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Doing Business in Indonesia

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Doing Business in Indonesia Doing business in Indonesia Indonesia has laid out a welcome mat for investors, encouraging the private sector to ride a tidal wave of economic growth in the country. The leading “breakout nation” still has challenges to overcome, but the wheels of prosperity have been set in motion and the country may soon be considered among the leading developing nations in the world. tmf-group.com Rise of a new BRIC The Republic of Indonesia is south-east Ruchir Sharma, Head of Emerging Market Equities and Global Macro at Morgan Stanley, has grouped Indonesia as a “breakout nation”, or a Asia’s largest economy and the world’s country that consistently beats economic expectations by a wide margin. But there is also a case for Indonesia to become an addition to the BRIC largest archipelago, comprised of around designation, given that it is the largest country within south-east Asia, 17,000 islands spanning more than has a huge population and immense natural resources. 5,000km along the Equator between “Over the first 10 years of this millennia the big the Indian and Pacific Oceans. growth story has been China, but most people are now convinced that Indonesia will be the Russia is cheap, but very reliant on oil. Brazil has a big consumer credit main growth story of the second decade,” It has been a hub of international trade since at least the 7th century, attracting traders and foreign powers with its abundant natural resources. says Jochum Haakma, Global Director of Business Development Home to 243 million people, it is the world’s fourth-most populous at TMF Group. country behind China, India and the United States. As the Investment Guarantee Fund paves a path towards economic Having weathered the recent global financial crisis better than its fellow liberalization, Indonesia is laying out a well-worn welcome mat for G20 countries, Indonesia’s economy has been growing at about 6% per foreign investors, marching towards becoming one of the world’s most annum in recent years thanks in large part to a combination of domestic important economies. consumption, an emerging middle-class and productivity improvements - the latter of which has accounted for more than 60% of the country’s economic growth. That boom is expected to continue - fuelled by its young population; the strong consumption habits of its expanding consumer class; its rapid rate of urbanization; and its natural resource wealth - allowing Indonesia to pass countries including Germany and the United Kingdom to become the world’s seventh-largest economy by 2030. Home to 243 million people, it is the world’s fourth-most populous country behind China, India and the United States. tmf-group.com | Page 2 of 7 Why Indonesia? Growth machine Open for business The largest economy in south-east Asia and one of the biggest emerging Foreign investment is crucial to the long-term prospects of the country, markets in the world, Indonesia is frequently referred to as an economic and both the public and private sectors are looking to encourage the growth machine. Since 2004 the country has undergone a period of rapid inflow of capital into the economy. growth, topping 6% for the eighth quarter in a row between July and September 2012. • On the Indonesian Stock Exchange, there are 425 issuers with a market capitalisation of $400 billion or 50.48% of GDP. As of Indonesia enjoys a comfortable position in the global markets. Although November 2010, two-thirds of the market capitalisation was in the exports make up a significant chunk of the country’s economic output, it form of foreign funds. is not wholly reliant on them. Any external shocks – the global financial crisis; economic slowdown in China – can therefore be mitigated and the • Between 1990 and 2010, Indonesian companies were involved in country has continued to grow despite weak indicators elsewhere. 3,757 mergers and acquisitions as either acquirer or target with a total known value of $137 billion. Private consumption and government spending have become an engine for strong economic growth, increasing by 7.1% in 2012 compared to the MP3EI previous year. The second quarter of 2012 saw growth hit 6.4% year-on- year, up from 6.3% in the previous quarter. These figures were posted A Masterplan to Accelerate and Expand Economic Development in despite exports slowing significantly, proving that the economy is not Indonesia (MP3EI) has been implemented by the government, which is wholly reliant on the global markets. looking to achieve: Studies by leading research organisations (Standard and Chartered, • annual economic growth of 7-8% annually through the private sector PricewaterhouseCoopers) have placed Indonesia ahead of the developed • develop six economic corridors nations such as Germany and the UK in 2030 and beyond, based on vital • strengthen national connectivity economic indicators such as the strength of its working population and • accelerate national science and technology. consumer base. This shows that not only will its growth be