Investing in Indonesia
Indonesia is the 4th largest population in the world (approximately 263 million), also is the 3rd largest democracy.
Representing 50% of ASEAN’s GDP, Indonesia is deemed as the largest economy amongst ASEAN countries, also is deemed as the 16th largest world economy. With 5.46% average GDP growth, Indonesia is the fastest growing middle class with 3-5 million people entering the “consuming class” each year.
Politically stable and being the only permanent SEA member of the G20, Indonesia is well positioned to influence regional and global initiatives.
Intro to Indonesia
Indonesia has three time zones:
• Western Indonesia (GMT +7) – Covers Sumatra, Java, Madura, West Kalimantan and Central Kalimantan;
• Central Indonesia (GMT +8) – Covers East and South Kalimantan, Sulawesi, Bali and Nusa Tenggara; and
• Eastern Indonesia (GMT +9) – Covers Maluku and Papua.
The capital city of Jakarta is GMT +7:
• 16 hours ahead of US Pacific Standard Time;
• 1 hour behind Singapore Time; and
• 2 hours behind Japan Time.
Suryacipta City of Industry is located in West Java province, very close to Jakarta, hence is under Western Indonesia time zone (GMT +7).
Office hours start from 8:00AM to 5:00PM including lunch break, commonly from midday to 1:00PM. Some offices adopt flexible working hours with 9 total working hours, e.g. 8:30AM to 5:30PM or 9AM to 6PM.
Most businesses are closed on Saturdays and Sundays, including government offices.
The office of Suryacipta City of Industry is open 8:00AM-5:00PM, Monday to Friday. Upon appointments, meetings and site visit may be arranged beyond those hours.
Government office hours start at 8:00AM to 4:00PM.
To alleviate traffic condition in major cities, some government offices recently modified their working hours from 7:00AM to 3:00PM.
Standard banking hours are from 8:00AM to 3:00PM, Monday to Friday.
However some banks operate their branches in hotels and shopping malls with afterhours and weekend banking services.
The Indonesian Rupiah (Rp) is financially referred to “IDR”.
Information on daily exchange rate can be found in newspapers or from the net. Some Indonesian banks provide this on their websites. IDR (Rp) and USD (US$) are the most acceptable currencies. However, the Bank of Indonesia (BI) recently issued a new regulation where IDR should be used at all times for any transactions as of 1st July 2015. Hereby, quotations are made in IDR.
Credit cards are widely accepted.
Electric power supply is 220volts in Indonesia.
Cautious actions should be taken with 110-volt electronic equipment by the use of converters.
The sockets will only fit with two pins round-tip plugs (technically known as Type C, E, and F). Use of adaptors is highly recommended.
Internet connection is widely available in Indonesia especially in major cities like Jakarta.
Most hotels and many restaurants and cafes provide internet connections or free Wi-Fi.
To accommodate electricity requirements by investors/manufactures/tenants in Suryacipta City of Industry, Suryacipta liaises with the state owned electricity company (PLN) to provide premium service, ensuring stable supply of electricity. Investors/manufacturers/tenants in Suryacipta City of Industry is well covered by internet/communication providers, ensuring stable and reliable data and communication connectivity.
Setting Up Your Company
Alleviating the paradigm of complexities in establishing company in Indonesia, the Indonesian government launches several economic stimulus since 2015.
The stimulus is intended to encourage investments into Indonesia, one of the solutions is to ease company establishment by cutting bureaucracy. Now, investors need only 3 hours to obtain the principle permit (more information).
Suryacipta has launched “Suryacipta Centre of Information” in December 2016. This service shall add value by providing assistance and guidance to potential and existing tenants of Suryacipta City of Industry to plan their investment operations, manage their construction, running their operation up to divestment.
For more information, you may Contact Us.