Foreign Investor FeasibilityKBLI 47920
§ 01
Foreign investment rules
Indonesia's BUPM (Investment Business Fields) regulation places this code into one of five tracks. The track determines whether a foreign investor (PMA) can operate in this activity at all, and under what conditions.
Status · open
Open under BUPM (subject to sector rules)
KBLI 47920 is not on Indonesia's closed, conditional, SME-reserved, or partnership-required schedules under BUPM (Pres. Reg. 10/2021). A foreign investor can incorporate a PT PMA under this code, but sector regulators (PSE/Kominfo, BPOM, OJK, Kemenkes, Permendag, ESDM) almost always add licensing and capital requirements on top — the practical answer depends on your specific business model.
This KBLI is open under BUPM (Pres. Reg. 10/2021) — it's not on any restricted, closed, SME-reserved, or partnership-required schedule. That's the BUPM verdict only, not a complete sector-readiness check: sector regulators almost always add requirements on top (PSE/Kominfo for digital platforms, BPOM for food and cosmetics, OJK for financial, Kemenkes for healthcare, Permendag for retail, ESDM for energy). BKPM's default capital floor is IDR 2.5 billion paid-up with IDR 10 billion+ total investment commitment per KBLI, but sector regulators frequently set higher minimums for specific activities. The practical answer depends on your business model — confirm with our team before committing capital.
Investment momentum
Retail trade sector — Q3 2025
BKPM-reported foreign investment context for the broader sector this KBLI sits in. Data is aggregated at the major-sector level — BKPM does not publish per-5-digit-KBLI breakdowns publicly.
PMA realized
IDR 8.7t≈ USD 0.54b
+11.5% YoY
Top investing countries
Singapore33%
Japan19%
South Korea13%
E-commerce (Tokopedia, Bukalapak, Shopee, Tiktok Shop) and modern-format retail (Ranch Market, Lotte Mart) drive most foreign-owned activity. Traditional and small-format retail remain reserved for Indonesian SMEs.
§ 02
How we handle your KBLI 47920 setup
Emerhub is a corporate-services provider in Indonesia. We do the legal and regulatory legwork for foreign investors so you can focus on the business itself. Here's what the engagement looks like.
- 1
Confirm the optimal structure for your business
2–3 business daysWe confirm KBLI 47920 is the right primary code for your business, advise on secondary codes you may also need, and finalize the holding structure with you before any filing.
What we need from you- Founders' passport copies and proof of residence
- Intended share split and board composition
- 2
Incorporate your PT PMA
7–10 business daysWe draft the Articles of Association before a notary, register the entity with the Ministry of Law & Human Rights (Kemenkumham), and obtain the company's tax ID (NPWP). Under BKPM Reg. 5/2025, paid-up capital is IDR 2.5 billion (~USD 160K) — the cash actually deposited at incorporation. The IDR 10 billion+ figure many sources still cite is the total investment commitment per KBLI, realised over time via your LKPM reports.
Get an exact quote and timeline for KBLI 47920, scoped to your specific business plan.
Request a quote§ 05
Licensing requirements in detail
Specific permits, application requirements and ongoing obligations vary by business scale and the sub-activity within this KBLI. We file these on your behalf — this section is for transparency on what we'll be handling. Switch between scales below; by default we show Large (the PMA scale).
What's required to operate
NIB
NIB is sufficient for both preparation and commercial operation. No additional licensing instrument is issued by OSS at this risk level.
Application requirements
0Documents and capabilities you must demonstrate at registration
No specific application requirements at this scale.
Ongoing obligations
1Compliance and reporting duties throughout operation
- 01Submit business activity reports to the Minister of Trade.
Issuing authority
The authority that issues the license depends on your situation.
| Authority | Applies when |
|---|---|
| Regent/Mayor | Regency/City |
| Minister/Head of Agency | All |
| Minister/Head of Agency | Foreign Investment |
| Governor | Special Capital Region of Jakarta Province |
Speak to Emerhub
Get your KBLI 47920 setup handled end-to-end.
Emerhub is a corporate-services provider in Indonesia. We handle PT PMA incorporation, licensing, tax registration and monthly compliance — so you focus on operating the business.