Indonesia Positive Investment List for PT PMA 2026

If you’re a foreign investor trying to figure out whether you can legally do business in Indonesia, you’ve probably heard the words “Positive Investment List” thrown around, and then spent the next hour going in circles trying to understand what it actually means for your situation.

So let’s cut to it. The Positive Investment List, known in Indonesian as the Daftar Positif Investasi, is still the main framework you check when asking, “Can a foreigner own this type of business in Indonesia?” In 2026, the short answer is: most sectors are open. But “open” doesn’t mean you just show up and start operating. There are KBLI codes to check, ownership limits to confirm, licenses to get, and capital rules to meet. This guide walks you through all of it, in plain English.

And Indonesia is worth the effort. In 2024, Indonesia’s total direct investment reached IDR 1,714.2 trillion, with foreign direct investment (FDI) alone hitting IDR 900.2 trillion. Singapore, China, and Hong Kong were among the top FDI sources in Q4 2024, proof that major capital is already flowing in. The question isn’t whether Indonesia is open for business. The question is whether you’re set up correctly to be part of it.

Quick Answer: Is There a New Positive Investment List in 2026?

No, there is no brand-new regulation replacing the current framework. The main rules are still Presidential Regulation No. 10 of 2021 (PR 10/2021), as amended by Presidential Regulation No. 49 of 2021 (PR 49/2021). These remain in force as of 2026.

Hvad? has changed is how the rules are applied day-to-day. In October 2025, the Ministry of Investment issued BKPM Regulation No. 5 of 2025, which slashed the minimum paid-up capital for a PT PMA from IDR 10 billion down to 2,5 milliarder IDR, a 75% reduction. That’s a huge shift, and a lot of investors planning their setup still haven’t updated their assumptions.

Beyond that, you also need to check:

• OSS risk-based licensing rules
• Sector-specific ministry regulations
• Your actual KBLI code (more on this below)

What Is the Indonesia Positive Investment List?

Think of it as Indonesia’s master rulebook for foreign investors. It tells you which business sectors you can enter, how much of the company you’re allowed to own, and whether you need a local partner. If you’re planning to set up a PT PMA, this is the first document you check, before anything else.

Before 2021, Indonesia used what was called a Negative Investment List, a document that told investors which sectors were off-limits or restricted. The assumption was: everything not on the list is fine. But in practice, the list was long, confusing, and discouraging. It made Indonesia look closed even when it wasn’t.

And, the Positive Investment List flipped that logic. Under PR 10/2021, issued by the Ministry of Investment and Downstreaming (BKPM) and rooted in the Omnibus Law, Law No. 11 of 2020, the new default rule became: all commercial business fields are open to foreign investment, unless the regulation specifically says otherwise. In Indonesian, the regulation is formally called the Daftar Positif Investasi.

That shift sounds subtle, but it’s significant. It meant Indonesia was signaling to the world that it wanted foreign capital. It also meant the burden was no longer on investors to prove they’re allowed in; the regulation now has to prove why they can’t be.

For foreign investors setting up a PT PMA (Perseroan Terbatas Penanaman Modal Asing, Indonesia’s legal structure for foreign-owned companies), the Positive Investment List is the first document you check to understand your ownership options.

But here’s the thing people miss: “open” doesn’t mean “simple.” Even in fully open sectors, you still need the right KBLI code, the right license from the OSS system, and the right capital in the bank.

The Legal Backbone: PR 10/2021 and PR 49/2021

Two presidential regulations underpin everything. If someone cites a different rule as the main framework, check the date; they may be working from old information. Both regulations are publicly available through the BPK JDIH (the State Audit Board’s official legal documentation portal), which is the authoritative source for verified Indonesian legislation. Here’s what each one does and why both still matter in 2026.

Presidential Regulation No. 10 of 2021

PR 10/2021 is the regulation that formally replaced the old Negative Investment List framework, specifically the older PR 44/2016 and PR 76/2007. It took effect in March 2021 and organized all investment business fields into four categories (covered below).

