The majority of the members of the Board of Directors of venture capital and other finance companies must be Indonesian citizens.
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 49 OF 2021 CONCERNING AMENDMENT TO PRESIDENTIAL REGULATION NUMBER 10 OF 2021 CONCERNING THE INVESTMENT BUSINESS SECTOR
LIST OF BUSINESS FIELDS WITH CERTAIN REQUIREMENTS
-  Investment finance company, Working capital finance company, Multi-purpose finance company, Venture capital [see 2019 restrictions below]: Open (without condition)[no longer listed]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
-----------------------------------
"Article 1
In this Presidential Regulation what is meant by:
1. Financing Institution is a business entity that carries out financing activities in the form of provision of funds or capital goods.
2. Financing Company is a business entity specially established to carry out Leasing, Factoring, Consumer Financing, and/or Credit Card business.
[...]
Section 2
Financing Institutions include:
a. Financing Company;
b. Venture Capital Companies; And
c. Infrastructure Financing Company.
[...]
Article 6
Financing Companies, Venture Capital Companies, and Infrastructure Financing Companies in the form of Limited Liability Companies or Cooperatives.
Article 7
(1) Shares of Financing Companies, Venture Capital Companies, and Infrastructure Financing Companies in the form of Limited Liability Companies can be owned by:
a. Indonesian Citizen and/or Indonesian Legal Entity;
b. Foreign Business Entities and Indonesian Citizens or Indonesian Legal Entities (joint venture).
(2) Share ownership by a Foreign Business Entity as referred to in paragraph (1) letter b is determined to be at most 85% (eighty five percent) of Paid-up Capital. [...]" (REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 9 OF 2009 CONCERNING FINANCING INSTITUTIONS [google translation])
---------------------------------------
"CHAPTER V - DIRECTORS
Article 8
(1) Companies that have assets of more than IDR 200,000,000,000.00 (two hundred billion rupiah) must have at least 3 (three) members of the Board of Directors.
(2) Companies with assets of up to Rp. 200,000,000,000.00 (two hundred billion rupiah) must have at least 2 (two) members of the Board of Directors.
(3) All members of the Board of Directors of the Company whose shareholders are:
a. Indonesian citizens; and/or
b. Indonesian legal entities, owned directly or indirectly by Indonesian citizens,
Indonesian citizenship is mandatory.
(4) A company in which there is direct or indirect foreign ownership must have at least 50% (fifty percent) of the members of the Board of Directors who are Indonesian citizens.
(5) Members of the Company's Board of Directors as referred to in paragraph (1) and paragraph (2) must be domiciled in the territory of the Republic of Indonesia.[...]" (REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 30/POJK.05/2014 CONCERNING GOOD CORPORATE GOVERNANCE FOR FINANCING COMPANIES [google translation])
---------------------------------------
"Section 2
(1) PMV and PMVS must be established in the form of a business entity:
a. limited liability company;
b. cooperative; or
c. limited partnership.
(2) PMV and PMVS which are in the form of limited liability company legal entities as referred to in paragraph (1) letter a, their shares are owned by:
a. Indonesian citizens;
b. Indonesian legal entity;
c. foreign business entity or foreign institution;
d. Republic of Indonesia; and/or
e. local government.
(3) The provisions on share ownership as referred to in paragraph (2) for PMV and PMVS listed on the stock exchange follow the provisions of laws and regulations in the capital market sector.
(4) The ownership provisions as referred to in paragraph (1) letter b for PMV and PMVS in the form of cooperative legal entities follow the provisions of the laws and regulations in the field of cooperatives.
(5) PMV and PMVS in the form of limited partnership business entities are at most established by 25 (twenty five) partners.
[...]
Article 10
Total foreign ownership in PMV or PMVS in the form of a limited liability company legal entity, either directly or indirectly, is at most 85% (eighty five percent) of Paid-up Capital.[...]" (REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 34/POJK.05/2015 CONCERNING BUSINESS LICENSING AND INSTITUTIONAL COMPANIES FOR VENTURE CAPITAL COMPANIES [google translation])
---------------------------------------
"Article 1
In this Financial Services Authority Regulation what is meant by: [...]
2. Venture Capital Company, hereinafter abbreviated as PMV, is a business entity that carries out Venture Capital Business activities, venture fund management, fee-based service activities, and other business activities with the approval of the Financial Services Authority. [...]
4. Sharia Venture Capital Company, hereinafter abbreviated as PMVS, is a business entity that carries out Sharia Venture Capital Business activities, venture fund management, and other business activities with the approval of the Financial Services Authority, all of which are carried out based on sharia principles.
[...]
CHAPTER V - DIRECTORS
Article 8
(1) PMV or PMVS must have at least 2 (two) members of the Board of Directors.
(2) All members of the Board of Directors from PMV or PMVS whose shareholders are:
a. Indonesian citizens; and/or
b. Indonesian legal entity,
Indonesian citizenship is mandatory.
(3) PMV or PMVS in which there is direct or indirect foreign ownership must have at least 1 (one) member of the Board of Directors who is an Indonesian citizen.
(4) Members of the PMV or PMVS Board of Directors as referred to in paragraph (1) must be domiciled in the territory of the Republic of Indonesia.
(5) Members of the Board of Directors of PMV or PMVS who are foreign nationals must comply with the provisions of laws and regulations in the field of manpower. [...]" (REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 36/POJK.05/2015 CONCERNING GOOD CORPORATE GOVERNANCE FOR VENTURE CAPITAL COMPANIES [google translation])
-----------------------------------
Previously
-----------------------------------
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITION TO INVESTMENT - 
LIST OF BUSINESS FIELDS THAT ARE OPEN UNDER SPECIFIC CONDITIONS [...]
L. Financial Sector 
-  Investment finance company, Working capital finance company, Multi-purpose finance company, Venture capital: Foreign capital ownership: Max.85% [...]" (PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT) 
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 9 OF 2009 CONCERNING FINANCING INSTITUTIONS [google translation]
REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 30/POJK.05/2014 CONCERNING GOOD CORPORATE GOVERNANCE FOR FINANCING COMPANIES [google translation]
REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 34/POJK.05/2015 CONCERNING BUSINESS LICENSING AND INSTITUTIONAL COMPANIES FOR VENTURE CAPITAL COMPANIES [google translation]
REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 36/POJK.05/2015 CONCERNING GOOD CORPORATE GOVERNANCE FOR VENTURE CAPITAL COMPANIES [google translation]
PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT
[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161806/perpres-no-10-tahun-2021">PR10</a>],[<a href="https://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-pembiayaan/peraturan-pemerintah/Pages/Peraturan-Presiden-Nomor-9-Tahun-2009.aspx">Reg</a>],[<a href="https://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-pembiayaan/peraturan-ojk/Pages/peraturan-ojk-tentang-tata-kelola-perusahaan-yang-baik-bagi-perusahaan-pembiayaan.aspx">Reg</a>],[<a href="https://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-pembiayaan/peraturan-ojk/Pages/pojk-34-perizinan-usaha-dan-kelembagaan-perusahaan-modal-ventura-.aspx">Reg</a>],[<a href="https://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-pembiayaan/peraturan-ojk/Pages/pojk-36-tata-kelola-perusahaan-yang-baik-pmv-.aspx">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>]