The Legal and Procedural Framework for Foreign Direct Agricultural Investment in Indonesia

Executive Summary

The regulatory environment for foreign agricultural investment in Indonesia is undergoing a profound transformation, driven by the legislative reforms of the “Job Creation Law” (Omnibus Law – UU Cipta Kerja).1 This law aims to simplify entry procedures for Foreign Direct Investment companies (PT PMA), especially in large-scale agriculture, plantations, and aquaculture. These simplifications are evident in easing financial constraints by reducing the mandatory minimum paid-up capital 2 and adopting a unified, risk-based digital licensing system (OSS RBA).4

However, while the establishment phase is now faster and more flexible, the operational aspects of major agricultural projects still demand strict adherence to complex compliance requirements. These include securing long-term Land Cultivation Rights (Hak Guna Usaha – HGU) 5, complying with Environmental Impact Assessment (AMDAL) requirements 7, navigating remaining sectoral restrictions (such as strategic food crops), and managing historical challenges related to land governance and overlapping property claims.8 Success in this sector requires integrating specialized legal expertise in foreign investment with a deep understanding of Indonesian agrarian and property law.

Chapter One: Legislative Foundation and Regulatory Environment

1.1. The Job Creation Law (Omnibus Law – UU Cipta Kerja)

Enacted in 2020, the Omnibus Law represents a major inflection point in the Indonesian regulatory landscape.1 This massive legislation amended or repealed hundreds of laws and implementing regulations with the core objective of boosting economic growth, stimulating recovery, and creating employment opportunities.9 For agricultural investment, the law introduced wide-ranging reforms, including facilitating land acquisition procedures, reducing operational restrictions on foreign investment, and providing new financial and tax incentives .

The most significant change is that the Omnibus Law did not merely modify legal texts; it shifted the government’s regulatory philosophy. Instead of focusing on inherited bureaucratic restrictions that historically caused licensing delays and institutional redundancies 4, the regulatory framework has transitioned toward adopting an “Investment First” principle. This transition paves the way for simplified procedures for obtaining agricultural land rights (HGU) 6 and mandates a unified procedural system (OSS RBA) to accelerate business commencement.4

1.2. Shift from Negative List to Positive List (PR 10/2021)

One of the cornerstones of the Omnibus Law reforms was the simplification of sectors available for foreign investment. This was achieved through the issuance of Presidential Regulation No. 10 of 2021 (PR 10/2021), which completely abolished the “Negative Investment List” (DNI) that was in effect under PR No. 44 of 2016.9

PR 10/2021 introduced the “Positive List,” classifying business sectors based on the level of access available to foreign investors.12 This classification includes:

1. Closed Sectors (rare and limited to specific activities or public authorities).12
2. Sectors Reserved for Cooperatives and MSMEs (Micro, Small, and Medium Enterprises), requiring mandatory partnership.12
3. Sectors Partially Open to foreign investors.
4. Sectors Fully Open to foreign investors (100% ownership).
5. Priority Sectors that qualify for additional investment incentives.12

These reforms lifted restrictions on foreign ownership in hundreds of sectors, including many agricultural activities and related food industries, allowing up to 100% foreign ownership in areas that were previously restricted.13 New investors must consult PR 10/2021 and its updates to determine the precise restrictions for each targeted Indonesian Standard Industrial Classification (KBLI) code.12

1.3. Role of the Ministry of Investment (BKPM) as the Central Regulatory Authority

The Ministry of Investment / Investment Coordinating Board (BKPM) serves as the central hub for implementing Indonesia’s new investment framework.4 BKPM does not just coordinate; it is the unified gateway responsible for issuing implementing regulations that define the crucial procedural details for Foreign Direct Investment (PMA).10

Given that the Omnibus Law is a broad legislative framework, the operational legal certainty for the investor lies in the secondary implementing regulations issued by BKPM (such as the new capital regulation) and the technical regulations issued by sectoral ministries, such as the Ministry of Agriculture (Kementerian Pertanian) concerning agricultural inputs and product quality.18 Therefore, foreign investors must focus on these secondary regulations to avoid operational challenges, even as BKPM is committed to providing facilitation and direction to support investment.4

