As previously the case, pursuant to the  PR 10/2021, foreign-owned companies remain subject to a discriminatory minimum capital requirement policy set at IDR 10 billion (minimum investment value excluding the value of land and buildings).
"Article 1
Under this Regulation of the President, the following definitions are employed:[...]
1. Business Field is all forms of business activities which are carried out in order to produce goods or services in economic sectors.
2. Investment is all forms of investing activities, both by domestic investors and foreign investors, in order to do business in the territory of the state of Republic of Indonesia. [...]
5. Micro-, Small-, and Medium-Scale Enterprises (Usaha Mikro, Kecil, dan Menengah), from this point onward is referred to as UMKM, is the micro-scale business, small-scale business, and medium-scale business as referred to in Law Number 20 of 2008 on Micro-, Small-, and Medium-Scale Enterprises, as amended by Law Number 11 of 2020 on Job Creation. [...]
7. Large-scale Business is a scale of business as referred to in Law Number 20 of 2008 on Micro-, Small-, and Medium Enterprises, as amended by Law Number 11 of 2020 on Job Creation.
[...]
Article 2
(1) All Business Fields are open for Investment activities, except Business Fields:
a. which is declared closed for Investment; or
b. for activities that can only be carried out by the Central Government.
(1a) Open Business Fields as referred to in paragraph (1) are Commercial Business Fields.
(2) Business Fields declared closed for Investment as referred to in paragraph (1) letter a are:
a. Business Fields that cannot be cultivated as Business Fields listed in Article 12 of Law Number 25 of 2O2O concerning Investment as amended by Law Number 11 of 2O2O concerning Job Creation; And
b. Alcoholic Beverage Industry (ISIC 11010), Alcoholic Beverage Industry: Wine (ISIC 11020), and Malt Containing Beverage Industry (KBLR 1 1031).
(3) Business Fields for activities that can only be carried out by the Central Government as referred to in paragraph (1) letter b are activities that are service in nature or in the framework of defense and security that are strategic in nature and cannot be carried out or cooperated with other parties.
Article 3
(1) Open Business Fields as referred to in Article 2 shall consist of:
a. priority Business Fields;
b. Business Fields allocated to or requiring partnerships with Cooperatives and UMKM;
c. Business Fields with certain requirements; and
d. Business fields that are not included in letter a, letter b, and letter c.
(2) Business Fields as referred to in paragraph (1) letter d may be entered by all Investors.
[...]
Article 7
(1) Foreign Investors may only carry out business activities in Large-scale Business with an investment value of more than IDR 10,000,000,000.00 (ten billion rupiah) excluding the value of land and buildings.
(2) Foreign investment must be in the form of a limited liability company based on Indonesian law and domiciled within the territory of the Republic of Indonesia, unless stipulated otherwise by the law.
Article 8
(1) The provisions regarding adultery referred to in Article 3 paragraph (1) letter c do not apply to investment activities carried out in special economic zones.
(2) In order to encourage the strengthening of technology-based startup ecosystems, which are not only limited to funding, infrastructure, mentor networks, technology transfer, and market access, foreign investment in special economic zones in technology-based start-up business sectors can invest with investment value equal to or less than IDR 10,000,000,000.00 (ten billion rupiah) excluding the value of the land and buildings.[...]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
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Previously
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"CHAPTER I - GENERAL PROVISIONS
Article 1. In this Board Regulation meant by: [...]
6. Foreign Investment hereinafter referred to as PMA, is the activity of investing to conduct business in the territory of the Republic of Indonesia by Foreign Investors, either using fully foreign capital or joining with Domestic Investor.
[...]
CHAPTER V - TERMS AND PROCEDURES OF INVESTMENT LICENSING
Section One - Terms of Investment Licensing
Paragraph 1 - Terms of Starting Business and Starting Production/Operation
Article 10
(1) Starting business includes the following activities:
a. establishment of new business, either for PMDN or PMA;
b. starting business activities for the change of status into PMA, as a result of the entry of  foreign capital in the ownership of all/part of the company's capital in legal entity;
[...]
Paragraph 2 - Terms of Investment Value and Capital
Article 12
(1) PMA companies with large business qualifications shall, unless otherwise stipulated by legislations, be obliged to implement terms of investment value and capital requirements to obtain Investment Registration and/or Business License. [...]
(3) PMA shall, in order to start the business as referred to in Article 10 paragraph (1), meet the requirements of investment and capital value as referred to in paragraph (1), unless otherwise provided by legislations, namely to comply with the following provisions:
a. total investment value greater than Rp.10.000.000.000,00 (ten billion rupiah), excluding land and buildings;
b. issued capital is equal to the paid up capital, at least Rp.2.500.000.000,00 (two billion five hundred million rupiah );
c. investment in share capital, for each shareholder at least Rp.10.000.000.00 (ten million rupiah;
d. the percentage of shareholding is calculated based on the par value of the shares.
[...]
CHAPTER XII - CONCLUSION
Article 127
Upon the enactment hereof, [...]
c. Regulation of Head of Investment Coordinating Board Number 14 of 2015 on Guidelines and Procedures of Principle Investment License (State Gazette of the Republic of Indonesia of 2015 Number 1478) as amended several times, most recently by Regulation of Head of Investment Coordinating Board Number 8 of 2016 on the Second Amendment to Regulation of Head of Investment Coordinating Board Number 14 of 2015 concerning Guidelines and Procedures of Principle Investment License (State Gazette of the Republic of Indonesia of 2016 Number 1623); [...] are revoked and declared invalid.
[...]
Article 128
This Regulation of Board comes into force:
a. for Central PTSP of BKPM on 2 January 2018; and
b. for Provincial DPMPTSP, Regency/Municipal DPMPTSP, PTSP KPBPB, and PTSP KEK maximum on 2 July 2018." (REGULATION OF INVESTMENT COORDINATING BOARD OF THE REPUBLIC OF INDONESIA NUMBER 13 OF 2017 CONCERNING GUIDELINES AND PROCEDURES OF INVESTMENT LICENSING AND FACILITY)
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"CHAPTER III - CAPITAL AND SHARES
Part One - Capital [...]
Article 32
(1) Authorized capital of the Company shall be at least of Rp 50.000.000,00 (fifty million rupiah).
(2) Laws that regulate certain business activities can determine the minimum amount of the Company's capital which is higher than the provision of authorized capital as referred to in paragraph (1).
(3) The change to the amount of authorized capital as referred to in paragraph (1), shall be stipulated with a Government Regulation.
Article 33
(1) At least 25% (twenty five percent) of the authorized capital as referred to in Article 32 must be issued and paid-up in full. [...]" (LAW OF THE REPUBLIC OF INDONESIA NUMBER 40 OF 2007 CONCERNING LIMITED LIABILITY COMPANY)
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
REGULATION OF INVESTMENT COORDINATING BOARD OF THE REPUBLIC OF INDONESIA NUMBER 13 OF 2017 CONCERNING GUIDELINES AND PROCEDURES OF INVESTMENT LICENSING AND FACILITY
LAW OF THE REPUBLIC OF INDONESIA NUMBER 40 OF 2007 CONCERNING LIMITED LIABILITY COMPANY
[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161806/perpres-no-10-tahun-2021">PR10</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/168906/peraturan-bkpm-no-13-tahun-2017">Reg</a>],[<a href="https://cdn.indonesia-investments.com/documents/Company-Law-Indonesia-Law-No.-40-of-2007-on-Limited-Liability-Companies-Indonesia-Investments.pdf">Law</a>]