The Ministry of Law and Human Rights recently enacted its newest regulation No. 22 of 2023 on Visa and Residence Permit (“MoLHR Regulation No. 22/2023”). Consequently, the previous MoLHR Regulation No. 29/2021 has now been revoked. There are significant changes pertaining to Limited Stay Visa for Investors (hereinafter referred to as “Investor VITAS”) that can be inferred from the present regulation in contrast to the previous one.
Starting with the duration of Investor VITAS, the previous regulation limited the maximum duration of stay to 2 years, while the current regulation allows flexibility of up to 10 years. Additionally, the current regulation allows the application for Investor VITAS to be submitted by either the Foreigner concerned or the Guarantor (specifically for Investor VITAS with a maximum stay duration of 2 years). In contrast, the previous regulation exclusively designated that the application for Investor VITAS could only be submitted by the Foreigner concerned.
The differences in the required documents to be submitted by the applicant to apply for Investor VITAS is specified in the table below:
| MoLHR Regulation No. 29/2021 | MoLHR Regulation No. 22/2023 |
| Proof of Immigration Guarantee | Main documents:- National Passport with a minimum validity of 6 (six) months;
- Proof of Guarantee from Guarantor or Proof of Immigration Guarantee;
- Evidence of having living expenses* for oneself and/or family during their stay in Indonesia;
- Recent color photographs.
|
Validity of National Passport:- Minimum validity of 12 months for those intending to work or reside in the Indonesian territory for a maximum period of 180 days;
- Minimum validity of 18 months for those intending to work or reside in the Indonesian territory for a maximum period of 1 year; or
- Minimum validity of 30 months for those intending to work or reside in the Indonesian territory for a maximum period of 2 years.
|
| Evidence of ability to fulfill living expenses of at least $2000 (two thousand United States dollars) or equivalent |
| Proof of health insurance from an Indonesian company |
| 2 copies of recent color photographs specifically in the size of 4 cm x 6 cm with a white background |
| Letter of recommendation from an authorized institution in the investment sector |
| No additional documents | Additional documents to explain the purpose of arrival. These additional documents vary depending on the types of Investor VITAS:- Investor VITAS with a Maximum Period of 2 years
- Investor VITAS with a Maximum Period of 5 years
- Investor VITAS with a Maximum Period of 10 years
Each type has different document requirements, which will be explained down below. |
MoLHR Regulation No. 22/2023 sets out the details of additional documents to be submitted to apply for Investor VITAS, depending on the duration of stay and the purpose of arrival in Indonesia.
Read More: The Government Introduces New Provisions on Re-Examinations Within the Customs Sector Through the Minister of Finance Regulation No. 78 of 2023
| Additional Documents |
| Investor VITAS with a Maximum Stay Duration of 2 Years | - Evidence of share ownership of at least Rp10.000.000.000,00 (ten billion Indonesian Rupiah)* or its equivalent, recorded in the data of the investment ministry or institution;
- Ministerial Decision confirming the establishment of the relevant limited liability company; and
- The company’s bank statements for the last 2 (two) months.
|
| Investor VITAS with a Maximum Stay Duration of 5 Years | Foreigners applying for Investor VITAS with a maximum stay duration of 5 years are divided into three types:- Foreigners as individual investors who intend to establish a company in Indonesia must submit:
- Proof of commitment that the Foreigner will establish a company in Indonesia, with a minimum issued capital or investment value of at least US$2.500.000 (two million five hundred thousand United States dollars)* to be satisfied within a maximum period of 90 (ninety) days from the date the VITAS is granted;
- Proof of share ownership in a company outside the Indonesian territory in a certain amount*;
- Proof of a turnover/sales value* in a foreign company as outlined in the financial audit report of the parent company by an internationally accredited public accounting firm*.
- Foreigners as individual investors who do not intend to establish a company in Indonesia must submit:
- Proof of commitment that the Foreigner will buy Indonesia’s government bonds or shares in Indonesia’s Public Company, or mutual funds in Indonesia’s Public Company of at least US$350.000 (three hundred thousand United States dollars)* to be satisfied within a maximum period of 90 (ninety) days from the date the VITAS is granted.
- Foreigners who will serve as members of the Board of Directors or Board of Commissioners in a company to be established in Indonesia, which is a branch or subsidiary of a company outside the Indonesian territory, must submit:
- Proof of commitment that the parent company will establish a branch or subsidiary in Indonesia with a minimum investment of at least US$25,000,000 (twenty-five million United States dollars)* to be satisfied within a maximum period of 90 (ninety) days from the date the VITAS is granted.
- Proof of a turnover/sales value* in a foreign company as outlined in the financial audit report of the parent company by an internationally accredited public accounting firm*.
|
| Investor VITAS with a Maximum Stay Duration of 10 Years | Foreigners applying for Investor VITAS with a maximum stay duration of 10 years are divided into three types:- Foreigners as individual investors who intend to establish a company in Indonesia must submit:
- Proof of commitment that the Foreigner will establish a company in Indonesia, with a minimum issued capital or investment value of at least US$5.000.000 (five million United States dollars)* to be satisfied within a maximum period of 90 (ninety) days from the date the VITAS is granted;
- Proof of share ownership in a company outside the Indonesian territory in a certain amount*;
- Proof of a turnover/sales value* in a foreign company as outlined in the financial audit report of the parent company by an internationally accredited public accounting firm*.
- Foreigners as individual investors who do not intend to establish a company in Indonesia must submit:
- Proof of commitment that the Foreigner will buy Indonesia’s government bonds or shares in Indonesia’s Public Company, or mutual funds in Indonesia’s Public Company of at least US$700.000 (seven hundred thousand United States dollars)* to be satisfied within a maximum period of 90 (ninety) days from the date the VITAS is granted.
- Alternatively, proof of commitment to purchase a condominium or apartment with a minimum value of at least US$1.000.000 (one million United States dollars)*.
- Foreigners who will serve as members of the Board of Directors or Board of Commissioners in a company to be established in Indonesia, which is a branch or subsidiary of a company outside the Indonesian territory, must submit:
- Proof of commitment that the parent company will establish a branch or subsidiary in Indonesia with a minimum investment of at least US$50.000.000 (fifty million United States dollars)* to be satisfied within a maximum period of 90 (ninety) days from the date the VITAS is granted.
- Proof of a turnover/sales value* in a foreign company as outlined in the financial audit report of the parent company by an internationally accredited public accounting firm*.
|
The details provided above encompass the most recent regulations regarding the application for Investor VITAS. Stay informed, and stay in compliance.
***
ET Consultant is a Business Consultant and Legal Consultant Expert that provides support for local and multinational clients to start and manage their business operations in Indonesia. ET Consultant specializes in Business Incorporation, Licensing & Legal, Accounting & Taxes, Immigration, and Advisory Services.
Ready to find out more?
Excellent and Trusted Consultant (ET Consultant)
PPHUI Building Lantai 2 suite 210 Jl. H.R. Rasuna Said Kav. C-22 Kuningan
Jakarta Selatan, 12940 Indonesia.
Tlp : 021 5290 7039
Email : [email protected]
An Indonesian group advisory or consulting firm that provides Business and Legal Consultant for local and multinational client support for start-ups and managing business operations in Indonesia. ET Consultant provides a solid legal foundation with experience, reasonable cost, reliable corporate & business legal services with excellence, integrity, and trusted services for ease of doing business in Indonesia.
