Setting up or investing in a PT PMA — Indonesia’s foreign-owned limited liability company — at an indicative USD 2.5 million qualifies you for the 5-year E28A/E28B golden visa, while an indicative USD 5 million commitment unlocks the 10-year permit. That is the short answer; the longer one is that the PT PMA golden visa Indonesia route rewards investors who want an operating business, a director’s seat, and long-term residence in one structure, but it carries corporate-profile tests that the passive E28C portfolio route does not.
This guide breaks the company route down for 2027 applicants: how a PT PMA is established, which sectors admit foreign shareholders, how your share structure interacts with the 20-percent foreign-company ownership requirement and its audited-turnover thresholds, and when E28A/E28B beats the portfolio alternative. For the full eligibility picture, start with our E28A company route overview and return here for the mechanics.
How the PT PMA Connects to the Golden Visa
Indonesia’s golden visa sits under the limited stay visa (Visa Tinggal Terbatas) indexes E28A, E28B, and E28C. The first two cover investors who establish or invest in an Indonesian company; the third covers passive portfolio investors. Under the company route, the commonly cited framework is USD 2.5 million (indicative) invested into an Indonesian PT PMA for a 5-year permit, or USD 5 million (indicative) for the 10-year version.
In exchange you receive a 5- or 10-year electronic limited stay permit (e-ITAS) with multiple entry, no local sponsor, renewability while the investment is maintained, and — per public guidance — no hard physical-presence minimums.
Establishing the PT PMA: The Practical Steps
A PT PMA is incorporated under Indonesian company law with foreign shareholders on the register. Your notary and counsel will manage the sequence, which typically looks like this:
- Structure and name reservation. Decide shareholders, capital allocation, and business classification, then reserve the company name.
- Deed of establishment. A public notary drafts the deed containing the articles of association, shareholder composition, and the appointed directors and commissioners.
- Ministry legalization. The deed is submitted for approval so the company acquires legal-entity status.
- Business identification number (NIB) and licensing. Registration through the online single submission system produces the NIB and any sector licences your classification requires.
- Tax registration and bank account. The company obtains its tax number and opens the corporate account through which the qualifying investment is placed and documented.
Timelines vary with sector and document readiness, so treat any schedule as indicative. Immigration-linked guidance indicates qualifying funds must be placed within 90 days of arrival or e-ITAS issuance, then maintained for the full visa duration — early withdrawal can trigger cancellation. Sequencing incorporation, capital injection, and the e-visa filing is therefore the core project-management task of this route.
Which Sectors Are Open to Foreign Investors
Indonesia regulates foreign participation by business classification: many sectors admit full foreign ownership, others cap it or attach licensing conditions, and a small number remain closed. Before committing capital, have counsel verify that your intended classification supports the shareholding percentage you plan to hold, because the classification recorded at incorporation drives your licensing and can be slow to amend later.
For golden visa purposes the safest pattern is a sector where your ownership can be structured cleanly at the outset, with the qualifying investment documented transparently in the company’s accounts. Where a sector is restricted, structuring around nominees is a compliance risk, not a workaround.
Share Structure, the 20% Rule, and Audited Turnover
The company route is not only about money placed into the PT PMA. Additional corporate-profile conditions are commonly applied to E28A/E28B applicants:
- The applicant holds at least 20% of the shares in a foreign company outside Indonesia; and
- That foreign company shows annual turnover of at least USD 25 million for the 5-year visa, or at least USD 50 million for the 10-year visa, evidenced by audited financial statements.
In practice, your shareholding certificates and the foreign company’s audited accounts become visa documents, not just corporate records. If group consolidation obscures the 20-percent position, clean up the paper trail before filing. And if your profile is stronger at the corporate level — a company investing at the USD 25 million or USD 50 million tier for its directors and executives — the separate corporate golden visa route may fit better than an individual application. Inside the PT PMA itself, keep the qualifying investment registered against your name, with the capital flow traceable so that bank statements, investment confirmations, and the audited financials tell one consistent story.
