瑚或近期死亡珊瑚；

• 化学武器制造工业；以及

• 工业化学品制造工业及消耗臭氧层物质制造工业。

Through Presidential Regulation No. 10 of 2021 (PR 10/2021) concerning Investment Business Fields as amended by Presidential Regulation No. 49 of 2021, Indonesia implements a Positive Investment List approach (Daftar Positif Investasi, “DPI”), replacing the previous Negative Investment List (Daftar Negatif Investasi, “DNI”) regime.

As a general principle, all commercial business fields are open to investment unless expressly declared closed or reserved exclusively for the Central Government. The openness of a business field, however, does not automatically mean 100% foreign ownership is permitted, as a number of sectors remain subject to specific requirements or restrictions.

Business fields under the DPI generally fall into the following five categories:

1.Priority Business Fields

These fields are given priority to attract investment in strategic sectors and are eligible for investment facilities under prevailing regulations, including tax and customs incentives. The full list appears in Attachment I to PR 10/2021; representative examples eligible for such facilities are set out below:

2.Business Fields Reserved for, or Requiring Partnership with, Cooperatives and MSMEs

Certain fields are reserved exclusively for cooperatives and Micro, Small and Medium Enterprises (MSMEs), and/or can be undertaken by large enterprises only through a partnership arrangement with cooperatives/MSMEs, subject to prescribed conditions. The full list appears in Attachment II to PR 10/2021; examples include:

3.Business Fields Subject to Specific Requirements

Some business fields may only be conducted subject to specific conditions, such as foreign shareholding caps, domestic ownership requirements, or other conditions under prevailing regulations. The full list appears in Attachment III to PR 10/2021; examples include:

4.Business Fields Open to All Investors

Apart from the categories above, certain business fields may be conducted by any investor without any special conditions under the DPI, provided prevailing sectoral laws and regulations are otherwise complied with. Examples include:

• KBLI 46412 — Wholesale Trade of Clothing

• KBLI 46413 — Wholesale Trade of Footwear

• KBLI 47245 — Retail Sale of Processed Meat and Fish

5.Business Fields Closed to Investment

Business fields declared closed to investment are those that may not be engaged in at all, as specified under Article 12 of Law No. 25 of 2007 on Investment, as amended by the Job Creation Law, namely:

• Cultivation and manufacturing of Class I narcotics;

• All forms of gambling and/or casino activities;

• Catching of fish species listed in Appendix I of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES);

• Utilization or harvesting of coral, and of coral reefs sourced from nature, for building materials, lime/calcium, aquariums, or souvenirs/jewelry, as well as live coral or recently dead coral taken from nature;

• Manufacturing of chemical weapons; and

• Manufacturing of industrial chemicals and ozone-depleting substances.

投资者在注册公司时，必须根据印度尼西亚标准行业分类（Klasifikasi Baku Lapangan Usaha Indonesia，简称“KBLI”）选择正确的经营代码。

《2025 年第 7 号 BPS（中央统计局）条例》最新实施的 2025版KBLI ，与国际标准 ISIC Rev. 5 保持协调一致，进一步完善了经济部门的分类体系，以适应新商业模式、数字技术、可再生能源及现代供应链的发展需要。下表列出了 KBLI 2020 与 KBLI 2025 之间的结构对比：

KBLI 2025 的调整主要通过以下三种方式实施：

• “一对一”（one-to-one）：一个旧的 KBLI 代码直接转换为一个新代码；

• “多对一”（many-to-one）：将多个旧代码合并为一个代码，以简化分类并与国际标准接轨；以及

• “一对多”（one-to-many）：将一个代码拆分为多个更细化的分类，以更准确地反映商业活动的实际特征——企业可能因此需要更新其现有的 KBLI 代码。

When registering a company, investors must select the correct business activity code under the Indonesian Standard Industrial Classification (Klasifikasi Baku Lapangan Usaha Indonesia, “KBLI”).

KBLI 2025, implemented through BPS (Statistics Indonesia) Regulation No. 7 of 2025 and harmonized with the international standard ISIC Rev. 5, refines the classification of economic sectors to keep pace with new business models, digital technologies, renewable energy, and modern supply chains. The table below compares KBLI 2020 with KBLI 2025:

The changes under KBLI 2025 are implemented through three principal approaches:

• “One-to-one”, where one old KBLI code is converted directly into one new code;

• “Many-to-one”, which merges several old codes into a single code to simplify classification and align it with international standards; and

• “One-to-many”, which splits a single code into several more specific classifications to better reflect the actual nature of a business activity — potentially requiring business actors to update their existing KBLI codes.

印度尼西亚政府针对PMA企业设定了投资资本的最低要求。外国投资者在印尼注册和展业前应特别关注：

外国投资者须确保其计划中的投资额符合拟开展业务活动的现行最低规定。此外，由于 PMA被自动归类为大型企业，外国投资者在设立公司、正式开展经营活动之前，应特别注意部分行业领域仅对中小企业或合作社开放。

The Indonesian Government has established minimum investment value and capital requirements applicable to companies holding PMA (foreign direct investment) status. Foreign investors should factor these requirements into their capital structure and investment planning before commencing business activities in Indonesia:

Foreign investors should ensure that their planned capital structure and investment value meet the prevailing minimum requirements applicable to the relevant business activity. As PMA business activities are, in principle, reserved for large-scale enterprises, foreign investors should pay close attention to business classification rules and applicable investment requirements as some of the business area only open for MSMEs.

