PMA Company Setup for Foreign Yacht Owners in Indonesia

What Is a PMA?

PT PMA — short for Perseroan Terbatas Penanaman Modal Asing — is the foreign-investment limited liability company structure under Indonesian law. It is the only legal vehicle through which foreign nationals or foreign legal entities can own equity in commercial activities operating inside Indonesia. For yacht-charter operations, asset-management of phinisi, or commercial maritime services, PMA structure is mandatory.

The foreign-investment company structure is regulated by BKPM (Badan Koordinasi Penanaman Modal — the Indonesia Investment Coordinating Board) and incorporates under the Indonesian Companies Law (UU 40/2007 as amended). PMA companies enjoy effectively the same operating rights as fully Indonesian companies, with sector-specific equity caps under the Negative Investment List (DNI / Positive List).

Why You Need PMA for Phinisi Charter

Indonesian maritime law restricts foreign individuals and foreign-flag-companies from owning Indonesia-flagged commercial vessels. To operate a phinisi commercially under Indonesian flag — which is the practical requirement for in-country charter operations in Komodo, Raja Ampat, the Banda Sea, and Wakatobi — the owning entity must be Indonesian-registered. PMA gives a foreign principal up to 100% ownership of an Indonesian company that owns the vessel.

Alternative structures (foreign flag with external charter operator, joint venture with Indonesian partner, lease structure) all carry tradeoffs. Direct PMA ownership is the cleanest, most tax-efficient, and most operationally flexible.

Capital Requirement

Under current BKPM regulations, PMA companies in the maritime sector require minimum issued and paid-up capital of IDR 10 billion (approx USD 650,000 at 2026 rates). This capital does not need to be deposited in cash on day one; it can be capitalised as the vessel acquisition itself, since the vessel becomes a company asset.

Step-by-Step Registration Process

Stage 1: Pre-incorporation strategy (week 1). Choose KBLI codes (Indonesian standard industry classification) — typically 50100 (sea passenger transport) and 79123 (yacht charter), with optional 86103 (recreational sea sport activities). Decide shareholding structure (often 100% foreign through holding entity).

Stage 2: NIB and OSS registration (weeks 2–3). Submit company name to AHU (Ministry of Law). Obtain NIB (Nomor Induk Berusaha — business identification number) through OSS (Online Single Submission) system. This is the master business registration that unlocks subsequent licences.

Stage 3: BKPM principal licence approval (weeks 3–5). Submit investment plan, capital schedule, and use of investment to BKPM. Approval issued as Perizinan Berusaha. Parallel registration with Ministry of Trade for trading-related KBLI codes if relevant.

Stage 4: Sectoral licences (weeks 4–7). Apply for sectoral licences specific to maritime operations: SIUPAL (Surat Izin Usaha Perusahaan Angkutan Laut — sea transport operator licence) issued by Ministry of Transportation Directorate General of Sea Transportation. Apply for SIUP-MB (sea recreation business licence) for charter activities.

Stage 5: Tax registration (week 6). NPWP corporate tax number, VAT registration, e-Faktur (electronic tax invoice) account setup.

Stage 6: Banking + capital deposit (weeks 6–8). Open corporate IDR and USD accounts at tier-1 Indonesian bank (BCA, Mandiri, BNI). Deposit paid-up capital (or vessel asset capitalisation evidence). Arrange import licence if vessel currently foreign-flagged for in-shipping.

Stage 7: Director + commissioner appointments (week 7). Appoint at least one director (can be foreign) and one commissioner. Register board through AHU. Issue corporate seal.

Stage 8: Operational permits (weeks 8–10). Apply for vessel registration if newly acquired (Surat Tanda Kebangsaan Kapal Indonesia, vessel nationality certificate). Apply for cruising licence (SPB — Surat Persetujuan Berlayar).

Cost Breakdown

• Government fees + stamp duties: USD 1,800–2,400
• Legal counsel + notary (Juara Holding-handled): USD 4,500–7,500
• Accounting setup + first quarter: USD 1,200–1,800
• Capital deposit support + escrow management: USD 800–1,500
• BKPM and sectoral licence handling: USD 1,800–3,200
• Total typical: USD 8,500–15,000 one-time

Annual Compliance

Once PMA is operating, expect ongoing annual costs:

• Annual financial statement audit: USD 1,800–3,500
• Monthly tax filing + bookkeeping: USD 200–400/month
• BKPM annual investment realisation report (LKPM): USD 300/quarter
• Director / commissioner reappointment cycle every 5 years: USD 1,200–2,400

Why Juara Holding

Our legal team has registered over 40 PMA structures since 2014 — for our own subsidiaries (Komodo Luxury, Indonesia Juara Trip, Bali Premium Trip) and for client buyers acquiring assets through us. We know which BKPM officers handle maritime sector cases, which notaries deliver on time, which auditors are accepted by tier-1 banks, and how to structure capital deposit so it timing-matches vessel acquisition.

For phinisi acquisition buyers, we typically bundle PMA setup into the deal memo at fixed price USD 12,500 — covering weeks 1–10 of the schedule above through to operational ready state.