It also introduced the concept of priority sectors, clarified which fields need cooperation with local cooperatives and MSMEs (UMKM), and listed the fields that stay closed entirely. The broader legal authority behind this regulation traces back to Law No. 25 of 2007 on Investment, which set the foundational rules for foreign and domestic capital in Indonesia, and Law No. 11 of 2020 (the Omnibus Law / Job Creation Law), which modernized that framework. Law No. 25 of 2007 has since been partially amended by Law No. 6 of 2023, the law that formally ratified the Omnibus Law as a Government Regulation in Lieu of Law.

Presidential Regulation No. 49 of 2021

PR 49/2021 amended PR 10/2021 just a few months later. Its main job was to clarify the rule: commercial business fields are open unless they’re explicitly closed or reserved for the central government. It also made specific changes to the alcoholic beverage industries under KBLI 11010, 11020, and 11031.

Other Rules to Check in 2026

The PR 10/2021 and PR 49/2021 framework sets the ownership rules. But you also need to check:

• BKPM Regulation No. 5 of 2025, issued by the Ministry of Investment and Downstreaming (BKPM), sets the new IDR 2.5 billion paid-up capital requirement
• OSS-RBA (Online Single Submission, Risk-Based Approach), determines your license risk level and what permits you need to operate
• Sector-specific rules from the relevant ministry (energy, health, telecom, etc.)
• Immigration rules for an Investor KITAS to live and work in Indonesia

How the Positive Investment List Actually Works

The rules are simpler than most guides make them sound. There’s a default position, and then there are exceptions to that default. Once you understand that structure, the whole framework clicks into place.

The Default Rule: Open Unless Restricted

Start from this principle: if your sector isn’t listed as closed, reserved for government, or restricted in some way, it’s open to foreign capital ownership, including 100%.

PR 49/2021 makes this explicit. Commercial business fields are open for investment except those declared closed or reserved for central government activities. That’s a much friendlier starting point than the old framework.

Why 100% Foreign Ownership Isn’t Automatic

Here’s where a lot of people get tripped up. “Open sector” doesn’t automatically mean “100% foreign ownership.” The Positive Investment List has nuance:

• Some sectors are fully open, 100% foreign ownership is fine
• Some have ownership caps (for example, private broadcasting is capped at 20%, and some wholesale trade in alcoholic beverages sits at 49%)
• Some require a local partner eller en domestic investor, often through MSME or cooperative partnerships
• Some need special licenses or approvals before a foreigner can enter
• A small number are closed business fields entirely

The ownership percentage you’re allowed depends on the specific KBLI code tied to your business activity, not just the broad sector name.

The Four Business Field Categories

PR 10/2021 groups all investment business fields into four categories. Knowing which one your business falls into tells you a lot about what to expect.

Which Sectors Are Completely Closed?

A small but firm list of closed business fields exists. These fields are closed to private investment, not only foreign investment, unless a specific law provides a special exception:

Closed Sector	Why It’s Closed
Class I narcotics (cultivation, trade)	Prohibited substances
Gambling and casinos	Social and legal prohibition
Protected species fishing (CITES Appendix I)	Environmental protection
Coral extraction for commercial use	Environmental protection
Chemical weapons industry	Security concern
Ozone-depleting substances	Environmental treaty compliance
Certain alcoholic beverage industries (KBLI 11010, 11020, 11031)	Updated by PR 49/2021

Business Sectors Open to Foreign Investors: Practical Examples

Rules are easier to understand through real business types. Below are the sectors where foreign investors are most active, along with what to watch out for in each one.

Digital Economy and Technology

Many technology and digital business activities are open to foreign investors, but the final ownership and licensing answer depends on the exact KBLI code and OSS risk level. Software publishing, e-commerce, web portals, data processing, cloud servicesog digital platforms are among the areas where foreign investors commonly enter, but confirm your specific code before assuming 100% ownership applies to your situation.