印度尼西亚政府通过投资部/投资协调委员会（BKPM）管理单一提交系统（OSS-RBA），实现了商业许可体系的全面电子化。在该监管框架下，企业所需办理的许可类型，取决于该活动对应 KBLI 编码的风险等级。

(一)风险等级分类与相应的许可类型

在 OSS-RBA 系统中，商业活动按风险等级划分为以下 4（四）个类别：

a. 低风险等级

所需办理的商业许可为商业登记号（Nomor Induk Berusaha，“NIB”），低风险KBLI不需要办理额外许可。

b. 中低风险等级

所需办理的商业许可为 NIB 及标准证书（Standard Certificate）。在此风险等级下，经营主体通过 OSS 系统作出的自主声明（self-declaration），来获取标准证书。

c. 中高风险等级

所需办理的商业许可同样为 NIB 及标准证书。但与中低风险等级不同的是，此等级下的标准证书须经相关部委/机构或地方政府/技术部门核查后，方可开展运营或商业活动。

d. 高风险等级

所需办理的商业许可为 NIB 及许可证（Izin）。许可证是指中央政府或地方政府在完成规定条件的履约核查（包括技术文件合规性审查，以及特定活动项下的现场检查）后予以颁发的批准，企业须取得许可证后方可开展运营或商业活动。（关于许可证的具体探讨，我们将在后续文章中作进一步阐述。）

(二)商业许可的基本前提条件

除上述主要商业许可（NIB、标准证书或许可证）外，PT PMA 还须满足与空间规划、环境保护及建筑物相关的基本前提条件，具体包括：

a. 空间利用符合性确认（KKPR）

对拟开展商业活动的地点是否符合现行空间规划所作出的批准或确认。

b. 环境批准

根据商业活动的风险等级、规模及潜在环境影响，在满足相应环境保护要求后予以颁发的批准；所需的具体环境文件形式与类别，视商业活动的性质与影响程度而定。

c. 建筑批准（PBG）与竣工合格证（SLF）

企业进行房屋建筑的建设、改建或使用时，须依据现行法律法规办理。

d. 支持商业活动的辅助许可（PBUMKU）

根据行业特征和现行行业规定，为支持特定商业活动而所需的附加许可或批准，包括产品认证或标准、流通许可证以及特定运营许可等。

(三)许可后合规

在取得 NIB 及相关商业许可后，PT PMA 负有定期的法定义务，须按季度向投资部/BKPM 提交投资活动报告（Laporan Kegiatan Penanaman Modal，简称“LKPM”）。

LKPM 旨在监管最低 100 亿印尼盾投资额的到位情况、本地劳动力吸纳情况以及环保标准的落实情况。按时、准确地提交 LKPM，是维持 PT PMA 商业许可法律效力、避免遭受行政处罚的重要前提条件。

The Indonesian Government has integrated its entire business licensing system electronically through the Risk-Based Approach Online Single Submission system (“OSS-RBA”), managed by the Ministry of Investment/BKPM. Under this framework, the licenses required for a given business activity are determined by the risk level assigned to its KBLI code.

1. Risk Classification and Corresponding License Types

Under OSS-RBA, business activities are classified into four risk levels:

a. Low Risk

The required license is a Business Identification Number (Nomor Induk Berusaha, “NIB”), and no additional requirement.

b. Medium-Low Risk

The required licenses are an NIB and a Standard Certificate. At this level, the Standard Certificate is issued on the basis of a self-declaration made by the business actor through the OSS system.

c. Medium-High Risk

The required licenses are also an NIB and a Standard Certificate; however, unlike the medium-low level, the Standard Certificate must be verified by the relevant Ministry/Agency or Regional Government/technical department before the business actor may commence operational or commercial activities.

d. High Risk

The required licenses are an NIB and a License/Permit (Izin). A License is an approval granted by the Central or Regional Government following compliance with prescribed requirements and/or verification — including technical document review and, for certain activities, field inspection — before operational or commercial activities may begin. (Business licenses (Izin) will be discussed in greater detail in a follow-up article.)

2. Basic Requirements Underlying Business Licensing

In addition to the primary business licenses described above (NIB, Standard Certificate, or License/Permit), a PT PMA must also satisfy certain basic requirements relating to spatial planning, environmental protection, and building structures, including:

a. Spatial Use Compatibility Approval (KKPR)

An approval or confirmation verifying that the proposed business location conforms to the prevailing spatial planning layout.

b. Environmental Approval

An approval granted upon satisfying environmental requirements commensurate with the risk level, scale, and potential environmental impact of the business activity; the specific documentation required varies with the nature and impact of the operations.

c. Building Approval (PBG) and Certificate of Occupancy (SLF)

Required where the company constructs, alters, or uses buildings, in accordance with prevailing laws and regulations.

d. Business Licensing for Supporting Business Activities (PBUMKU)

Additional licenses or approvals required to support specific business activities based on sectoral characteristics and regulations, which may include product certifications or standards, distribution permits, and specific operational licenses.

