A PT PMA for a Bali villa: the numbers, and the list

Most guides to a PT PMA for a villa start with the capital figure. The capital figure is the easy part. The harder question is whether the business field is open to a foreign investment company at all.

How to read the numbers on this page. A figure with no marker is quoted from a primary source and linked at the foot of the page. ^reported means the company that charges it publishes no public rate card, so the range comes from trade reporting rather than from the charging party. ^modelled means it came out of the model set out on the methodology page, which you can disagree with line by line.

Ten terms that decide the answer

The vocabulary around this is where most of the confusion lives. Each row gives the term, what it legally is, and where it lands for a villa.

The numbers, from Permeninves/BKPM 5/2025

The Minister of Investment's regulation No. 5 of 2025, established on 1 October 2025, sets the capital and investment rules for foreign investment in Pasal 26 and 27. It came into force when promulgated on 2 October 2025 (Pasal 400), and Pasal 398 repealed the three 2021 BKPM regulations — among them BKPM 4/2021, which is still the regulation most PT PMA guides cite for these figures.

Paid-up capital — Pasal 26 ayat (9) and (10)

A PMA in the form of a limited company needs issued and paid-up capital of at least IDR 2.5 billion per company, unless another regulation provides otherwise. This is the figure that fell; guides quoting IDR 10 billion of paid-up capital are quoting the old rule.

Investment value — Pasal 26 ayat (2) and (5)

Separately, total investment must be more than IDR 10 billion, excluding land and buildings, per five-digit KBLI per project location. Ayat (5) then carves out property business including rental, and short- and long-term accommodation: for those, the figure includes land and buildings. For a villa business, the value of the villa counts.

The capital lock — Pasal 27 ayat (1)

Paid-up capital may not be moved out of the company's account for at least 12 months from deposit, except to buy assets, construct buildings or fund operations.

The status that follows — Pasal 26 ayat (1)

A company categorized as foreign investment merupakan usaha besar — is a large business. That single sentence is what connects the capital rules to the list below.

The list: who may run a villa business at all

The investment list is Perpres 10/2021 as amended by Perpres 49/2021. Its Appendix II lists business fields allocated to cooperatives and MSMEs, or open to large businesses only in partnership with them.

What Appendix II says about villas

Row 48, accommodation, on page 15: Hotel Melati (55120), Pondok Wisata (55130), Guest House (55199) and Vila (55193), each marked in the column headed dialokasikan untuk Koperasi dan UMKM. None is marked in the kemitraan column. The appendix is a scan and its text layer is unreliable, so this was read off the page image.

Why allocated and partnership are different

Perpres 10/2021 Pasal 5 ayat (1) divides the category into (a) fields allocated to cooperatives and MSMEs and (b) fields open to large businesses that partner with them. Ayat (2) sets the allocation criteria, among them business capital not above IDR 10 billion excluding land and buildings. Put next to Pasal 26 ayat (1) of the BKPM regulation, the texts line up in one direction.

The exceptions, and why they do not help

Perpres 10/2021 Pasal 8 lifts the specific-requirements category inside special economic zones — it does not mention the allocated category. Pasal 9 lifts both categories only for portfolio investment through the domestic capital market.

The code changed under everyone's feet

Peraturan BPS No. 7 Tahun 2025 replaced KBLI 2020 in December 2025 and gave existing users six months to switch. Villa is now 55203; the homestay, the old Pondok Wisata, is 55201. The investment list has not been re-issued against the new codes, and a replacement is being drafted (a replacement is being drafted^reported). So for now the list says 55193 and the classification says 55203, and they mean the same field. The two codes side by side.

What a management business registers as

A company that manages villas for owners is a different business field from the villa itself. Under KBLI 2025, managing residential property for a fee is 68292, and bringing guests and accommodation together for a commission is 55400. Neither appears in the accommodation row of Appendix II. Which fits a given business is for an adviser to confirm — and it is worth being clear with any management company about which registration covers what it actually does for your villa. What each management arrangement covers.

What this page does not cover

• Appendix III of the investment list — fields with specific requirements. Its scan has no readable text layer; we make no claim about it.
• Setup costs, notary fees and timelines. Commercial figures with no primary source.
• Land rights — which title a PT PMA can hold. A separate body of law, not read for this page.
• Tax on a PT PMA's profit. Not covered here; the taxes on the villa's rent are on the tax page.

Common questions