Doing Business in Indonesia | Starting a Business in Indonesia
/Why Indonesia?
Indonesia have always been an attractive market to foreign investors due to its large population and domestic market, relatively lower wages compared to neighboring countries, and its strategic location in the region. In a bid to “Make Indonesia 4.0”, the government is also working on improving the investment climate and implementing more businesses friendly policies to attract foreign investors. In recent years, we have seen a rapid increase in smartphone ownership among Indonesians and an increasing number of digitally-savvy productive age workers.
Indonesia is the world’s largest archipelago with approximately 17,500 islands (Source: ArchDaily)
How to Tap Into Indonesian Market?
1. Get a Market Entry Consultant / Notary You Can Trust
Indonesia is notorious for having a complicated and bureaucratic regulations for foreign businesses. However, do keep your eyes on the prize and not let this obstacle hinder your expansion into Indonesia. Be sure to engage a trusted market entry consultant or notary service that is experienced in helping a company like yours establish your legal entity in Indonesia.
2. Set Up Your Basecamp
Be sure to get an office space in Central Jakarta (Jakarta Pusat) to be close to the action! Having a business address located in a prestigious office building in the central business district will also boost your company image and increase your company’s credibility in the eyes of customers, suppliers, and potential investors, and potential employees. With the rapid growth of coworking spaces in Jakarta, leasing an office space in the Jakarta CBD area is getting increasingly more affordable. Still prefer to home office? Get a virtual office! With virtual offices, you will still get the perks of a prestigious business but will now have the flexibility to work anywhere. When you are part of a serviced office, coworking space or virtual office, you will be able to take advantage of their knowledge of the local business scene as well!
3. Attend Startup Community Events
Find the time to attend startup community events, seminars, meetups and talks to gain a deeper insight to the local entrepreneurship / startup scene. Take this opportunity to network with other business owners and potential investors too! Many coworking spaces in Jakarta often host these types of events.
4. Talk to Venture Capital Firms
If you already have a working business idea or prototype, find an opportunity to talk to VCs and investors that are already active in the Indonesian business scene and get their take on your ideas. Even if you are not interested in getting venture capital funding, every market has its own idiosyncrasies and quirks so it is definitely worth it to share your ideas with people who are already seasoned in the market. Many of the venture capital firms regularly host meetups and events (in person / online) and make an effort to be easily accessible to entrepreneurs.
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As featured on: The Jakarta Post, Daily Social, Detik, Tech in Asia, and more.