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.
Granting an environmental permit in Indonesia needs an Environmental Impact Analysis (AMDAL) in advance.
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.
The fintech industry in Indonesia has started a revolution. The Financial Technology (fintech) Association in Indonesia was established only two years ago.
In just two short years, mobile technology services such as mobile wallets Go-Pay and Ovo have opened a new era of cashless payments in Indonesia, and the tremendous rise in the adoption of e-wallets was initiated.
In addition, online lending will make it easier for small businesses and individuals to raise money. According to The Tech in Asia Database, the amount of funding that fintech companies have received from 2013 to 2017 was recorded at US$56 million.
With the continuous launch of new fintech startups, the average Indonesian became familiar with a new financial entity, and with huge sums being invested in the segment, fintech has already become the frontrunner of the Indonesian startup ecosystem.
Fintech is a compound word, an abbreviation of financial technology. The term “financial technology” is still relatively abstract, and its concept has not yet been completely unified.
As defined by Wikipedia is “a group of companies that make financial services more efficient through technology.” In the economy, fintech is often a startup that tries to go beyond the existing traditional financial system and reach out to users. They often challenge traditional institutions that rely less on software and technology.
Fintech is not just ‘financial on the Internet’, but it is also based on technologies such as mobile Internet, cloud computing, and big data, to achieve innovation and improved efficiency in financial services and products.
From the perspective of business, the current fintech fields that have a greater impact on the financial market mainly include four categories:
The Financial Technology Association in Indonesia is a critical mediator between fintech industry regulators and investors.
Fintech regulators include the Financial Services Authority OJK (Otoritas Jasa Keuangan) and the Indonesian Central Bank BI.
Up until now, there are 159 registered fintech companies, and most of the companies are members of the Fintech Association. OJK claimed that their disbursement of credit from the beginning of 2018 to July 2018 reached US$534 million (IDR 7.8 trillion).
At the same time, the association is also a self-regulatory body responsible for developing industry guidelines.
A new regulation was released on September 1, 2018, by OJK for the formation of fintech companies in Indonesia.
This new regulation called Digital Financial Innovation Regulation for Fintech Companies which OJK uses to monitor and supervise the growth and development of the fintech industry.
In this new regulation, forming a fintech company or digital service platform, whether it is a financial services institution or startup, must go through the following process:
If you would like to set up a fintech startup, the best option will be the establishment of the legal entity – Limited Liability Company (PT). To be involved in fintech businesses, your company must be the one seeking profits, and thus it is not possible for a fintech company to establish a CV (Commander Association) or a foundation with non-profit orientation.
When you set up a PT for your fintech business, you are able to separate your company assets from personal assets. If unfortunately, your business suffers a loss, your company assets will be liable but not your personal assets.
Ownership is one of the critical things to consider when setting up a fintech company as well. In this case, foreigners can become owners of fintech companies. However, the maximum foreign ownership is set at 85%.
Other than that, foreigners can only transfer shares after getting approval from the FSA (Indonesia Financial Services Authority).
According to the latest changes laid out in Job Creation Law, the classification of Local PT in Indonesia based on paid-up capital as follows:
Proof of a capital deposit is required during the permit application to OJK. When the licensing is not completed, companies are not allowed to take out the capital for any company’s operations purposes.
Once your company is registered, the next process is the permit application. OJK allows a maximum deadline of 12 months to apply for the permit once the registration process is done. If companies fail to do so, their registration certificate will become invalid, and they will have to do the registration all over again.
Every business has potential frauds, fintech business is no exception. Therefore, in order to prevent these illegal activities, you will need to acquire a PSE license (Electronic System Operators) from Depkominfo (Department of Communication and Information and Technology).
OJK also has been working on synergizing with Depkominfo so that the frauds can be decreased to the minimum.
One thing to take note of is that depending on the type of your fintech business, and an additional license may be required to comply with the new law. For instance, a P2P (Peer to Peer) lending business must obtain an extra license from OJK.
It is to prevent the same P2P business collapse as in China where non-registered and illegally operated businesses caused loss of life savings of many P2P users.
During the licensing stage, companies must submit their first-year business plan containing the description of the planned business activities, goals, and ways to fulfill the targets, as well as the financial projections.
Unfortunately, since most fintech companies are startups that begin small, they have a bigger possibility of delay in registering their company and applying for their license with OJK late. They may operate with the investors’ help or private funding which may lead to illegal exploitation of their workers and possible tax embezzlement.
As of September 2018, OJK has found 182 illegal fintech companies, and they are no longer able to run and keep their businesses. Therefore, Cekindo urges investors who would like to start a fintech company to go through the process required by law.
If your company is found to be unregistered with OJK or without a specific license and permit, there will be severe consequences to the entire fintech ecosystem.
Getting into the fintech scene in Indonesia demands expertise and proper market research. Contact us for more insights regarding the registration of a fintech company. We will come back to you within two working days with a free tailor-made quotation.