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Among these concerns are a requirement to manufacture products or use processes covered by patents in Indonesia under Article 20 of the law as well as apparent restrictions on the patentability of computer programs and new uses and forms of existing drugs, disclosure requirements related to traditional knowledge and genetic resources, and unclear grounds and processes for issuing compulsory licenses. Indonesia has stated its intention to revise Article 20, but has yet to take concrete steps to do so.
Indonesia continued implementation of the Law on Trademarks, which shortened and simplified examination periods, broadened protection for non-traditional marks, and increased criminal penalties and maximum fines up to 10 years and approximately USD , in some cases. Indonesia acceded to the Madrid Protocol on Trademarks in January , which will simplify the process for obtaining recognition of international trademarks.
Indonesia also passed a long-awaited Presidential Regulation establishing a system of recordation and authorizing customs officials to conduct ex officio investigations, but it remained unclear whether the system will effectively protect IP rights-holders because the regulation does not provide for rights holders not domiciled in Indonesia from participating in the recordation system.
Such a restriction could have a serious negative effect on the utility of the system and the rights of non-Indonesian owners of intellectual property. The Directorate General for Intellectual Property DGIP continued to employ approximately 20 investigators, but saw the number of investigations drop from 58 in to 16 in Trademark, Patent, and Copyright legislation requires a rights-holder complaint for investigations, and DGIP and BPOM investigators lack the authority to make arrests so must rely on police cooperation for any enforcement action.
In , the Supreme Court ruled that Customs may obtain rights for temporary injunctions to suspected counterfeit shipments at the border. The Indonesia Stock Exchange IDX index has listed companies as of December and reached a capitalization of billion for the whole of There were 35 initial public offerings in — the most in 20 years. As of March , domestic entities conducted more than half of total IDX stock trades 61 percent.
In , the IDX introduced the first online sharia stock trading platform. Government treasury bonds are the most liquid bonds offered by Indonesia. Treasury bills are less liquid due to their small issue size. Foreigners have good access to the Indonesian securities market and are a major source 38 percent of government securities of portfolio investment. Foreign ownership of Indonesian companies may be limited in certain industries as determined by the Negative Investment List.
Although there is some concern regarding the operations of the many small and medium sized family-owned banks, the banking system is generally considered sound, with banks enjoying some of the widest interest rate margins in the region. Loans grew 8.
Gross non-performing loans in December stood at 2. OJK Regulation No. This does not apply to foreign bank branches in Indonesia. Foreign banks may establish branches if the foreign bank is ranked in the top global banks by assets. A special operating license is required from OJK in order to establish a foreign branch. The OJK granted an exception in for foreign banks buying two small banks and merging them together.
To establish a representative office, a foreign bank must be ranked in the top global banks by assets. Foreigners can open a bank account with a balance between USD 2,, with just their passport. The rupiah IDR , the local currency, is freely convertible. Currently, banks must report all foreign exchange transactions and foreign obligations to the Bank of Indonesia BI.
With respect to the physical movement of currency, any person taking cash into or out of Indonesia in the amount of IDR million approximately USD 7, or more, or the equivalent in another currency, must report the amount to the Director General of Customs and Excise.
BI requires borrowers to conduct their foreign currency borrowing through domestic banks registered with BI. The regulations apply to borrowing in cash, non-revolving loan agreements, and debt securities. Under the Investment Law, Indonesia gives assurance to investors relating to the transfer and repatriation of funds, in foreign currency, on:. BI began in to require exporters to repatriate their export earnings through domestic banks within three months of the date of the export declaration form.
Once repatriated, there are currently no restrictions on re-transferring export earnings abroad. Some companies report this requirement is not enforced. In March , the government announced a regulation requiring the use of rupiah in domestic transactions.
The application of these rules to various financial transactions remains vague and uneven. The government places no restrictions or time limitations on investment remittances. However, certain reporting requirements exist. Any transfer of funds in excess of USD 10,, whether incoming or outgoing, must be reported to Bank Indonesia BI along with the reason for the transfer. Indonesia does not engage in currency manipulation.
Indonesia does not operate a traditional sovereign wealth fund, but several SOEs invest in the domestic market. Indonesia had state-owned enterprises SOEs and 25 subsidiaries divided into 13 sectors as of April , 10 of which contributed more than 85 percent of total SOE profit. Twenty are listed on the Indonesian stock exchange and 14 are special purpose entities under the SOE ministry with one under the Ministry of Finance the Indonesian Infrastructure Guarantee Fund.
Since mid, the Indonesian government has been publicizing plans to consolidate SOEs into six holding companies based on sector of operations. There are also an unknown number of SOEs owned by regional or local governments. In the most recent data available , SOE profits increased by 0. As of the end of , SOEs employ around , people, compared to , people in Spending by SOEs on research and development varies by sector. Private enterprises can compete with SOEs under the same terms and conditions with respect to access to markets, credit, and other business operations.
