SHARIA LIFE INSURANCE
This group includes risk management services with sharia principles that provide payments to policyholders, the insured or other entitled parties in the event that the insured dies or remains alive or other payments to the policyholder, the insured or other entitled parties at a certain time regulated in agreement which amount has been determined or based on management results
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Key requirements to set up a sharia life insurance in Indonesia
The following requirements are based on the Indonesian business classification code 65112
- Maximum foreign ownership
- Minimum capital
- Rp. 2.5 billion
- Local SME partnership required
What is a KBLI 65112?
A KBLI is an Indonesian business classification, last revised in 2020. The KBLI determines the regulations for a specific business activity.
65112 stands for sharia life insurance
|Section||Financial and insurance activities|
|Group||Insurance, reinsurance and pension funding, except compulsory social security|
|Indonesian class||Sharia life insurance|
What are the requirements to set up a sharia life insurance in Indonesia?
- At least two shareholders
- Maximum of 100% of the shares can be held by foreign shareholders.
- Minimum paid up capital is Rp 2.500.000.000,00
- Paid-up capital will not be injected in the company during the registration process. Instead, the shareholders issue a statement letter that at least the amount of minimum paid-up capital will be injected to the company once the registration is completed.
- At least one director. At least one of the directors must be an Indonesian resident. The directors are in charge of the daily operations of the company.
- At least one commissioner. Commissioners are overseeing the work of directors on behalf of the shareholders.
- The same person cannot be both a director and a commissioner.
- There is no requirement for the director or commissioner to hold shares in the company.
- Registered address in a building with the correct building permit.
Example of typical shareholder table
|Name||Country of origin||Role||Shares||Capital contribution|
|Smith Industries Ltd.||Australia||7500||Rp1875000000|
The process of registering sharia life insurance company in Indonesia
The exact process of registering a sharia life insurance company depends on the location of your company's registered address.
The fastest way to register a company in Indonesia is in South Jakarta (Jakarta Selatan), using Emerhub's registered address. This cuts down the registration time to five working days.
In Bali, the typical registration time is 3-4 weeks. Elsewhere in Indonesia the registration times vary between 2-6 weeks.