Negative Investment List (DNI): Foreign Ownership Regulations in Indonesia
Indonesia's Negative Investment List (Daftar Negatif Investasi - DNI) under Presidential Regulation No. 10/2021 defines foreign ownership limits for each business sector. The latest DNI significantly liberalized foreign investment, allowing 100% ownership in 245 sectors while protecting strategic industries.
245
100% Open Sectors2021
Latest DNI Update67%
Partial Ownership (some)49
Closed/Restricted SectorsForeign Ownership Categories Under DNI
Understanding investment restrictions and opportunities
100% Foreign Ownership Allowed
Open for Full Foreign Investment
245 sectors allow wholly-owned foreign PT PMA
Key Sectors:
- Technology: Software (KBLI 62010), cloud, e-commerce
- Manufacturing: Export-oriented production (KBLI 10410)
- Retail: Large-scale (>1200m²) (KBLI 47190)
- Professional Services: Consulting (KBLI 70200), design
- Logistics: Warehousing (KBLI 52101), freight
- Healthcare: Hospitals (KBLI 86101) (certain types)
Partnership Required (67% or less)
Joint Venture with Local Partners
Foreign ownership capped at specific percentages
Common Structures:
-
67% Foreign Ownership:
- Medium retail (400-1200m²)
- Certain pharmaceutical sectors
- Film distribution
-
49% Foreign Ownership:
- Travel agencies
- Plantation (certain crops)
- Freight forwarding
-
Other Caps:
- Varies 20% - 95% by specific sector
Closed/Restricted Sectors
Reserved for Indonesian Citizens/Government
49 sectors closed to foreign investment
Closed Sectors:
- Cultural Heritage: Museums, historical sites
- Small Retail: Shops <400m² (warung, kiosks)
- Traditional Markets: Pasar, traditional fishing
- Certain Natural Resources: Limited exploitation
- Gambling & Casinos
- Weapons & Ammunition
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Novitasari
High-Opportunity Sectors with 100% Foreign Ownership
Lucrative sectors now fully open to foreign investors
Technology & Digital
- Software development (KBLI 62010)
- Cloud computing services (KBLI 62020)
- Data centers (KBLI 63111)
- E-commerce platforms (KBLI 47911)
Manufacturing
- Electronics & appliances (KBLI 27400)
- Automotive components (KBLI 29300)
- Textile & apparel (KBLI 14111)
- Food & beverage (KBLI 10410)
Retail & Trade
- Large-scale retail (>1200m²) (KBLI 47190)
- Department stores (KBLI 47110)
- Hypermarkets (KBLI 47111)
- Online retail/marketplaces (KBLI 47911)
How to Navigate the Negative Investment List
Step-by-step guide to determining foreign ownership eligibility
Identify Your KBLI Code
Determine your business activity using Indonesian Standard Industrial Classification (KBLI) 5-digit code. Each code corresponds to DNI classification. Browse our comprehensive KBLI directory to find your business classification.
Check DNI Status
Cross-reference your KBLI code with Presidential Regulation 10/2021 Appendix to find foreign ownership limits (0%, 49%, 67%, 100%, or conditional). Each KBLI detail page includes foreign ownership information.
Review Conditions
Some sectors allow 100% but with conditions (minimum investment, location, partnership for certain activities, local content requirements).
Structure Your Investment
Based on DNI findings, determine optimal ownership structure (100% PT PMA, joint venture, or alternative approach). We help optimize structure through our company setup service.
Need to Find Your KBLI Code?
Browse our comprehensive KBLI directory with 1,800+ business classifications. Each KBLI code includes foreign ownership limits, licensing requirements, and detailed business activity descriptions.
Important Note
DNI updates periodically. Current version (Presidential Regulation 10/2021 as amended by PR 49/2021) is most liberal in history. Always verify latest regulations before investment. Our team provides up-to-date regulatory compliance guidance.
Related Investment Guides
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Expert guidance on foreign ownership regulations and optimal investment structure
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