Right up to this year of 2018, Indonesia is still an enticing prospect for foreign investors. If you have no idea that there are 7 tips for foreign investment in Indonesia, what you do may not last.
So, what are the 7 tips for foreign investment in Indonesia? Check them out one by one before you start implementing your strategy and setting up your business in this country:
1. Get a local contact who can help you.
Tapping into Indonesian market might be very different from the one in your home country. Instead of speculating on what you have read and heard so far, get a local contact who can really help you.
A reliable local contact can help you with knowledge about the changing trends in the Indonesian market, the laws and regulations, and also business networking.
You can get in touch with this local contact or partner up with a local company. They will help you to find new clients and learn the local market's changes and challenges.
2. Be thorough with what people need instead of relying on the large population.
The problem with foreign investors who have just begun is the large population they tend to take for granted.
Not all in that large population is your marketing target. Besides finding out what people really need (and make sure that includes your products too), you also need to be aware of this one thing: the government still protects local businesses, especially with the same products like the ones you offer.
Attracting foreign investment is important, but do not forget to be careful with what and how much you invest on.
3. Navigate geography.
It is no secret that Jakarta is not only the capital city but also a business center. Knowing your products and the potential clients’ location are two things you must remember and live by.
If your business is in agriculture (or related to it), consider getting another space out of town besides Jakarta. Consult with your local contact or local partner.
4. Build and maintain good relationships with overseas employees.
Since the government has a rule where foreign companies must hire locals too, building and maintaining good relationships with them are essential.
To reduce cultural clashes (which is inevitable), overseas employees must also take cross-cultural training programs run by your company.
5. Pay attention to politics.
Politics is basically everywhere around the world. Once you know your way around, you know how to maintain your business there. Keep tabs on the relationships between Indonesia with your country for political progress.
6. Complete your tax reports.
Whether you have a business activity or not, once you get your tax card for your company, complete the tax reports right away. Since you can outsource your tax reporting if you have not got your own accountant, skipping this is no excuse.
7. Have enough time to set up your company.
Make sure you create the right timeline, so you have enough time to set up your company in Indonesia. This starts by following the rules and regulations. Find out how long the paperwork is.
So now you have 7 tips for foreign investment in Indonesia. Are you ready to start your business there?
Contact Us Now to get your legal solution for your business goals, and still comply with the prevailing laws and regulations.
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