Chapter Two: Institutional Structure and Financial Requirements for Foreign Investors (PT PMA)

2.1. Mandatory Legal Form: Limited Liability Company (PT PMA)

Any foreign investor seeking direct investment in Indonesia must establish a legal entity in the form of a Limited Liability Company (PT) designated as a Foreign Investment Company (PT PMA).16 This company must be registered and formalized through BKPM and the Ministry of Law and Human Rights.22

2.2. New and Amended Financial Requirements (BKPM Reg 5/2025)

In a significant move to ease market entry and enhance Indonesia’s regional competitiveness, BKPM issued Regulation No. 5 of 2025 (BKPM Reg 5/2025), which drastically revised the capital requirements for PT PMA companies .

First: Reduction of Paid-up Capital: The minimum paid-up capital (deposited upon establishment) has been significantly reduced from IDR 10 billion to IDR 2.5 billion (approximately USD 160,000) . This 75% reduction aims to remove the financial barrier that historically hampered medium-sized and nascent service-sector entrants . This separation between “paid-up” and “planned” capital provides significant liquidity flexibility in the company’s early operational stages.3

Second: Maintenance of Minimum Investment Plan: Despite the reduction in paid-up capital, Indonesia’s policy requiring every foreign investment project to have a minimum total investment plan of IDR 10 billion (approximately USD 640,000) per classified business activity (KBLI) has been maintained . This ensures Indonesia continues to attract large-scale, growth-oriented projects.19

Third: Asset Inclusion for the Agricultural Sector: Under the new framework, the agriculture and aquaculture sectors, alongside real estate and accommodation, enjoy special accounting flexibility . The costs of land and buildings are permitted to be directly counted towards the minimum IDR 10 billion total investment plan threshold . This is a vital exception that reflects the high capital nature of land-based agricultural investment, making it easier for large investors in this field to meet the required threshold through their main assets.

The following table illustrates the main changes in the financial requirements for a PT PMA:

Table Title: Comparison of PT PMA Financial Requirements (BKPM Reg 5/2025)

Chapter Three: Sectoral Ownership Restrictions and Mandatory Partnerships

3.1. Foreign Ownership Limits in the Agricultural Sector

Following the enactment of PR 10/2021, the vast majority of agricultural activities are now fully or partially open to direct foreign ownership, eliminating outright prohibitions in many activities.13 However, key distinctions remain between agricultural sub-sectors:

• Estate Crops: Activities related to industrial and export-oriented plantation crops (such as palm oil, rubber, cocoa, coffee, pepper, and sugarcane) operate in a highly open investment environment. Previous regulations indicated a maximum foreign ownership of up to 95% (under PR 36/2010), and more recent regulations suggest no limits for investment in plantations and aquaculture .
• Strategic Food Crops: Crops related to national food security (such as rice, corn, soybeans, and sweet potatoes) were historically restricted, with a maximum foreign ownership limit of 49% (under GR 18/2010).24 Investors must diligently check the KBLI status for these activities in PR 10/2021 to ascertain whether these restrictions have been converted into partnership requirements or partially relaxed.

This variation indicates that the government encourages full foreign ownership in export-oriented and agricultural processing sectors, while maintaining a degree of protection for local food security sectors.

3.2. Mandatory Partnerships with MSMEs

PR 10/2021 specifies a set of business activities reserved for cooperatives or MSMEs.12 If a foreign investment company (PT PMA) wishes to engage in an activity classified within this domain (often small-scale agricultural activities), it is legally obliged to document a partnership with a local partner through the OSS-RBA system [3, 9, 36, 9].