Manufacturing and Industrial Business

Many of these sit in the priority business fields category, which means there may be incentives attached, not just permission to enter.

Tourism, Hotels, and Hospitality

Hotel businesses, tourism area development, and travel-related services are largely open. However, if you’re planning to do villa management or anything touching property, you need to check the specific KBLI carefully. Land ownership rules interact with investment rules here in ways that catch a lot of people off guard.

Trading, Distribution, and Logistics

Logistics in particular is a growing area, and Indonesia’s geography makes it a natural investment opportunity. Just remember that some distribution sectors require MSME partnerships.

Energy and Infrastructure

Many of these are priority sectors. Businesses operating inside a Special Economic Zone (KEK — Kawasan Ekonomi Khusus) may also benefit from additional fiscal incentives and special investment calculation rules that differ from standard PT PMA requirements.

How to Check If Your Business Can Be Foreign-Owned: A Simple 5-Step Path

This is the part most guides skip. Knowing the rules is one thing; knowing how to apply them to your specific business is another. Follow these five steps in order, and you’ll have a clear answer before you spend a single dollar on incorporation.

PT PMA: What You Need to Know in 2026

For most foreign investors who want to run a commercial business in Indonesia through a local company, the standard legal structure is a PT PMA (Perseroan Terbatas Penanaman Modal Asing). 

Some special structures, such as Repræsentationskontorer or foreign business entities operating in regulated sectors, follow separate rules and cannot be treated the same as a normal operating PT PMA. If you are planning to actively operate, earn revenue, and hire staff in Indonesia, a PT PMA is almost certainly the right starting point.

Here’s what you need to set one up:

• At least two shareholders (individual or corporate)
• Minimum paid-up capital of 2,5 milliarder IDR (~USD 150,000)
• At least one director and one commissioner
• A registered business address in Indonesia
• A notarized Deed of Establishment
• OSS-RBA registration

The process typically takes 4–6 weeks through the OSS platform.

One thing to be clear about: the Positive Investment List governs sector access and ownership percentages. The PT PMA capital rules govern how much money you put in when you incorporate. They’re separate questions. Knowing your sector is open doesn’t mean you’re automatically ready to register; you still need to meet the capital threshold and plan your investment correctly.

Common Mistakes Foreign Investors Make

Most PT PMA problems don’t come from bad intentions; they come from moving too fast and skipping steps that seem minor but aren’t. These are the five errors that show up again and again, and each one is entirely avoidable.

Choosing the Wrong KBLI Code

This is the single most expensive mistake in the setup process. The wrong KBLI can mean a lower or higher ownership limit than you expected, a different license type, a different risk level, and a compliance structure that doesn’t fit your actual business. Many investors just pick a code that sounds close and move on, and then find out months later that they need to restructure.

Thinking “Open” Means “No License Needed”

Open sectors still require OSS registration, KBLI confirmation, and in many cases, sector-specific licenses from ministries. The Positive Investment List gives you permission to enter; it doesn’t give you permission to operate.

Ignoring Local Partner Rules

Some sectors require partnerships with MSMEs or cooperatives. If you skip this step and set up without the right structure, you could be out of compliance from day one. Worse, some investors try to work around this with nominee shareholder arrangements. Indonesia doesn’t recognize trust law, and nominee structures carry real legal risk. If things go wrong, you have very little legal recourse.

Relying on Old “Negative Investment List” Articles

A surprising amount of content online still describes the old framework. If an article talks about the Negative Investment List as if it’s current, it’s not. The Positive Investment List replaced that framework in 2021. Rules, ownership limits, and open sectors have changed.

Not Checking Sector-Specific Regulations

The Positive Investment List gives you the ownership answer. But the relevant ministry often adds technical rules on top of that. Energy companies need approvals from the Ministry of Energy. Healthcare businesses need approvals from the Ministry of Health. Telecommunications has its own regulatory body. Always check both the investment list and the sector ministry.