Director and Commissioner Roles: What the Visa Lets You Do
A key advantage of E28A/E28B over the portfolio route is the right to run what you own. Company-route golden visa holders can act as director or commissioner of the Indonesian company, manage the business day to day, and reside long-term while doing so. The boundary to respect: these rights attach to your role in the qualifying company, and employment in unrelated entities is a separate compliance question treated case by case — confirm it with counsel rather than assume.
When the Company Route Beats the E28C Portfolio Route
The E28C portfolio route is cheaper on paper: an indicative USD 350,000 in government bonds, IDX-listed shares, mutual funds, or bank deposits for 5 years, or USD 700,000 for 10 years (alternatively USD 1 million and above into a qualifying residential apartment). If your goal is residence plus passive exposure, E28C usually wins on simplicity — see our comparison of the golden visa versus the investor KITAS for how the passive options stack up against older sponsored permits.
The PT PMA route pulls ahead in four scenarios:
- You want an operating business. E28A/E28B is the only golden visa path that pairs residence with a director or commissioner seat in your own company.
- You already meet the corporate-profile test. If you hold 20% or more of a foreign company with audited turnover at the thresholds, the documentation is largely paperwork you already produce.
- Your capital needs to work commercially. Portfolio instruments must sit in prescribed assets for the full term; company capital is deployed in a business you control, within the maintenance rules.
- You are building an Indonesian group. A PT PMA gives you the licensing platform for hiring, contracting, and property strategy that a bond portfolio never will.
Filing Through the E-Visa System
Applications are lodged online through the Directorate General of Immigration’s e-visa system at evisa.imigrasi.go.id. For the company route, prepare a passport with at least six months’ validity, a recent photograph, proof of the qualifying investment into the PT PMA, evidence of your 20-percent-plus foreign shareholding, and the foreign company’s audited financial statements. Because the incorporation, capital placement, and immigration filing interlock, many applicants engage on-the-ground support; the legal concierge and immigration desk at Bali Premium Trip coordinates licensed notaries, corporate counsel, and immigration handling for exactly this sequence.
A Note on Legal and Financial Advice
This article is general information for planning purposes only, and nothing in it constitutes legal, tax, immigration, or financial advice. Golden visa thresholds, sector rules, and documentary requirements change, figures cited here are indicative, and your position may differ materially from the scenarios described. Verify every requirement against current official sources and engage licensed Indonesian legal and tax professionals before incorporating a company, moving funds, or filing any visa application.
Frequently Asked Questions
How much do I need to invest in a PT PMA for the golden visa?
The commonly cited framework is an indicative USD 2.5 million into an Indonesian PT PMA for the 5-year E28A/E28B golden visa, and an indicative USD 5 million for the 10-year permit, placed within the required window and maintained for the full duration.
Do I really need to own 20% of a foreign company?
For the company route, guidance commonly requires holding at least 20% of a foreign company outside Indonesia, with audited annual turnover of at least USD 25 million (5-year visa) or USD 50 million (10-year visa). Confirm how this applies to your structure with licensed counsel before filing.
Can I work as director of my own PT PMA on this visa?
Yes — acting as director or commissioner of the qualifying Indonesian company and managing that business is a core benefit of the E28A/E28B route. Employment in unrelated entities is a separate compliance question, assessed case by case.
How quickly must the funds be placed?
Immigration-linked guidance indicates qualifying funds must be placed within 90 days of arrival or e-ITAS issuance. Early withdrawal during the visa term can trigger cancellation, so plan liquidity for the full 5 or 10 years.
Can my spouse and children join me?
Yes. Family members can obtain dependent permits linked to the main investor’s golden visa status, typically covering spouse and children under related sub-indexes.
Ready to test whether the company route fits your position? For a structured E28A/E28B assessment (pricing on request), message our advisory desk on WhatsApp at wa.me/6281139414563 or email [email protected] and we will map your fastest compliant path to Indonesian residence.