This legal constraint aims to protect the livelihoods of rural communities dependent on agriculture, a sector that employs approximately 40% of Indonesia’s total workforce.26 While this requirement reflects an important social objective, it adds a layer of operational and legal complexity. Foreign investors must draft strong and clear Joint Venture Agreements to ensure legal compliance and effectively manage the relationship with the local partner, thereby mitigating the risk of operational disputes.3

Chapter Four: Legal Framework for Land Tenure (Hak Guna Usaha – HGU)

Land tenure remains the most crucial and complex challenge for large-scale agricultural investment in Indonesia. Foreign investors are not permitted to hold “Right of Ownership” (Hak Milik) to land, but they can obtain long-term usufruct rights from the Indonesian State.11

4.1. Definition and Significance of the Right to Cultivate (HGU)

The Right to Cultivate (Hak Guna Usaha – HGU) is the fundamental right necessary for investors in the industrial agriculture sector.5 This right permits the investor to operate on land directly controlled by the Indonesian State.5 HGU is granted only for projects exceeding five hectares (> 5 ha) and is issued to institutional entities in Indonesia, including PT PMA companies.5

4.2. Tenure Duration and Extensions under the Omnibus Law (GR 18/2021)

The Omnibus Law (via its implementing regulation, Government Regulation No. 18 of 2021) addressed the legal certainty of land tenure durations, which is essential for capital-intensive, long-term projects like palm oil and rubber plantations.6

The total maximum duration for HGU has been extended up to 95 years, divided as follows:

1. Initial Term: Up to 35 years.5
2. First Extension: Up to 25 years.5
3. Additional Renewal: Can be renewed for another 35 years.6

This significant extension in tenure length aims to encourage the stability of foreign capital investment and provides a longer time horizon for recouping capital costs.

For comparison, the Right to Build (Hak Guna Bangunan – HGB), used for facilities, factories, and agricultural processing infrastructure, has also been extended to a maximum total of 80 years.6

Table Title: Key Usufruct Rights Available for Foreign Agricultural Investment (under GR 18/2021)

4.3. Procedures and Coordination

The process of obtaining HGU involves complex procedures, beginning with initial approval and culminating in coordination with the local National Land Agency (BPN).17 The process includes geospatial surveys and the payment of specific taxes, such as the Land and Building Rights Acquisition Tax (BPHTB).28

Chapter Five: Administrative Procedures and the Unified Licensing System (OSS RBA)

To implement the reforms of the Job Creation Law, the Indonesian Government launched the Risk-Based Online Single Submission (OSS RBA) system, a unified electronic gateway for business registration and licensing.4

5.1. The Risk-Based Online Single Submission System (OSS RBA)

The OSS RBA system aims to increase transparency and facilitate procedures by integrating the systems of various government institutions.4 The system classifies business activities (by KBLI code) into risk levels (low, medium, high).9 Large-scale agricultural projects, due to their size and environmental impact, are often classified under high-risk levels, meaning they are subject to greater scrutiny and require more technical approvals, particularly for environmental compliance.4 The minimum investment plan of IDR 10 billion is fully registered within this system.3

5.2. Business Registration and Obtaining the Business Identification Number (NIB)

The mandatory first step for the foreign investor after establishing the PT PMA is registration in the OSS RBA system to obtain the Business Identification Number (NIB).26 The NIB serves as the company’s official identity and replaces many previous licensing documents, representing a significant simplification in the business commencement phase.22

5.3. The “Fiktif Positif” (Deemed Approval) Mechanism

The new BKPM regulations introduced the “Fiktif Positif” (Deemed Approval or Fictitious Positive) mechanism as a powerful tool to combat bureaucracy.27 This mechanism imposes a Service Level Agreement (SLA) time limit on relevant authorities to issue decisions regarding license applications.24 If the authority fails to issue a decision (either approval or rejection) within the specified timeframe, the application is automatically deemed approved.27

This mechanism is crucial for speeding up operations, but its application to complex technical licenses in the agricultural sector (such as environmental technical approvals) still requires further sectoral regulatory clarification.10 For instance, the mechanism may permit proceeding with an environmental license application, attaching proof of technical application submission, even if the technical approval itself is delayed beyond 30 days.10

5.4. Procedural Sequence for an Agricultural PT PMA

Establishing an agricultural PT PMA and acquiring operating rights requires the following procedural sequence:

