The previous restriction concerning foreign investment in rural banks is no longer listed in the investment negative list (PR 49/2021). However, foreign investment in a few 'other financial services', such as venture capital and other finance companies, remains limited to 85% of equity interest pursuant to the sector-specific legislation.
"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 Financial Services Authority Regulation what is meant by: [...]
2. A financing company is a business entity that carries out financing activities for goods and/or services..
[...]
CHAPTER II - FORM OF LEGAL ENTITY, OWNERSHIP, NAME OF THE COMPANY, PAID UP CAPITAL AT THE TIME OF ESTABLISHMENT, AND FOREIGN OWNERSHIP
Part One - Form of Legal Entity
Article 2. The company must be established in the form of a limited liability company legal entity.
Part Two - Ownership
Article 3. (1) Company shares are prohibited from being owned by parties other than: a. Indonesian citizens; b. foreign nationals; c. Indonesian legal entity; d. foreign legal entity; e. Central government; and/or f. local government.
(2) Foreign nationals as referred to in paragraph (1) letter b can become Company owners only through transactions on the stock exchange.
(3) The provisions for share ownership as intended in paragraph (1) for companies listed on the stock exchange follow the provisions of laws and regulations in the capital market sector.
[...]
(1) Foreign ownership in the Company, either directly or indirectly, is prohibited from exceeding 85% (eighty five percent) of the Company's paid-up capital.
(2) The foreign ownership restrictions on companies as intended in paragraph (1) do not apply to companies that are public companies and trade their shares on the stock exchange.
(3) In the event that the Company requires additional capital from foreign shareholders because: a. does not meet the minimum capital and equity ratio requirements; and/or b. there are liquidity problems, which could disrupt the continuity of the Company's business, the foreign ownership limit in the Company as intended in paragraph (1) may be exceeded.
(4) In the event that there is an excess of the foreign ownership limit as referred to in paragraph (3), the Company is obliged to adjust the foreign ownership limit within a period of time in accordance with the foreign ownership limit adjustment plan approved by the Financial Services Authority with a maximum of 3 (three) years starting from date of reporting the implementation of changes in ownership to the Financial Services Authority.
(5) Provisions regarding limits on foreign ownership as intended in paragraph (1) to paragraph (4) are excluded for companies established specifically to carry out activities in the electricity and/or shipping sector.
[...]
Part Two Usage - Foreign Workers [...]
Article 23
(1) Foreign workers employed as Directors and/or Board of Commissioners must meet the following requirements: a. have knowledge about Indonesia, especially regarding the economy, culture and Indonesian language; and b. fulfill the provisions of laws and regulations in the field of employment, including immigration.
(2) Companies that use foreign workers as Directors are required to have at least 50% (fifty percent) of the members of the Board of Directors who are Indonesian citizens.
(3) Companies that employ foreign workers as members of the Board of Commissioners are required to have at least 50% (fifty percent) of the members of the Board of Commissioners who are Indonesian citizens. [...]" (REGULATION OF THE FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 47 /POJK.05/2020 CONCERNING BUSINESS LICENSING AND INSTITUTIONS OF FINANCING COMPANIES AND SHARIA FINANCE COMPANIES [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 FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA NUMBER 47 /POJK.05/2020 CONCERNING BUSINESS LICENSING AND INSTITUTIONS OF FINANCING COMPANIES AND SHARIA FINANCE COMPANIES [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/regulasi/Documents/Pages/Perizinan-Usaha-dan-Kelembagaan-Perusahaan-Pembiayaan-dan-Perusahaan-Pembiayaan-Syariah/pojk%2047-2020.pdf">Reg</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>]