Home Blog An Introduction to Crowdfunding Startups in Indonesia: Tips & Requirements Business Licenses | Business Setup | Indonesia An Introduction to Crowdfunding Startups in Indonesia: Tips & Requirements InCorp Editorial Team 23 June 2025 4 minutes reading time Table of Contents How Crowdfunding in Indonesia Became a New Trend How to start a crowdfunding business in Indonesia Start your Crowdfunding Business in Indonesia with InCorp Indonesia A spike in internet usage is a catalyst for boosting crowdfunding in Indonesia, which involves raising money from many people to support a new business endeavor. Crowdfunding in Indonesia is a vital instrument for raising funds from the general public in a quick, inexpensive, and seamless way. According to Statista, by 2025, the value of transactions related to crowdfunding in Indonesia will increase to US$7.5 million. The enormous opportunities crowdfunding presents for businesses and Indonesia’s vast internet usage landscape have set the stage for foreign investors to invest in the archipelago. This article will discuss important questions like what exactly crowdfunding is in Indonesia and how it works. How Crowdfunding in Indonesia Became a New Trend As Indonesia’s economy has grown in recent years, the aspiring middle class is heavily contributing to the growth of new creative industries such as coffee shops, fashion, and healthy food. Most of these industries are startups or micro, small, and medium enterprises (MSMEs) that need money to secure, streamline and expand their operations. Moreover, bankability is a common issue for these startups and MSMEs, which makes it difficult for them to expand their operations. In light of such problems, equity crowdfunding is a viable solution. Indonesia’s Financial Services Authority (OJK) published Regulation Number 37/POJK.04/2018 on Information Technology-based Crowdfunding Services via Public Offerings (POJK 37). The question begs: what exactly is equity crowdfunding? The method of acquiring essential capital (for a new firm) by seeking contributions from many individuals, particularly from the internet community, is defined by Merriam-Webster as equity crowdfunding (also known as crowdfunding). Equity crowdfunding is a method of bringing together investors and businesses in need of capital. How to start a crowdfunding business in Indonesia Who can conduct Crowdfunding services? The following are the participants in equity crowdfunding activities as defined under POJK 37: Investors who acquire issuer-issued shares through platform providers; Suppliers of platforms, managers, and operators of crowdfunding operations in Indonesian legal entities; Issuers such as Indonesian limited liability companies that offer their shares through platform providers and are not controlled by: a business group or conglomerate, public companies or subsidiaries of public companies; having assets of more than USD 675k, excluding land and buildings; Custodian parties that offer custodians services for securities and other assets connected to securities and other services What are the requirements to conduct Crowdfunding in Indonesia? A platform provider must get a business license from the OJK to launch a crowdfunding platform. In addition, a platform provider must meet the following criteria to be able to apply for OJK licenses: It’s either a partnership or a limited liability business.; It has a minimum capital of USD 170k; It possesses human resources with knowledge and/or experience in the field of information technology, or it may review the issuer Amended Provisions on Crowdfunding Service Providers’ Mandatory Registration as Electronic Systems Providers issued on August 25, 2021, include: After obtaining company licenses from the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), crowd funders must now register as electronic system providers with the Ministry of Communications and Informatics (Article 15A). If they have not filed a registration certificate as an electronic system provider to the OJK, crowdfunding service providers who have obtained business licenses from the OJK are banned from providing any services related to selling securities by issuers. Any violation of the requirement as mentioned earlier and restriction shall result in the application of administrative penalties. Crowdfunding Requirements In compliance with POJK 37, the following are the crowdfunding standards the issuer must meet: The crowdfunding activity must be carried out through a platform provider that has received an OJK license. Unless the OJK specifies otherwise, the money raised through the crowdfunding activity shall be at most USD 675k in one or more offerings. The time for issuing shares must be completed within sixty days. POJK 37 also allows platform providers to create a secondary market for trade among their registered customers. Start your Crowdfunding Business in Indonesia with InCorp Indonesia InCorp Indonesia (an Ascentium Company) provides business setup services that can make the crowdfunding business in Indonesia accessible and affordable for global individuals and companies. Projects can be accomplished at a fraction of the total cost by using a crowdfunding model through your business. A crowdfunding business allows entrepreneurs to build working capital, whereas financing through conventional methods has become a challenge for most foreigners. We are a fully authorized business setup company in the country with specialists who can analyze the potential and feasibility of your crowdfunding business by using our expertise. Read Full Bio Verified by Hotdo Nauli Senior Legal & Delivery Manager at InCorp Indonesia Hotdo heads the Legal and Delivery team at InCorp Indonesia, managing Product Registration, Legal Advisory, and Business Licensing. With over 8 years of experience, she focuses on compliance and integrity, ensuring all client operations align with Indonesian laws and regulatory standards, including contract reviews and sector-specific licenses. She is also a licensed advocate and a member of the Indonesian Advocates Association (PERADI). Frequently Asked Questions Can a PMA company keep non-Rupiah bookkeeping and use a language other than Indonesian? For tax purposes in Indonesia, companies must maintain their books in Rupiah, using the Indonesian language, and store them within the country. Exceptions for using USD and English in bookkeeping require prior notification to the authorities and any use of languages other than Indonesian needs approval from the Ministry of Finance. What are the shareholder rights in a PMA company? Shareholders of a PMA Company in Indonesia have various rights, including voting rights in general meetings, entitlement to dividends and liquidation proceeds, and access to information. They must approve significant matters through general meetings of shareholders with specified quorums, such as: Amending articles of association Changing share capital Appointing or dismissing directors and commissioners Approving major transactions, dividends, and financial statements Company reorganization How is the process of liquidating a PMA company in Indonesia, and how long does it take? The procedures for (voluntarily) liquidation typically involve the following steps: Conduct a general shareholder meeting to approve the liquidation and the liquidator’s nomination Notify the Ministry of Law and Human Rights as well as the creditors of the liquidation and the distribution plan for the assets by newspaper notice All business licenses and tax numbers should be canceled or revoked; the tax office will conduct a tax audit to revoke the tax number Make sure creditors are paid and that any liquidation funds are distributed to shareholders (if any) Conduct a general meeting of shareholders to approve the liquidator’s discharge and acquittal Notify the Ministry of Law and Human Rights of the liquidation’s outcome. After receiving the notification, the Ministry of Law and Human Rights will deregister the company’s status as a legal entity and remove its name from the Company Registry Release the liquidation’s outcome in a newspaper Completing the liquidation process can take around two years. What duties do investors have when they own shares in a company that has been liquidated? Shareholders must appoint a liquidator during the shareholders’ meeting approving liquidation. If no liquidator is appointed, the Board of Directors assumes the role. Creditors can submit claims within two years of the liquidation announcement, provided there are proceeds available. If proceeds have been distributed, shareholders must return them proportionally to settle creditor claims. Whereas employee termination packages vary based on employee status, service years, and reason for liquidation. Get in touch with us. 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