Can foreigners operate a aktivitas modal ventura syariah business in Indonesia?

Yes. KBLI 64992 (Aktivitas Modal Ventura Syariah) is TERBUKA — open to 100% foreign ownership via PT PMA. No local Indonesian partner required.

What license is required for KBLI 64992?

KBLI 64992 has a Rendah risk classification. Required license: NIB. Processing time: Otomatis.

KBLI 64992 is the Indonesian business classification code for "Aktivitas Modal Ventura Syariah" (Aktivitas Modal Ventura Syariah). It falls under Section K of KBLI 2025, the Indonesian Standard Industrial Classification updated by BPS (Regulation 7/2025), effective June 18, 2026.

How did KBLI 64992 change from KBLI 2020 to 2025?

KBLI 64992 was mapped from previous code 64992 (KBLI 2020). All businesses must migrate to KBLI 2025 by June 18, 2026 per BPS Regulation 7/2025.

Breadcrumb

KBLI 64992★ Gold-Tier Intel

Aktivitas Modal Ventura Syariah

🏦 Section K — Financial & Insurance Activities

✅Open· 100% ForeignLow RiskDirect Match

Perusahaan Pembiayaan (multifinance company) — a non-bank financial institution that provides financing for: vehicle purchases (motor credit, car leasing), consumer goods, working capital for SMEs, property down payments, and factoring/receivables purchasing. Unlike a bank, a multifinance company cannot accept public deposits — it funds its portfolio from equity capital and bond issuance. Unlike P2P lending, it uses its own capital to extend credit (not matching borrowers with lenders). **Maximum foreign ownership: 85%** under OJK regulation (15% must be Indonesian). OJK governs under POJK 35/2018 (Penyelenggaraan Usaha Perusahaan Pembiayaan).

Licensing & Requirements

What You Need

Risk LevelLow (Rendah)

License TypeNIB

ProcessingOtomatis

Foreign Ownership100% Open

AuthorityBKPM / OSS

PP28/2025 Licensing Data1 scale

Mikro, Kecil, Menengah, BesarLow RiskNIB⏱ OtomatisFiktif Positif

Post-License Obligations1

Menyampaikan LKPM melalui Sistem OSS per triwulan

Risk: Menengah Tinggi. Authority: Menteri (OSS). OSS timeline 7 working days — but the OJK multifinance license is the critical gate (6–12 months).

PHASE 1 — OSS / NIB (7 working days)

Register PT PMA on OSS, select 64992, Menengah Tinggi
NIB + Sertifikat Standar issued
Cannot extend financing to any customer without OJK license

PHASE 2 — OJK Multifinance License (POJK 35/2018) — 6–12 months

Application to OJK— Departemen Pengawasan IKNB I

Minimum paid-up capital: IDR 100 miliar— fully paid up at time of OJK application; largest minimum capital requirement in this session's codes

Shareholders fit & proper test— OJK vets all shareholders owning ≥ 25% and all directors/commissioners

Business plan— 5-year financial projections; portfolio composition (pembiayaan investasi, modal kerja, multiguna — each requires separate OJK approval of activities)

IT infrastructure assessment— OJK reviews loan origination system, credit scoring methodology, collections system

Capital adequacy ratio: OJK minimum gearing ratio (ratio modal terhadap pembiayaan)— typically multifinance must maintain minimum capital adequacy per POJK 35/2018

OJK Izin Usaha— issued after all stages pass

Product-specific approvals— each financing activity type (vehicle, property, multiguna) requires separate OJK product registration

Step-by-step for PT PMA multifinance

Establish PT PMA— 85% foreign max, 15% Indonesian; notary deed, AHU (~4–6 weeks)

Capital injection— IDR 100 miliar fully paid up into Indonesian bank account (note: this is 4x larger than P2P lending requirement)

NIB via OSS— 64992, 7 working days

OJK license application— full dossier submission including business plan, credit policy, risk management framework, collections policy, IT system documentation

OJK review and assessment— includes site visit to office, interview with directors

OJK Izin Usaha— issued (~6–12 months from application)

First financing transaction— can commence immediately after Izin Usaha

OJK ongoing reporting— monthly financial reports; quarterly asset quality reports; annual audited financial statements

Permitted financing activities (must be specified in OJK application)

Pembiayaan Investasi — productive assets: vehicle purchase (motor/mobil), machinery, equipment
Pembiayaan Modal Kerja — working capital loans for SMEs
Pembiayaan Multiguna — multi-purpose consumer financing
Sewa Pembiayaan (Finance Lease) — asset leasing with option to purchase
Anjak Piutang (Factoring) — purchasing receivables from vendors/sellers
KPA Bridging — property down-payment financing (Kredit Pemilikan Apartemen bridging)

Minimum total capital

IDR 100 miliar paid-up — the highest capital requirement in this session.

