SHARIA MICRO FINANCIAL INSTITUTIONS
This group includes financial institutions whose business activities are carried out with sharia principles, including business development and community empowerment services, either through loans or financing in micro-scale businesses to members and the community, savings management, as well as providing business development consulting services. Included in this group are Baitul Maal wa Tamwil (BMT), Baitul Tamwil Muhammaddiyah (BTM), and the like.
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Key requirements to set up a sharia micro financial institutions in Indonesia
The following requirements are based on the Indonesian business classification code 64152
- Maximum foreign ownership
- Minimum capital
- Rp. 2.5 billion
- Local SME partnership required
What is a KBLI 64152?
A KBLI is an Indonesian business classification, last revised in 2020. The KBLI determines the regulations for a specific business activity.
64152 stands for sharia micro financial institutions
|Section||Financial and insurance activities|
|Division||Financial service activities, except insurance and pension funding|
|Indonesian class||Sharia micro financial institutions|
Activities similar to Sharia micro financial institutions
- Other monetary intermediation
- Sharia micro financial institutions
- Sharia business unit
- Cooperative save loan or conventional save loan unit
- Sharia conventional loan save cooperations or units
- Lembaga keuangan mikro konvensional
- Devisa sharia commercial bank
- Non devisa sharia commercial banks
- Bank pembiayaan rakyat (bpr) syariah
- Non devised private commercial banks
- Public credit bank (bpr)
- Bank umum swasta devisa
What are the requirements to set up a sharia micro financial institutions 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 micro financial institutions company in Indonesia
The exact process of registering a sharia micro financial institutions 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.