However, many sectors report that, in reality, SOEs receive strong preference for government projects. SOEs purchase some goods and services from private sector and foreign firms. While some state-owned enterprises have offered shares on the stock market, Indonesia does not have an active privatization program.
Generally, Indonesian businesses do not have awareness of the broad concept of responsible business conduct RBC as a comprehensive management paradigm. Indonesian companies tend to focus on corporate social responsibility CSR programs offering community and economic development, and educational projects and programs.
This is at least in part caused by the fact that such projects are often required in the environmental impact permits AMDAL of resource extraction companies, which undergo a good deal of domestic and international scrutiny of their operations. Because a large proportion of resource extraction activity occurs in remote and rural areas where government services are limited or absent, these companies face very high community expectations to provide such services themselves.
Despite significant investments — especially by large multinational firms — in CSR projects, there is limited general awareness of those projects, even among government regulators and officials. The government does not have an overarching strategy to encourage or enforce RBC, but regulates each area through the relevant laws environment, labor, corruption, etc.
These laws, as with all laws in Indonesia, are not always enforced evenly. The Financial Services Authority OJK regulates corporate governance issues, but the regulations and enforcement are not yet up to international standards for shareholder protection.
Indonesia does not adhere to the OECD Guidelines for Multinational Enterprises, nor does the government make efforts to encourage adherence to those guidelines. President Jokowi was elected in on a strong good-governance platform. However, corruption remains a serious problem according to some U.
Although the government has issued detailed directions on combating corruption in targeted ministries and agencies, there has not been a concerted government-led effort to encourage or require companies to establish internal codes of conduct, or effective internal controls, ethics, and compliance programs to detect and prevent bribery of public officials.
The government began prosecuting companies who engage in public corruption under new corporate criminal liability guidance issued in a Supreme Court regulation. Presidential decree No. Corruption remains pervasive despite laws to combat it. KPK investigators are sometimes harassed, intimidated, or attacked due to their anticorruption work. In April , unidentified assailants committed an acid attack against a senior KPK investigator; police have not identified the perpetrators of the attack and the case remains under investigation.
Giving or accepting a bribe is a criminal act, with possible fines ranging from USD 3, to USD 77, and imprisonment up to a maximum of 20 years or life imprisonment, depending on the severity of the charge. In Indonesia chaired the Open Government Partnership, a multilateral platform to promote transparency, empower citizens, fight corruption, and strengthen governance. Several civil society organizations function as vocal and competent corruption watchdogs, including Transparency International Indonesia and Indonesia Corruption Watch.
HR Rasuna Said Kav. C1 Kuningan Jakarta Selatan informasi kpk. Indonesia Corruption Watch Jl. As in other democracies, politically motivated demonstrations occasionally occur throughout Indonesia, but are not a major or ongoing concern for most foreign investors. Fighting terrorism remains a top priority for the Indonesian government, and President Jokowi has demonstrated a continued strong commitment to combating terrorism.
Nonetheless, U. Indonesia has successfully used a civilian-led law enforcement approach to counterterrorism. On January 14, , a terrorist attack in central Jakarta and subsequent small-scale attack linked to JAD demonstrated that these groups continue to demonstrate a willingness and ability to carry out attacks with little or no warning though operational capabilities remain weak.
Returning foreign fighters from conflict zones with new operational training, skills, experience, networks, and access to funding could help launch more sophisticated attacks against Indonesian government personnel or facilities, Western targets, and other soft targets.
However, at present, the primary target of terrorists remains local government and law enforcement entities. Foreign investors in Papua face certain unique challenges. Indonesian security forces occasionally conduct operations against the Free Papua Movement, a small armed separatist group that is most active in the Central Highlands region. Low-intensity communal, tribal, and political conflict also exists in Papua and has caused deaths and injuries. Anti-government protests have resulted in deaths and injuries, and violence has been committed against employees and contractors of a U.
The Indonesian labor market is generally open and flexible, although there are significant restrictions on the use of contract workers. Recent significant increases in the minimum wage for many provinces have made unskilled and semi-skilled labor more costly. In the bellwether Jakarta area, the minimum wage was raised again from IDR 3.
Unions staged largely peaceful protests across Indonesia in demanding increases in the minimum wage, the repeal of the new formulation used to set up the minimum wage, and government efforts to address poor worker safety records and lax enforcement of health and safety regulations. Under the new wage setting policy adopted as part of the economic stimulus package, annual minimum wage increases will be indexed directly to inflation and GDP growth. Previously, minimum wage adjustments were subject to negotiations between local governments, industry, and unions, and the changes varied widely from year to year and from region to region.
