As of March 2021, foreign investment in e-commerce and specialised retail stores is no longer restricted, except for food and beverage and footwear retail activities. Previously, foreign investment in various specialised retail stores was prohibited; and investment in internet retail and in the maintance and repair of motorcycles oher than those integrated to motorcycle concessionaries was reserved for indonesian-owned SMEs [foreign-invested companies do not qualify as SMEs because of minimum capital requirements]. 
"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
- Maintenance and repair of motorcycles other than those integrating with sale of motorcycle (agents/distributors) industry), Repair of personal and household necessities industry [see 2019 restrictions below]: reserved for SMEs [no change]
- Retail sale through mail order and internet [see 2019 restrictions below]: Open (without condition)[no longer listed]
- Retail trading activites not at a convenience store or department store: Footwear retail business; Food and beverage retail business (non-alcoholic drinks, rice, bread, pastries, wet cakes and the like; coffee, sugar and brown Sugar; tofu, tempe, tauco and oncom; processed meat and fish; other food) [see 2019 restrictions below]: reserved for SMEs [non-food and beverage retail activities liberalised, except footwear]
- Pharmaceutical Goods and Drugs for Humans in Pharmacies; Pharmaceutical goods and drugs for humans not in pharmacies [see 2019 restrictions below]: reserved for SMEs [no change] 
- Liquor retail business, Sidewalk vendor liquor business [see 2019 restrictions below]: Distribution network and specific place required [no longer requires a Business License Certificate of Liquor (SIUP-MB)].[...]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
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"CHAPTER I - GENERAL PROVISIONS
Article 1
In this Agency Regulation what is meant by: [...]
12. Domestic Investment, hereinafter abbreviated as PMDN, is an investment activity to conduct business in the territory of the Republic of Indonesia carried out by Domestic Investors using domestic capital.
13. Foreign Investment, hereinafter abbreviated as PMA, is an investment activity to carry out business in the territory of the Republic of Indonesia carried out by Foreign Investors, both those who use foreign capital completely and those who jointly with Domestic Investors. [...]
41. Micro and Small Enterprises, hereinafter referred to as UMK, are micro and small enterprises as referred to in the Law on Micro, Small and Medium Enterprises.
[...]
Part Two - Business Licensing Applicant
Article 9
(1) Business Actors who can apply for a Business Permit consist of: a. natural person; b. business entity; c. representative office; and D. foreign business entity. [...]
(8) Investments made by business entities as referred to in paragraph (1) letter b are categorized into PMDN and PMA.
(9) The PMA as referred to in paragraph (8) must be in the form of a limited liability company under Indonesian law and domiciled in the territory of the Unitary State of the Republic of Indonesia, unless otherwise stipulated by law.
[...]
Part Four Provisions on Investment Value and Capital
Part 1 - UMK-M [SME]
Article 11
(1) Provisions on the value of investment and capital for complying with the criteria for business capital as stipulated in the government regulation concerning facilitation, protection and empowerment of cooperatives and micro, small and medium enterprises.
(2) The criteria for business capital as referred to in paragraph (1) are regulated as follows:
a. micro businesses have business capital up to a maximum of IDR 1,000,000,000.00 (one billion rupiah) excluding land and buildings for business premises;
b. small business has business capital of more than IDR 1,000,000,000.00 (one billion rupiah) up to a maximum of IDR 5,000,000,000.00 (five billion rupiah) excluding land and buildings for business premises; And
c. medium enterprises having business capital of more than IDR 5,000,000,000.00 (five billion rupiahs) up to a maximum of IDR 10,000,000,000.00 (ten billion rupiahs) excluding land and buildings for business premises.
Part 2 - Big Business
Article 12
(1) Business entities as referred to in Article 9 paragraph (1) letter b classified as PMA [foreign-invested companies] are categorized as large businesses and are required to comply with minimum investment value provisions, unless otherwise stipulated by laws and regulations.
(2) Provisions for the minimum investment value for PMA as referred to in paragraph (1), namely the total investment is greater than IDR 10,000,000,000.00 (ten billion rupiah), excluding land and buildings per business sector KBLI 5 (five) digits per project location. [...]
(6) In addition to the provisions on the minimum investment value as referred to in paragraph (2), for PMA, minimum capital requirements are regulated.
(7) The minimum capital requirements for PMA as referred to in paragraph (6) are issued/paid up capital of at least IDR 10,000,000,000.00 (ten billion rupiah), unless otherwise stipulated by laws and regulations.[...]" (REGULATION OF THE INVESTMENT COORDINATING BOARD OF THE REPUBLIC OF INDONESIA NUMBER 4 OF 2021 CONCERNING GUIDELINES AND PROCEDURES FOR RISK-BASED BUSINESS LICENSING AND INVESTMENT FACILITIES [google translation])
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Previously
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"APPENDIX II - 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 WITH CONDITIONS: RESERVED FOR OR IN PARTNERSHIP WITH MICRO, SMALL, AND MEDIUM-SCALE ENTERPRISES AND COOPERATIVES
[Distribution - retail]
- Maintenance and repair of motorcycles other than those integrating with sale of motorcycle (agents/distributors) industry), Repair of personal and household necessities industry, Retail sale through mail order and internet: Reserved for SMEs
[...]
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 [...]
[Distribution - retail]
- Retail business of car, motorcycle, and commercial vehicle, Retail business of spare-parts and accessories of car, motorcycle and commercial vehicle, Jewelry retail business, Antique retail business, Water transportation equipment and accessories retail business, Retail business in non-supermarket or non-minimarket, Retail business in non-department store, Textile retail business, Games and toys in stores retail business, Cosmetics retail business, Footwear retail business, Electronics retail business, Food and beverage retail business ,Retail business for any kind of product via electronic system (e.g. liquor), Pharmacy, drugstore, health equipment store and optician: Domestic capital 100% [...]
- Liquor retail business, Sidewalk vendor liquor business: Must have: a. Business License Certificate of Liquor (SIUP-MB) b. Distribution network and specific place. "(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 INVESTMENT COORDINATING BOARD OF THE REPUBLIC OF INDONESIA NUMBER 4 OF 2021 CONCERNING GUIDELINES AND PROCEDURES FOR RISK-BASED BUSINESS LICENSING AND INVESTMENT FACILITIES [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://jdih-storage.bkpm.go.id/jdih/userfiles/documents/2021/10/2021PerBKPM004.pdf">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>]