KBLI 65123 (Unit Syariah Asuransi Umum) is the 5-digit Indonesian Standard Industrial Classification code for sharia general insurance unit. It sits within the Financial and Insurance Activities category in the official KBLI 2020 taxonomy maintained by Badan Pusat Statistik (BPS).

Can foreign investors operate under KBLI 65123?

Yes — KBLI 65123 is open to foreign investment, but the licensing path runs entirely through OJK under POJK 23/2023, not OSS RBA. BKPM Reg. 5/2025's IDR 2.5 billion default does NOT apply to this code; the binding capital floor is set by OJK and is materially higher (see the capital question below).

What is the risk level of KBLI 65123?

KBLI 65123 is licensed directly by OJK under POJK 23/2023, not through the OSS RBA scale-risk matrix. The OSS-side risk level shows as 'none' because licensing happens on the OJK track instead — PT PMA registration is fully open, subject to the sector regulator's capital and licensing requirements.

What licenses does KBLI 65123 require?

OSS hasn't published the regulatory profile for KBLI 65123 yet. The standard NIB applies, plus sector-specific licenses based on the activity. Confirm with the relevant ministry before incorporating.

What is the minimum capital for a PT PMA under KBLI 65123?

Sector regulator override: IDR 150 billion (general); IDR 250 billion (sharia) required by OJK under POJK 23/2023 (Perusahaan Asuransi). This is higher than BKPM Reg. 5/2025's default IDR 2.5 billion paid-up; the higher number wins.

How long does it take to register a business under KBLI 65123?

PT PMA setup typically takes 4-8 weeks end-to-end: AHU registration, NIB via OSS, bank account opening. KBLI-specific licensing depends on the permit instrument required.

Is KBLI 65123 eligible for Indonesian tax incentives?

Not on the Tax Holiday or Tax Allowance priority lists. KBLI 65123 businesses pay the standard 22% PPh Badan; Super Tax Deduction (300% R&D / 200% vocational training) may still apply for qualifying expenses.

Which authority issues the KBLI 65123 license?

Authority depends on the investor profile. For PMA: Minister/Head of Agency (BKPM/OSS). For domestic SME scale: typically Governor (for Provincial scope) or Regent/Mayor (Regency/City scope). Specific mapping is in §1 of this page.

What other permits beyond the NIB does KBLI 65123 need?

Beyond the NIB, no specific auxiliary permits (PB UMKU) are recorded for KBLI 65123. Sector-specific obligations may still apply — verify with the relevant ministry.

What KBLI codes are similar to 65123?

KBLIs in the same subgroup 6512: 65121 (Conventional General Insurance); 65122 (Sharia-Compliant General Insurance). These are closely related activities — see the related-codes section below for full list.

KBLI 65123: Sharia General Insurance Unit

At a glance

2 requirements · click to jump

What you’ll need to operate under KBLI 65123

Set up the PT PMA
IDR 150 billion (general); IDR 250 billion (sharia) paid-up (POJK 23/2023)
Details
Sector regulator approval
Licensing runs through OJK, not OSS. Plan separate review timelines.
Details

§ 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

Fully open to foreign investment

KBLI 65123 is not on Indonesia's closed, conditional, SME-reserved or partnership-required schedules. A foreign investor may incorporate a PT PMA with up to 100% foreign ownership and operate in this activity directly.

This KBLI is not listed in any restricted, closed, SME-reserved or partnership-required schedule under Pres. Reg. 10/2021 (as amended). A 100% foreign-owned PT PMA may operate in this activity, subject to the licensing requirements shown below. BKPM's default minimum capital is IDR 2.5 billion paid-up with IDR 10 billion+ total investment commitment per KBLI realised over time, but sector regulators (OJK, ESDM, BPOM, Kominfo, etc.) can set higher minimums for specific activities — we confirm the actual figure before incorporation.

Sector capital requirement

Higher minimum capital required by OJK

General insurance (non-life)

Required paid-up

IDR 150 billion (general); IDR 250 billion (sharia)

Regulation

POJK 23/2023 (Perusahaan Asuransi)

BKPM Reg. 5/2025's default is IDR 2.5 billion paid-up + IDR 10 billion commitment per KBLI. The figure above is the binding override for this activity — the higher number wins.

§ 02

How we handle your KBLI 65123 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 days
We confirm KBLI 65123 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 days
We 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 65123, scoped to your specific business plan.

Request a quote

Speak to Emerhub

Get your KBLI 65123 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.

Get a quote for KBLI 65123

Risk level by business scale

Indonesia's OSS Risk-Based Approach assigns a separate risk level for each of the four business scales. The licensing instruments required (NIB, Standard Certificate, Operating License) are determined by the risk level. Foreign-owned entities (PT PMA) must register at the Large scale, so the rightmost column applies to most foreign investors.

What you’ll need to operate under KBLI 65123

Foreign investment rules

Fully open to foreign investment

Higher minimum capital required by OJK

How we handle your KBLI 65123 setup

Confirm the optimal structure for your business

Incorporate your PT PMA

Related codes in General Insurance

Get your KBLI 65123 setup handled end-to-end.

Quick Links

Resources

Yes — open to PMA up to 100%.

What's specific to this sector

KBLI 65123 at a glance

What you’ll need to operate under KBLI 65123

Foreign investment rules

Fully open to foreign investment

Higher minimum capital required by OJK

How we handle your KBLI 65123 setup

Confirm the optimal structure for your business

Incorporate your PT PMA

Related codes in General Insurance

Get your KBLI 65123 setup handled end-to-end.

We obtain your NIB

Secure your commercial-operation license

Hand-off to ongoing compliance

What is KBLI 65123?

Who needs KBLI 65123?

Why does the code matter?

Under the upcoming KBLI 2025

Carried forward into KBLI 2025

Risk level by business scale

Micro

Small

Medium

Large

Common questions about KBLI 65123

What is KBLI 65123?

Can foreign investors operate under KBLI 65123?

What is the risk level of KBLI 65123?

What licenses does KBLI 65123 require?

What is the minimum capital for a PT PMA under KBLI 65123?

How long does it take to register a business under KBLI 65123?

Is KBLI 65123 eligible for Indonesian tax incentives?

Which authority issues the KBLI 65123 license?

What other permits beyond the NIB does KBLI 65123 need?

What KBLI codes are similar to 65123?