A PMA company can be established by any foreign individuals (minimum 2 shareholders), foreign groups, or foreign corporations — as long as they comply with Indonesian investment regulations and the sector-specific restrictions listed in the Negative Investment List (NIB).
To set up a PMA, you need:
- at least 2 foreign shareholders (individuals or companies)
- a clear business activity that is open to foreign investment
- the required minimum capital
- a registered business address (virtual office allowed for up to 3 years)
Foreign investors from any country can apply, provided their business sector allows foreign ownership.