1. Legal Establishment: Establishing the PT PMA and registering it with the Ministry of Law and Human Rights.30
2. Business Registration: Registering in the OSS RBA system and obtaining the NIB.22
3. Financial Planning: Registering the minimum investment plan of at least IDR 10 billion in the OSS system.3
4. Environmental and Technical Licenses: Applying for mandatory environmental approvals (AMDAL) and technical operating KBLI licenses via OSS RBA.7
5. Land Tenure: Concurrently, initiating procedures to obtain the Right to Cultivate (HGU) from the National Land Agency (BPN).31

Chapter Six: Investment and Financial Incentives

The Indonesian government supports institutional investors in the agricultural sector through a range of incentives designed to attract large capital and investments in high-value-added activities.4

6.1. Tax Holiday Incentives

The Tax Holiday program grants exemptions from Corporate Income Tax (CIT) for a specified period . This program is designated for projects classified as “Pioneer Industry” or those deemed strategically important by the government .

To qualify for major tax exemptions, the new capital investment must generally be at least IDR 500 billion (approximately USD 36.4 million) . The application process has been streamlined, now conducted entirely online via the OSS system, which accelerates the issuance of the Tax Clearance Certificate (SKF) . Large industrial agricultural projects focusing on downstream processing or agricultural biotechnology may be specifically eligible.

6.2. Tax Allowance Incentives

In addition to the Tax Holiday, Indonesia offers Tax Allowance incentives for projects located in priority regions or for investors undertaking Research and Development (R&D), where tax deductions on income can reach up to 200% to encourage innovation in the sector .

The presence of these major tax incentives for projects exceeding the IDR 500 billion threshold clarifies that while BKPM’s eased paid-up capital requirement (IDR 2.5 billion) aims to facilitate entry for medium-sized enterprises, strategic tax policies are clearly still aimed at attracting the largest institutional investors who meet the substantial minimum investment requirements .

Chapter Seven: Environmental and Specific Agricultural Compliance Requirements

Indonesia imposes stringent environmental and quality control requirements to ensure agricultural sustainability and the preservation of natural resources.

7.1. Environmental Impact Assessment (AMDAL)

The Environmental Impact Assessment (AMDAL) is a mandatory legal requirement for large-scale agricultural projects that involve the exploitation of natural resources, changes to the environmental form, or the introduction of new organisms (plant or animal strains).7

The AMDAL approval process necessitates the preparation of detailed documentation, including the Environmental Impact Statement (ANDAL) and Environmental Management and Monitoring Plans (RKL-RPL).7 Given the increasing global focus on sustainability, investing in environmental and social compliance transcends mere legal requirement, becoming a prerequisite for accessing green finance and market acceptance.21

New BKPM regulations have attempted to simplify environmental procedures by applying the Deemed Approval (Fiktif Positif) mechanism to technical environmental approvals.27 This means that if technical approval is delayed for a specified period (e.g., 30 days for water quality and emission standards), the company may proceed with the basic environmental license application.10

7.2. Technical Licenses from the Ministry of Agriculture

The Ministry of Agriculture (Kementerian Pertanian) plays a critical role in overseeing the food supply chain and ensuring product safety.18 It is responsible for implementing policies related to agricultural production inputs. For example, importing horticultural seeds or livestock breeds requires specific licenses from the Minister, in addition to strict adherence to quarantine regulations and sanitary-phytosanitary measures.35

7.3. Quality and Sustainability Certifications

Quality and sustainability certifications have become an essential element of competitiveness. In addition to national Indonesian standards (such as SNI ORGANIC 6729:2016 and IndoGAP) 30, Indonesian agricultural products destined for export (such as coffee, spices, and cocoa) require an “international passport” in the form of international certifications.21

Exporters face the challenge of dual certification; they must meet the requirements of domestic and ASEAN markets, in addition to securing major market approvals such as EU Organic or USDA Organic certifications.21 This dual compliance requires adapting agricultural practices and environmental management plans to ensure alignment with global consumer preferences for sustainable and verified source products.