strong, it will also be sustainable. Risk Risk is still a factor for companies investing in Indonesia and regulators like to change rules and regulations - such as the 40% cap on single shareholders for banks - at their whim. There is also a high degree of corruption at all levels of society. However, many areas have become less risky. • Indonesia is relatively less risky than many emerging markets, with an average annual return of more than 25% and a beta coefficient of less than 0.8. (MSCI and Bloomberg, 2011). • There is small market capitalization, leaving a lot of room to grow. • It regained its investment grade rating from Fitch Ratings in late 2011 (BBB-), and from Moody’s Ratings in early 2012 (Ba1). • Moody’s raised Indonesia’s foreign and local currency bond ratings to Baa3 from Ba1 with a stable outlook. “Investor appetite is the most important ratings indicator for a country.” - Jochum Haakma. tmf-group.com | Page 3 of 7 Ways into Indonesia Starting a business, such as a limited Representative office liability company (or perseroan terbatas A representative office is an extension of the parent entity and in Bahasa Indonesia, the official cannot conduct local sales. language) can be cumbersome, taking Limited Liability Company around 45 days compared with 12 in A foreign direct investment company in Indonesia (known locally as Penanaman Modal Asing or PMA), can take the form of a 100% OECD countries. Paying taxes is also foreign-owned limited liability company or can be established as a more time-consuming, requiring 51 limited liability company through a joint venture with Indonesian partners. Foreign equity participation limitations may apply, payments per year compared to the depending on the intended principal activity. OECD average of 13. Without the help of BKPM local representatives this can significantly The Indonesian Investments Coordination Board (BKPM) regulates foreign intrude on a company’s ability to business activity in Indonesia as well as promoting the country through conduct business in the country. embassies abroad. For foreign investors, this is an important source for early information. Negative investment list There are certain areas of the economy cut off to foreign investment. The Negative Investment List, or Daftar Negatif Investasi/DNI, outlines in the sectors in question, which include: • alcoholic beverage industry • fisheries • telecommunications towers • chemical materials • culture and tourism, such as casinos. tmf-group.com | Page 4 of 7 TMF Group One of the biggest barriers to international investment is the burden PT TMF Indonesia of accounting, legal, HR and payroll. 45th Floor Menara BCA Grand Indonesia TMF Group has dedicated specialists Jl. M.H Thamrin No. 1 Jakarta 10310 in place who can take care of the Indonesia administrative hassle of moving across Contact: borders, leaving the company free Mr. Vinod Kumar (President Director) Telephone: +62 21 23585899 to focus on global ambitions. E-mail: [email protected] TMF can assist by liaising with the Indonesian Investments Coordination Board (BKPM), which is required for all foreign companies. We can obtain approvals from BKPM and the Ministry of Law and Human Rights, obtain the Domiciliation Statement, and apply for local tax ID and Business Registration. We can get the company fully operational and will act as a one-stop centre for all legal, accounting, tax and payroll compliance requirements. Indonesia is not alone in having complex local governance and regulatory requirements, and having officers on hand in the country who understand the local environment can lead to a seamless transition. TMF Group combines extensive global resources with unrivalled knowledge of local regulations, cultures and languages to help you achieve your business goals. All solutions are customised to fit your company’s needs, and are coordinated through a single point of contact regardless of where you are in the world; this helps to ensure excellent communication and management. With a wide range of experience and a comprehensive range of services, we can assist in seamless cross-border transitions. TMF Group combines extensive global resources with unrivalled knowledge of local regulations, cultures and languages to help you achieve your business goals. tmf-group.com | Page 5 of 7 Sources http://www.huffingtonpost.com/daniel-wagner/investing-in-indonesia- promise_b_2061730.html http://internationalinvest.about.com/od/globalmarkets101/a/How-To- Invest-In-Indonesia.htm http://finance.yahoo.com/blogs/daily-ticker/brics-123351582.html http://www.ft.com/cms/s/0/08d3b32a-df88-11e1-b81c-00144feab49a. html#axzz2Cf3HHlEm http://www.huffingtonpost.com/daniel-wagner/investing-in-indonesia- promise_b_2061730.html http://www.ft.com/cms/s/0/08d3b32a-df88-11e1-b81c-00144feab49a. html www.worldbank.org/en/country/indonesia http://www.globalwaterintel.com/archive/12/8/market-profile/ indonesias-innovation-infrastructure.html http://www.thejakartaglobe.com/business/indonesias-economic- growth-tops-6-for-8th-quarter/554447 http://www.ft.com/cms/s/0/08d3b32a-df88-11e1-b81c-00144feab49a.
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