Positive Investment List vs. Negative Investment List: The Key Differences

Topic	Negative Investment List	Positiv investeringsliste
Core logic	Lists restricted sectors	Opens sectors unless restricted
Default stance	More restrictive	More open
Foreign ownership	Many caps	More sectors open to 100%
Current relevance	Replaced	Current framework
Legal basis	Older PRs	PR 10/2021, PR 49/2021

When Do You Need a Local Partner?

You need a local partner, either a domestic investor or a cooperative/MSME partner, in these situations:

1. Your KBLI is in the category allocated to cooperatives and MSMEs
2. Your sector has a foreign ownership cap below 100%
3. Your sector explicitly requires a joint venture with a local party

If you’re not sure which applies to you, that’s exactly the kind of thing you verify before incorporation, not after. Restructuring a PT PMA after the fact is far more expensive and time-consuming than getting it right the first time.

Ofte stillede spørgsmål

What is the Indonesia Positive Investment List? It’s a regulatory framework under Presidential Regulation No. 10 of 2021 that lists the conditions under which business sectors are open to foreign investment. The default rule is that sectors are open unless specifically restricted or closed.

Is there a new Positive Investment List in 2026? No major new regulation replaced PR 10/2021 and PR 49/2021. The main update for 2026 is the new paid-up capital rule under BKPM Regulation No. 5 of 2025.

Can foreigners own 100% of a company in Indonesia? Yes, in sectors that are fully open under the Positive Investment List. Some sectors have ownership caps, and others require local partners. The answer depends on your specific KBLI code.

Which sectors are closed to foreign investment in Indonesia? Class I narcotics, gambling, protected species fishing, coral extraction for commercial use, chemical weapons, ozone-depleting substances, and certain alcoholic beverage industries under KBLI 11010, 11020, and 11031.

What is KBLI, and why does it matter? KBLI is Indonesia’s five-digit business classification code. It determines your ownership limits, license type, risk level, and compliance requirements. Choosing the wrong one is one of the most common and costly setup mistakes.

Do I need a local partner to open a PT PMA? Not always. Many sectors allow 100% foreign ownership. You need a local partner only if your specific KBLI code carries an ownership cap or requires MSME/cooperative partnership.

What is the minimum paid-up capital for PT PMA in 2026? IDR 2.5 billion (~USD 150,000), reduced from IDR 10 billion by BKPM Regulation No. 5 of 2025, effective October 2025. The total investment plan generally must exceed IDR 10 billion per KBLI code per location, but sectors including wholesale trade, food and beverage, construction, property, accommodation, agriculture, plantations, livestock, aquaculture, EV charging, and KEK-based activities use different calculation rules. Verify the figure that applies to your specific KBLI.

Is a business license still required if my sector is open? Yes. Being in an open sector means no special ownership barrier, but you still need to register through the OSS system, confirm your KBLI, and get whatever license your risk level requires.

Can I get an Investor KITAS after setting up a PT PMA? Generally yes, but check the current requirements separately. Immigration rules are managed independently from investment rules, and the conditions can change.

How can I check if my business is open to foreign investment? Follow the five steps in this guide: define your activity precisely, find your KBLI code, check it against the Positive Investment List, confirm your OSS risk level and license, and verify the capital rules that apply to your sector.

Before You Register: A Quick Checklist

Before you move forward with PT PMA setup, make sure you can answer all five of these:

1. KBLI confirmed: You have the correct five-digit code for your actual business activity
2. Ownership verified: You’ve checked your KBLI against the Positive Investment List and know your allowed ownership percentage
3. License path mapped: You know your OSS risk level and what permits you need to operate
4. Capital planned: You have IDR 2.5 billion for paid-up capital and a plan for the IDR 10 billion total investment commitment
5. Sector rules checked: You’ve reviewed any ministry-specific rules that apply to your field

Getting these five right before you start will save you significant time, money, and frustration