The coming time I want to share a bit about doing business in Indonesia, mostly aimed at foreign investors and entrepreneurs. Because, my fellow foreigners, things are indeed different in Indonesia. Applying the same strategies, approach, culture etc in Indonesia as you’re used to abroad might very well lead to unexpected surprises. But more on that in a later post.
This post is about a simple example of some of the frustrations you will encounter when doing business in Indonesia. Mind you, I love Indonesia and I believe there are great opportunities here. However, I also see Indonesia as a graveyard for foreign entrepreneurs and investors who think they know it all and for sure know better than the Indonesians themselves. If you don’t learn about the culture and the way thinks work in Indonesia, if you’re not extremely patient you might be in for a surprise.
Anyway, when setting up a business you will encounter a lot of bureaucracy and crazy long forms to fill out. It is what it is so just do it. Once you’ve got approval from the Ministry of Justice for your business you need to obtain two documents: SIUP (Business License) and TDP (Company Registration). Easy, just fill out the forms and wait for it… Just one thing, you need a bank account.
Ok, easy lah. You just go to the bank and open account, right? Just one tiny problem. Due to new legislation to fight money laundering the banks now request your SIUP and TDP, without it no bank account. Uuuuuuhhh……
Good luck with that and till the next “Business In Indonesia”.