Cekindo Business International is now InCorp Indonesia. Learn more.
InCorp offers a comprehensive range of solutions to ease the company registration process and help you create a viable roadmap for your business.
Get assistance from experts with a decade of experience in assisting international business owners expanding into Indonesia.
Avoid any bureaucratic complexity when closing your company by engaging with our experienced legal advisors.
What type of legal entities should you choose to register a company in Indonesia? We can assist you in choosing which is the best one to grow your business.
To help businesses survive during this unfortunate time, InCorp provides corporate recovery in Indonesia and insolvency services.
Obtaining property & land ownership in Indonesia offers some challenges for foreigners. However, buying property in Indonesia is attainable with specific resources and documents.
Recent regulatory changes have a knock-on effect on Indonesia's Merger & Acquisition landscape. Check on how we can navigate you through your M&A in Indonesia.
InCorp provides Virtual Office services Indonesia in various locations: Jakarta, Bali, Semarang, Surabaya, and Batam.
Business process outsourcing in Indonesia is a viable option to streamline bureaucratic complexities that hurdle your business expansion objectives.
InCorp offers a complete range of accounting service Indonesia, from tax reporting to auditing.
With professional financial audit services from InCorp, you can ensure all accounting activities are accurately recorded and compliant with Indonesian regulations.
Using an Employer of Record service to set your roots in Indonesia opens the doors to new opportunities in the country.
Financial and Operational Resilience services from InCorp are developed to support businesses and help them survive during this difficult time.
Payroll services in Indonesia are a practical solution to avoid unnecessary complexities while you focus on growing your business.
Using a recruitment agency in Indonesia will help you hire the best candidates for your company, saving you time and money.
Tax consulting in Indonesia are the shortcuts to fulfill the administrative obligations with high accuracy and in a timely manner.
The Indonesian government promotes tax holidays as one of the fiscal incentives to attract major foreign direct investment in Indonesia.
Operating businesses in Indonesia, entrepreneurs must comply with the regulations accordingly, especially concerning taxes.
Immigration in Indonesia is one of the strictest and most complex processes due to its ever-changing regulations. InCorp provides a seamless experience in obtaining your stay and work permits.
Avoid any hassles by engaging with an experienced visa agent in Indonesia.
A dependent visa Indonesia is a document that allows foreigners to bring their family while settling down in the country.
Investor KITAS Indonesia is a stay permit that offers many benefits to investors that invest in the country.
Overseas Visas are required for Indonesians who are planning to stay abroad for an extended period of time.
KITAP is a permanent stay visa for foreigners who have intentions to stay in Indonesia.
Foreign retirees often find their plans stuck due to the complex visa application process. InCorp helps expedite the process.
Obtaining a social visa is daunting if you are not familiar with the country’s complex bureaucratic processes. Consult with us for a seamless Indonesian visa application experience.
Foreigners married to an Indonesian citizen are eligible for a spouse-sponsored KITAS.
Learn how to obtain an Indonesian tourist visa seamlessly and securely, directly from a trusted visa and travel agent.
Get assistance from a trusted visa agent in Indonesia to make your traveling plan to Indonesia even more convenient.
Expedite your Indonesian work permit application process by engaging with a trusted visa agent.
All imported goods must obtain permission granted by specific governing bodies prior to entering the local market.
Learn more about the cosmetic product registration services in Indonesia.
Learn more about exporting goods to Indonesia.
Learn more about the food & beverage product registration services in Indonesia
Learn how to go through halal certification in Indonesia directly from experts successfully.
Learn more about the health supplement product registration services in Indonesia.
Learn more about the household product registration services in Indonesia.
Learn more about importing goods from Indonesia
An Importer of Record in Indonesia is a legal service that enables companies to import products into Indonesia, through an import partner.
Learn more about the medical device registration services in Indonesia.
Register a trademark is necessary to avoid legal issues in the future. InCorp can help you with Trademark Registration services in Indonesia.
Compliance is one of the most challenging parts of business overseas, especially in a country packed with complex bureaucratic processes such as Indonesia.
Updating business documents to align with your company’s growth can be a hassle.
Due Diligence services are needed to assess the credibility of the company or partner you wish to work with or acquire in Indonesia
From Company Regulations to Employment Agreement Drafting, Employment law services from InCorp will help you to compliance with employment policy in Indonesia.
InCorp’s legal consultation services in Indonesia are crafted to help your business settle and fully comply with the latest regulations.
Organizations must continuously evolve and transform to remain competitive and relevant in today’s global environment ...
Companies face many opportunities and challenges as a result of a changing market and regulatory landscape ...
Adopting Environmental, Social, and Corporate Governance (ESG) practices can improve your company’s value ...
Risk Management services from InCorp Indonesia can assist companies in building confidence when making future business decisions ...
Transfer Pricing in Indonesia occurs when a company performs an internal transaction within the same business group or its subsidiaries
InCorp's transfer pricing advisory services in Indonesia are marked by the objective to support our clients' business needs.
Our transfer pricing services provide you with a hassle-free experience while still complying with the legal aspects of transfer pricing in Indonesia.
As the market-entry consulting firm in Indonesia, InCorp provides a wide range of customized solutions to ease the business incorporation process.
Both natural and legal persons are entitled to open a bank account in Indonesia. Find out how to open a bank account in Indonesia, here.
InCorp can help you find a trusted Buying Agent Indonesia for product sourcing in Indonesia. Contact us now for a free consultation.
InCorp can help foreigners to get the driving license in Indonesia, whether SIM A or SIM C. Check out the requirements and the procedure, here.
