KBLI 2025 Finance & Capital Markets Bali | Bali Zero

Q: Which financial services KBLI code is easiest for a foreign PT PMA to enter in Bali?

KBLI 66151 (Investment Advisory) is the easiest — it is listed as 'seluruh' (fully open) in the Positive Investment List, requires only the standard IDR 10 billion PMA investment, and has no sectoral ownership cap. OJK classifies it as high risk requiring an OJK license, but the barriers are significantly lower than insurance or P2P lending. Bali's growing HNWI expat and digital nomad community creates strong demand.

Q: Does the Bank Indonesia money changer (KUPVA BB) moratorium apply to Bali?

No. The BI moratorium on new money changer licenses applies only to Jakarta (July 2025 – December 2026) due to market saturation with 482 offices in the capital. Bali remains fully open for new KUPVA BB license applications. With 7M+ international arrivals annually, Bali is one of Indonesia's most attractive markets for licensed FX operations, with break-even typically achievable in 12–18 months.

Q: What is KBLI 64995 carbon unit trading and is it a good investment in Bali?

KBLI 64995 is an entirely new code introduced in KBLI 2025 for carbon unit trading. IDXCarbon has recorded 1.6 million tonnes CO2e in cumulative volume but liquidity has stalled (only 8 tonnes traded in June 2025). Bali has natural carbon assets in geothermal, renewable energy, and forest conservation. The recommended strategy is to build a project pipeline now and monetize in 2027–2030 when the market matures under Perpres 110/2025.

Q: What are the foreign ownership caps for insurance companies in Indonesia?

Insurance has the strictest PMA cap in the financial sector: 80% maximum under PP 14/2018 (amended PP 3/2020). Listed companies (Tbk) are exempt. Foreign shareholders must be insurance companies or holding companies with an insurance subsidiary, and their equity must be at least 5x the direct investment. Minimum capital is IDR 100 billion (life) and IDR 150 billion (general). The insurance broker/agent model (KBLI 66221/66222) has lower barriers.