Chapter Eight: Substantive Challenges and Risk Management Proposals

8.1. Challenges of Land Governance and Overlapping Property Claims

Despite the extension of HGU durations to increase legal certainty, Indonesia still suffers from structural issues related to land governance . The land tenure system is characterized by weak acquisition rules, a lack of transparency in land use decision-making, and historical overlaps in concessions granted between forestry, plantation, and mining sectors .

Indonesia’s land registration system employs a negative approach, meaning that land certificates (including HGU) are not considered absolute proof, which complicates the resolution of land disputes . This weak governance has led to an increase in land conflicts between companies and indigenous or settler communities, particularly in areas of palm oil plantation expansion .

8.2. The Role of the “One Map Policy” (OMP)

The Indonesian government acknowledges these problems and launched the “One Map Policy” (OMP) under Presidential Regulation No. 9 of 2016 as a strategic solution.28 The OMP aims to unify and correct geospatial data for all land uses into a single reference base map with 1:50,000 scale accuracy.28

The OMP is a crucial tool for improving natural resource management and aims to provide legal certainty and reduce the risk of land overlap.36 Investors must rely on OMP data as a primary reference during the land due diligence phase.

8.3. Legal Recommendations for Managing Operational Risks and Compliance

To achieve success in the complex agricultural investment environment, the following is recommended:

1. Integrated Due Diligence: Due diligence must extend beyond merely reviewing the legal documents for rights (HGU). It must include meticulous social surveys to identify potential community claims, in addition to geospatial verification using available OMP data to avoid land overlap with forest areas or existing claims.36
2. Specialized Legal Consultation: Given the speed at which new implementing regulations are issued following the Omnibus Law (such as BKPM Reg 5/2025) and the lack of clarity on technical details for applying the Deemed Approval (Fiktif Positif) mechanism to sectoral licenses 10, engaging local legal counsel specialized in Indonesian agrarian law is essential for interpreting KBLI codes, ownership limits, and meeting technical compliance requirements.
3. Anticipate Regulatory Change: Investors must anticipate the continued issuance of more sectoral implementing regulations following the Omnibus Law 15, and therefore, must establish a continuous monitoring system for regulatory changes, especially regarding technical licenses from the relevant ministries.

Conclusions and Final Recommendations

Indonesia has successfully streamlined the procedural and financial aspects of market entry for foreign investors into the agricultural sector through unprecedented reforms. The reduction in paid-up capital via BKPM Regulation No. 5/2025 offers liquidity flexibility to investors 2, and the allowance to include land and building values toward the minimum investment plan facilitates the capitalization of major agricultural projects.2

However, the operational framework for agricultural investment, particularly land tenure and environmental compliance, remains the most complex and risk-prone area. While the extension of the HGU right to 95 years grants the necessary financial certainty for long-term projects, this certainty remains theoretical unless underlying land disputes and overlapping land claims are successfully resolved.8

Strategic Recommendations for the Foreign (Arab) Investor:

1. Target Open Sectors: Focus on Estate Crops and aquaculture where foreign ownership restrictions are significantly fewer compared to strategic food crops .
2. Integrate Compliance into Capital Planning: Design the investment plan to exceed the minimum threshold (IDR 10 billion) to reach the strategic incentive threshold (IDR 500 billion for Tax Holiday) .
3. Prioritize Land Risk Management: Invest heavily in property and social due diligence before obtaining HGU, utilizing any available data within the One Map Policy (OMP) to assess and mitigate the risk of overlapping concessions and community claims.36
4. Prepare for Dual Compliance Challenges: Allocate resources for obtaining technical approvals from the Ministry of Agriculture and environmental compliance (AMDAL), and commit to meeting international certification requirements (such as EU/US Organic certifications) to ensure access to high-value global markets.21

In summary, establishing the company is now easier and faster thanks to the OSS RBA system, but sustainable and successful agricultural investment in Indonesia critically depends on the investor’s ability to manage the operational complexities related to land, environment, and community engagement.

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