IMEI Registration in Indonesia is necessary to ensure telecommunication devices from abroad can function properly in Indonesia.
With offices in Jakarta, Bali, Semarang, SUrabaya, and Batam, InCorp is ready to assist you as a local partner and distributor in Indonesia.
InCorp can help you to select the trusted local partners to import and distribute your products in Indonesia.
Improve your business by knowing the market conditions in Indonesia through market research services in Indonesia.
InCorp can help you gain information about your competitor's product through mystery shopping.
Indonesia’s banking sector is marching towards a digital revolution. Indonesia’s Central Bank – Bank Indonesia, estimates that digital banking transactions are expected to reach IDR 32,206 trillion (US$2.3 trillion) by the end of 2021. A substantial increase from IDR27,036 trillion (US$1.9 trillion) in 2020.
A recent survey conducted by Bank BTPN showed the gap between digital and ATM transactions is widening, which 83% of respondents choosing mobile/digital payment, compared to 71% prior the pandemic.
Despite having over 1,600 licensed commercial and rural banks, Oxford Business Group’s latest studies showed 83.1 million Indonesians remain unbanked – the fourth-largest in the world.
While the majority of the unbanked live in rural areas, where the absence of bank branches makes it impossible to gain access to banking services. Financial exclusion is not exclusive to developed cities or regions in Indonesia. Research conducted by PwC in 2019, showed 74% of Micro, Small, and Medium Enterprises (the majority of businesses in Indonesia) are still excluded from formal financial services.
The size of Indonesia is a double-edged sword, though rich in natural resources, accessibility remains a challenge.
By 2025, 89.2% of Indonesia’s population are expected to own a smartphone. While the highest share of smartphone ownership is found in the Jakarta Greater Area, rates in rural areas have also seen a gradual increase from 47.3% in 2015, to almost 55% in 2019. The idea of smartphones bridging the geographical divide is not new. However, a smartphone is nothing but a device, if the Indonesian banking industry and the government, do not come together to innovate and curate better customer experiences.
Banking-as-a-Service (BaaS) has been gaining traction in Indonesia, and it could be the gateway to placing financial services into the hands of mobile-savvy Indonesians.
BaaS is a service where banks provide integration with their IT systems via an open API. In short, it is ‘renting’ its back-office service (as a white-label solution) to other businesses, to help build banking features or apps. With the continuous expansion of digital economy platforms, such as ride-hailing services, BaaS has the capabilities of integrating financial services into digital platforms that have mass adoptions. Moving banks towards a more consumer-centric and efficient business model.
Grab, one of the newest players in Indonesia’s ride-hailing market, saw 19% of its motorcycle drivers and 12% of its taxi drivers open their very first bank account when they joined Grab. Because the process for receiving their pay from ride-hailing gigs requires a bank account for transfers. This process has also encouraged drivers to save money on a regular basis with average savings from IDR890,000 to IDR1.4 million a month. The regular income in a bank account has provided drivers more access to lending, as financial institutions trust them more. This encourages them to take loans to further grow their business, or invest in new motorcycles or cars, converting them into regular banking customers.
Given its large and untapped market size, coupled with mass digital adoption in and outside developed cities, tech giants in Indonesia have realized the potential in digital banking sectors.
However, the Banking Supervision of Indonesia’s Financial Services Authority (OJK) is still in the midst of drafting a comprehensive set of regulatory frameworks for this sector. In the meantime, it is encouraging investors to acquire and consolidate its 1,600 commercial and rural banks in lieu of issuing new banking licenses.
This means mergers and acquisitions (M&A) is the only way for local and foreign investors to access Indonesia’s digital banking market at the moment.
Indonesia’s first decacorn ride-hailing startup, GO-JEK recently invested US$ 160 million in Bank Jago while Singapore’s Sea Ltd. also acquired a local low capital bank, Bank Kesejahteraan Ekonomi (BKE), betting their headway into one of the world’s largest unbanked market.
M&A in the banking sector is regulated by OJK Regulation, under its New Bank and M&A Rule. Regulation No. 41 of 2019 outlines five types of M&A transactions in Indonesia’s banking sector;
The process starts with both parties agreeing to either a merger, consolidation, acquisition, or Integration to OJK through a set of documents. The documents listed out on OJK’s website are an Acquisition Plan, along with the draft of the acquisition deed. It is also important to note that the controlling shareholder will need to pass a Fit and Proper Test (also commonly referred to as Penilaian Kemampuan dan Kepatutan).
OJK will review and inspect the source of funds of the M&A transaction, and issue a clearance. Both parties then need to make a public announcement within two business days following the issuance of the clearance.
In line with The Company Law, creditors can submit an objection within 14 days after the public announcement is made. The M&A transaction cannot be concluded until all creditor’s objections have been settled.
At this stage, the two parties shall then sign an M&A deed in notarial deed form and submit it along with the amendment of its articles of association to the Ministry of Law and Human Rights (MOLHR). The Integration approval shall be effective upon MOLHR approval.
The Indonesian Digital Banking Market shows much promise and is a grand avenue for foreign investors to break into a fairly new market. Thorough market research by our experienced professionals will help you carve a roadmap of the prospects of your investment and the concurrent risks involved. As new entrants rely on merger and acquisitions, it is imperative to carry out detailed background checks.
Our consultants thrive on providing accurate reports on due diligence and background checks to assess the credibility of your prospective partner. With new regulations being formulated by OJK, our legal team will make sure you stay on top of all the regulatory and statutory aspects of your business.
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