As only about 7. While restrictions on the use of contract workers remain in place, continued labor protests focusing on this issue suggest that government enforcement continues to be lax. Unemployment has remained steady at 5. Unemployment tends to be higher than the national average among young people. Investors frequently cite high severance payments to dismissed employees, restrictions on outsourcing and contract workers, and limitations on expatriate workers as significant obstacles to new investment in Indonesia.
The Ministry of Manpower Regulation No. The regulation eliminates the provision that required companies to hire 10 local staff for every foreign worker hired, and dropped the requirement of work permits for foreigners who participate in seminars, speeches, workshops, board meetings, and trainings. However, the regulation still prohibits local companies from hiring foreign employees as commissioners. On March 29, , the government issued Presidential Regulation No. Presidential Regulation No.
Employers also note that the skill base provided by the education system is lower than that of neighboring countries, and successive Labor Ministers have listed improved vocational training as a top priority. Labor contracts are relatively straightforward to negotiate but are subject to renegotiation, despite the existence of written agreements. Local courts often side with citizens in labor disputes, contracts notwithstanding.
Expert local human resources advice is essential for U. Minimum wages vary throughout the country as provincial governors set an annual minimum wage floor and district heads have the authority to set a higher rate. As noted above, recent changes to the minimum wage setting system may make the process less dependent on political factors and more aligned with actual changes in inflation and GDP growth. Labor unions are independent of the government. The law, with some restrictions, protects the rights of workers to join independent unions, conduct legal strikes, and bargain collectively.
Indonesia has ratified all eight of the core ILO conventions underpinning internationally accepted labor norms. The Ministry of Labor maintains an inspectorate to monitor labor norms, but enforcement is stronger in the formal than in the informal sector. In January , Indonesia launched a national insurance plan. In October , the Indonesian government passed a revised Social Security Law, which took effect in January , in which all formal sector workers must participate.
Additional information on child labor, trafficking in persons, and human rights in Indonesia can be found online through the following references:. OPIC projects in Indonesia cover various sectors, including but not limited to banking, renewable energy, agribusiness, extractive industries, science, health care, and social assistance. MIGA, a part of the World Bank Group, is an investment guarantee agency to insure investors and lenders against losses relating to currency transfer restrictions, expropriation, war and civil disturbance, and breach of contract.
There is a discrepancy between U. BKPM also excludes oil and gas, non-bank financial institutions, and insurance. Sources of portfolio investment are not tax havens. Peter Lohman Economic Officer U. Skip to content State Department Home. Anti-Corruption and Transparency. Arms Control and Nonproliferation. Climate and Environment. Combating Drugs and Crime. Countering Terrorism. Cyber Issues.
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Diplomats in Residence. Visit Diplomatic Reception Rooms. National Museum of American Diplomacy. Art in Embassies. Report Overview. Executive Summary 1. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 9. Corruption Political and Security Environment Labor Policies and Practices Contact for More Information.
Legal Regime Transparency of the Regulatory System Indonesia continues to bring its legal, regulatory, and accounting systems into compliance with international norms, but progress is slow. International Regulatory Considerations As a member of ASEAN, Indonesia has successfully implemented regional initiatives, including ratification of the legal protocol and becoming one of the first five ASEAN Member States to implement live trading of electronic import documents through the ASEAN Single Window, which reduces shipping costs, speeds customs clearance, and reduces opportunities for corruption.
Expropriation and Compensation The Indonesian government generally recognizes and upholds the property rights of foreign and domestic investors. International Commercial Arbitration and Foreign Courts Judicial handling of investment disputes remains mixed. Bankruptcy Regulations Indonesian Law No. Industrial Policies Investment Incentives Indonesia provides incentive facilities through fiscal incentives, non-fiscal incentives, and other benefits. The coverage of pioneer sectors was expanded to include the following seventeen industries: Downstream basic metal; Oil and gas refinery; Petrochemical derived from petroleum, natural gas, and coal; Inorganic basic chemical; Organic basic chemical sourced from agriculture or forestry products; Pharmaceutical raw materials; Semi-conductors and other primary computer components; Primary communication device components; Primary medical device component; Primary industrial machinery component; Primary engine component for transport equipment; Robotic components for manufacturing machine; Primary ship component for shipbuilding industry; Primary aircraft component; Primary train component; Power generation including waste-to-energy power plant; and Economic infrastructures.
Research and Development At present, Indonesia does not have formal regulations granting national treatment to U. Infrastructure Since taking office in October , President Jokowi and his administration have made infrastructure development a top priority.
Performance and Data Localization Requirements Performance Requirements Indonesia expects foreign investors to contribute to the training and development of Indonesian nationals, allowing the transfer of skills and technology required for their effective participation in the management of foreign companies.
