In late October 2023, Bali announced new regulations targeting foreigners conducting business and investor residency permits on the island. These regulations bring significant changes, particularly important for foreigners planning to invest, do business, or reside on this beautiful island.
The good news is that for foreigners intending to invest in Bali through PT PMA (Foreign Investment Limited Liability Company), the regulations haven’t changed substantially. PT PMA still requires at least two shareholders, who can be entirely foreign or mixed with locals, and can only operate medium and large-scale businesses, such as restaurants with more than 50 seats or resorts spanning over 4,000 square meters. Additionally, the minimum investment requirement is USD$700,000, which must be fully deposited within one year.
However, the bad news is that for foreigners seeking an Investor Kitas (Investor Residency Permit) to reside in Bali (initially valid for two years and extendable), the regulations introduce some restrictions. These foreigners must own company shares worth IDR 1 billion (approximately USD$700,000) and provide proof that the funds have been transferred into the company account to reach this amount. Otherwise, their Kitas will be revoked.
These new regulations are expected to take effect from December 31, 2023. Therefore, if you plan to start a business or reside in Bali, it’s essential to understand the details of these regulations and comply with the relevant requirements.
Bali has always attracted people worldwide with its stunning landscapes and unique culture. The implementation of these regulations will impact investors staying on this enchanting island, so ensuring compliance with the relevant rules is crucial for a worry-free and enjoyable Bali investment experience.
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