Maximum foreign ownership

85% (OJK POJK 35/2018); 15% Indonesian mandatory.

2020 → 2025

Direct match from KBLI 2020 (MATCH_LANGSUNG). Key regulatory development: **OJK POJK 35/2018** (replacing POJK 29/2014) tightened capital adequacy requirements, added stronger consumer protection provisions, and introduced the distinction between pembiayaan investasi, modal kerja, and multiguna. Post-2022, OJK has increased scrutiny of multifinance NPL ratios following elevated defaults in motorcycle financing. OJK also imposed tighter debt-to-equity gearing limits (Net Gearing Ratio maximum 10x paid-up capital).

Bali Intelligence

🚗 Multifinance in Bali — The Vehicle and Tourism Financing Market

The macro opportunity:

Indonesia's multifinance market: IDR 400+ triliun in receivables annually; dominated by Adira Finance (Astra group), BFI Finance, Mandiri Tunas Finance (bank-backed)
Vehicle financing is the dominant product: Indonesia buys 6+ million motorcycles/year; Bali's tourism economy requires constant fleet renewal for motorbike rental companies, villa transport services, and tour operators

The Bali-specific niches for a boutique PMA multifinance:

Tourism fleet leasing: Hotel and resort vehicle fleets (transport vans, minibuses, shuttle services) need finance lease arrangements; the asset is the collateral, appealing for Indonesian SME operators who lack land collateral for bank loans
Villa developer bridging: Small villa developers (IDR 2–8B projects) need equity bridge financing for 12–24 months between construction start and villa sale; banks don't serve this size; P2P doesn't provide the right structure; a multifinance pembiayaan investasi product fills the gap
UMKM working capital — hospitality supply chain: Restaurants, souvenir producers, food vendors need working capital advance against purchase orders from resorts; factoring/anjak piutang is the ideal product
Motorbike leasing for villa staff: Villa and hotel staff who need motorbike transportation but can't qualify for bank consumer loans — high volume, small ticket, standardized credit scoring

The IDR 100B capital reality:

IDR 100 miliar is ~USD 6.5 million — a meaningful commitment
This filters out undercapitalized entrants and signals genuine intent to OJK
For a 10x gearing ratio (max), IDR 100B capital supports IDR 1 triliun in financing portfolio — a significant operation

⚠ Critical Issues

NPL management is the business — multifinance profitability depends entirely on credit quality; Bali's tourism economy is seasonal (NPL spikes in low season Oct–Mar as borrowers' cash flow weakens); build seasonal cash flow into credit underwriting
Gearing ratio ceiling — maximum Net Gearing Ratio of 10x means your financing portfolio is capped at IDR 1T for IDR 100B capital; scaling beyond requires additional capital injection or bond issuance
Collections in Bali — Indonesia's collections culture for consumer finance requires physical presence; motorbike repossession requires Fidusia (fiduciary lien registration at KEMENKUMHAM) before any collateral can be repossessed legally; skip this step and you lose all collateral rights
Fidusia registration — every secured financing transaction must be registered with the Fiduciary Office (Kemenkumham) within 30 days; failure = criminal violation; factor registration cost (~IDR 50K per contract) into pricing

Foreign Workers

TKA Eligible Positions

Kepmenaker 228/2019 — Category 9: Jasa Keuangan dan Asuransi

45 in category

1211Chief Financial OfficerKepala Keuangan

1211Credit DirectorDirektur Kredit

2413Risk ManagerManajer Risiko

2413Credit AnalystAnalis Kredit

2412Compliance OfficerPejabat Kepatuhan

1211Collections ManagerManajer Penagihan

2413Financial AnalystAnalis Keuangan

Kepmen 228/2019 lists 45 TKA-eligible positions in the financial services category. OJK Fit & Proper test applies to all directors, commissioners, and shareholders owning ≥ 25%.

KEDUA Provision — Directors & Commissioners Exemption

Directors and Commissioners who do NOT manage personalia can work without being listed in the jabatan.