3. Post-Licensing Compliance

After obtaining the NIB and other applicable business licenses, a PT PMA is under a periodic legal obligation to submit an Investment Activity Report (Laporan Kegiatan Penanaman Modal, “LKPM”) to the Ministry of Investment/BKPM on a quarterly basis.

The LKPM enables the authorities to monitor the realization of the minimum IDR 10 billion investment requirement, local labor absorption, and environmental compliance. Timely and accurate LKPM reporting is a critical prerequisite for keeping a PT PMA's business license status active and avoiding administrative sanctions.

进入并拓展印度尼西亚市场，可能带来广阔的业务前景，但也需要审慎的法律规划与持续合规。外国投资者应重点关注以下几个方面：

(一）企业实体形式： 外资商业活动通常通过设立 PT PMA 进行，该形式要求至少配备 2 名股东、1 名董事、 1 名监事和经营地点。

(二）投资框架制度： 印度尼西亚根据《10/2021 号总统条例》实施正面投资清单（DPI）制度。原则上，除被明确列为禁止投资或仅限中央政府经营的领域外，所有商业领域均对投资开放；但外资持股比例仍取决于该业务领域所属的具体类别（优先类、合作社/中小微企业合作类、特定条件类、完全开放类或禁止类）。

(三）KBLI 2025 合规要求： 与国际标准 ISIC Rev. 5 保持一致的 KBLI 2025（依据《2025 年第 7 号 BPS 条例》实施），对经济分类体系进行了结构调整（现涵盖 22 个大类、1,560 个细类）。企业须留意“一对一”“多对一”及“一对多”三类变更方式，相关调整可能要求企业更新其现有的业务活动代码。

(四）最低资本要求： PMA 商业活动被归类为大型企业。PT PMA 须满足至少 25 亿印尼盾的认缴/实缴资本，以及不低于 100 亿印尼盾的总投资额（不含土地和建筑物），该额度原则上按每个项目地点、每个 5 位 KBLI 编码计算；批发贸易、餐饮服务、建筑工程及工业/制造业等领域另有特定调整规定。

(五）商业许可： 印度尼西亚的商业许可通过 OSS-RBA 系统电子化办理，该系统根据商业活动的风险等级（低、中低、中高及高风险）确定所需办理的法律文件——从 NIB、标准证书（自主声明或经核查），到运营许可证不等。除上述主要许可外，PT PMA 还须视行业情况完成 KKPR、环境批准、PBG/SLF 及 PBUMKU 等基本前提条件，并按季度向投资部/BKPM 提交 LKPM，以维持商业许可的有效性、避免行政处罚。

通过在项目初期做好投资规划、精准选择 KBLI 2025 代码，并从一开始就落实资本与持股比例要求，外国投资者能够有效降低监管风险，满足市场准入的基本要求。

Entering and expanding into the Indonesian market offers promising business growth opportunities, but requires careful legal planning and ongoing compliance. Foreign investors should keep the following points in mind:

1．Business Entity Form. Foreign business activities are generally carried out through a PT PMA, which requires a minimum of 2 shareholders, 1 Director, and 1 Commissioner.

2．Investment Regime. Indonesia applies the Positive Investment List (DPI) under PR 10/2021. In principle, all commercial business fields are open to investment except those declared closed or reserved exclusively for the Central Government, though foreign ownership limits remain subject to the specific category — Priority, Cooperative/MSME Partnership, Specific Requirements, Generally Open, or Closed — into which a given field falls.

3．KBLI 2025 Compliance. KBLI 2025, aligned with ISIC Rev. 5 under BPS Regulation No. 7 of 2025, restructures the economic classification system (22 Categories, 1,560 Classes). Business actors should be alert to the one-to-one, many-to-one, and one-to-many changes, which may require updates to their existing business activity codes.

4．Minimum Capital. PMA business activities are treated as large-scale enterprises. A PT PMA must maintain a minimum issued/paid-up capital of IDR 2.5 billion and a minimum total investment value of IDR 10 billion (excluding land and buildings), generally calculated per 5-digit KBLI code per project location, with sector-specific adjustments for wholesale trade, food & beverage services, construction, and manufacturing.

5．Business Licensing. Business licensing is carried out electronically through OSS-RBA, which classifies activities by risk level (Low, Medium-Low, Medium-High, and High) to determine the required documents — from an NIB and Standard Certificates (self-declared or verified) to operational Licenses. A PT PMA must also satisfy basic requirements such as KKPR, Environmental Approval, PBG/SLF, and PBUMKU where applicable, and submit quarterly LKPM reports to the Ministry of Investment/BKPM to maintain active business legality and avoid administrative sanctions.

By planning their investment early, selecting the appropriate KBLI 2025 code, and satisfying capital and ownership requirements from the outset, foreign investors can mitigate regulatory risk and build a sustainable footprint in the Indonesian market.