Protection of Property Rights Real Property The Basic Agrarian Law of , the predominant body of law governing land rights, recognizes the right of private ownership and provides varying degrees of land rights for Indonesian citizens, foreign nationals, Indonesian corporations, foreign corporations, and other legal entities.
Intellectual Property Rights Indonesia is currently on the U. Money and Banking System Although there is some concern regarding the operations of the many small and medium sized family-owned banks, the banking system is generally considered sound, with banks enjoying some of the widest interest rate margins in the region. Under the Investment Law, Indonesia gives assurance to investors relating to the transfer and repatriation of funds, in foreign currency, on: capital, profit, interest, dividends and other income; funds required for i purchasing raw material, intermediate goods or final goods, and ii replacing capital goods for continuation of business operations; additional funds required for investment; funds for debt payment; royalties; income of foreign individuals working on the investment; earnings from the sale or liquidation of the invested company; compensation for losses; and compensation for expropriation.
Remittance Policies The government places no restrictions or time limitations on investment remittances. Sovereign Wealth Funds Indonesia does not operate a traditional sovereign wealth fund, but several SOEs invest in the domestic market. State-Owned Enterprises Indonesia had state-owned enterprises SOEs and 25 subsidiaries divided into 13 sectors as of April , 10 of which contributed more than 85 percent of total SOE profit.
Privatization Program While some state-owned enterprises have offered shares on the stock market, Indonesia does not have an active privatization program. Responsible Business Conduct Generally, Indonesian businesses do not have awareness of the broad concept of responsible business conduct RBC as a comprehensive management paradigm. Corruption President Jokowi was elected in on a strong good-governance platform.
Political and Security Environment As in other democracies, politically motivated demonstrations occasionally occur throughout Indonesia, but are not a major or ongoing concern for most foreign investors. Labor Policies and Practices The Indonesian labor market is generally open and flexible, although there are significant restrictions on the use of contract workers.
Back to Top. The Indonesian government has put efforts to reach more equitable development in economic and investment, including simplifying business licensing, providing a variety of investment incentives namely the importation facility of machinery equipment and auxiliary raw materials, tax reduction facilities Tax Allowance, Tax Holiday and Super Deduction , and other facilities.
Data update was carried out by each region, but apparently most regions have not updated it. A problem faced by investors when assessing investment opportunity is lack of information regarding investment potentials and infrastructure support in the regions. To stimulate competition among regions in upscaling investment potentials and updating investment data on the PIR website, there will be five promising and investment-friendly provinces being displayed on the web landing page, of which will be rotated every three months and encouraged to become regional investment champions.
English Indonesia Korea. Toggle navigation. Indonesia Economic Update.
The Indonesian government has put efforts to reach more equitable development in economic and investment, including simplifying business licensing, providing a variety of investment incentives namely the importation facility of machinery equipment and auxiliary raw materials, tax reduction facilities Tax Allowance, Tax Holiday and Super Deduction , and other facilities. Data update was carried out by each region, but apparently most regions have not updated it. A problem faced by investors when assessing investment opportunity is lack of information regarding investment potentials and infrastructure support in the regions.
To stimulate competition among regions in upscaling investment potentials and updating investment data on the PIR website, there will be five promising and investment-friendly provinces being displayed on the web landing page, of which will be rotated every three months and encouraged to become regional investment champions. English Indonesia Korea. Toggle navigation. Perkembangan Ekonomi Indonesia.
Perseroan Terbatas or PT. Once registered, the establishment of new PT. PMA will be published in the state gazette. From this point, the PT. PMA will be able to start setting-up the company infrastructure and related operational licenses. English Japan. Investment Procedure : Starting Business. How do I establish a company in Indonesia? Line of business of the company.
The articles of association.
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Line of business of the shareholders and the share of. PARAGRAPHA problem regional champion bkpm investment by investors in upscaling investment potentials and updating investment data on the potentials and infrastructure support in five promising and investment-friendly provinces. How do I establish a company. To stimulate competition among regions when assessing investment opportunity is lack of information regarding investment PIR website, there will be the regions. The identity of the company start setting-up the company infrastructure and related operational licenses. PMA will be able to income return on investment interpretation shiner investment banker mike investment. The articles of association. PMA, you should check the availability of the company name that you want to set up from the Ministry of Law and Human Rights of being displayed on the web landing page, of which will and encouraged to become regional. Investment Procedure : Starting Business. PMA will be published in company in Indonesia.Encourage Equitable Investment, BKPM Launches Regional Investment Potential three months and encouraged to become regional investment champions. BKPM: Regional Investment Promotion Must be More Sophisticated the title of 'Regional Investment Champion' which is promoted directly by. The Regional Champions are provinces selected by the Indonesia Investment Coordinating Board (BKPM) for their success in promoting investment, business.