Complementary Codes

66191 — Fintech P2P Lending (digital lending complement for smaller ticket UMKM loans below multifinance minimum)
64194 — BPR Rural Bank (physical branch micro-lending alongside multifinance operations)
52101 — Warehousing (for vehicle repossession storage and fleet management)
OJK legal counsel — WAJIB — multifinance license application, POJK 35/2018 compliance, Fidusia registration framework; requires specialist IKNB legal expertise

Related Codes

64910Section K

What You Need

Risk LevelLow (Rendah)

License TypeNIB

ProcessingOtomatis

Foreign Ownership100% Open

AuthorityBKPM / OSS

PP28/2025 Licensing Data1 scale

Mikro, Kecil, Menengah, BesarLow RiskNIB⏱ OtomatisFiktif Positif

Post-License Obligations1

Menyampaikan LKPM melalui Sistem OSS per triwulan

Risk: Menengah Tinggi. Authority: Menteri (OSS). OSS timeline 7 working days — but the OJK multifinance license is the critical gate (6–12 months).

PHASE 1 — OSS / NIB (7 working days)

Register PT PMA on OSS, select 64992, Menengah Tinggi
NIB + Sertifikat Standar issued
Cannot extend financing to any customer without OJK license

PHASE 2 — OJK Multifinance License (POJK 35/2018) — 6–12 months

Application to OJK— Departemen Pengawasan IKNB I

Minimum paid-up capital: IDR 100 miliar— fully paid up at time of OJK application; largest minimum capital requirement in this session's codes

Shareholders fit & proper test— OJK vets all shareholders owning ≥ 25% and all directors/commissioners

Business plan— 5-year financial projections; portfolio composition (pembiayaan investasi, modal kerja, multiguna — each requires separate OJK approval of activities)

IT infrastructure assessment— OJK reviews loan origination system, credit scoring methodology, collections system

Capital adequacy ratio: OJK minimum gearing ratio (ratio modal terhadap pembiayaan)— typically multifinance must maintain minimum capital adequacy per POJK 35/2018

OJK Izin Usaha— issued after all stages pass

Product-specific approvals— each financing activity type (vehicle, property, multiguna) requires separate OJK product registration

Step-by-step for PT PMA multifinance

Establish PT PMA— 85% foreign max, 15% Indonesian; notary deed, AHU (~4–6 weeks)

Capital injection— IDR 100 miliar fully paid up into Indonesian bank account (note: this is 4x larger than P2P lending requirement)

NIB via OSS— 64992, 7 working days

OJK license application— full dossier submission including business plan, credit policy, risk management framework, collections policy, IT system documentation

OJK review and assessment— includes site visit to office, interview with directors

OJK Izin Usaha— issued (~6–12 months from application)

First financing transaction— can commence immediately after Izin Usaha

OJK ongoing reporting— monthly financial reports; quarterly asset quality reports; annual audited financial statements

Permitted financing activities (must be specified in OJK application)

Pembiayaan Investasi — productive assets: vehicle purchase (motor/mobil), machinery, equipment
Pembiayaan Modal Kerja — working capital loans for SMEs
Pembiayaan Multiguna — multi-purpose consumer financing
Sewa Pembiayaan (Finance Lease) — asset leasing with option to purchase
Anjak Piutang (Factoring) — purchasing receivables from vendors/sellers
KPA Bridging — property down-payment financing (Kredit Pemilikan Apartemen bridging)

Minimum total capital

IDR 100 miliar paid-up — the highest capital requirement in this session.

Maximum foreign ownership

85% (OJK POJK 35/2018); 15% Indonesian mandatory.

2020 → 2025

Aktivitas Modal Ventura Syariah

What You Need

PHASE 1 — OSS / NIB (7 working days)

PHASE 2 — OJK Multifinance License (POJK 35/2018) — 6–12 months

Step-by-step for PT PMA multifinance

Permitted financing activities (must be specified in OJK application)

Minimum total capital

Bali Intelligence

TKA Eligible Positions

Related Codes

Aktivitas Sewa Guna Usaha Finansial

Aktivitas Pembiayaan Perdagangan Internasional

Aktivitas Anjak Piutang

Aktivitas Sekuritisasi

Pembiayaan Infrastruktur Konvensional

Pembiayaan Infrastruktur Syariah

Aktivitas Modal Ventura Syariah

What You Need

PHASE 1 — OSS / NIB (7 working days)

PHASE 2 — OJK Multifinance License (POJK 35/2018) — 6–12 months

Step-by-step for PT PMA multifinance

Permitted financing activities (must be specified in OJK application)

Minimum total capital

Bali Intelligence

TKA Eligible Positions

Related Codes

Aktivitas Sewa Guna Usaha Finansial

Aktivitas Pembiayaan Perdagangan Internasional

Aktivitas Anjak Piutang

Aktivitas Sekuritisasi

Pembiayaan Infrastruktur Konvensional

Pembiayaan Infrastruktur Syariah