Indonesia is now 16th in the world in terms of the size of the economy. This makes the country very attractive for investors and startups. Are you planning to start and register business in Indonesia? Here are the top tips for starting a business in Indonesia.
Check if Business Idea Is Feasible
Indonesia offers many business opportunities, but that does not mean that its business ecosystem can support all types of businesses. The most important tip to remember before starting a business in Indonesia is to check whether your business idea is feasible.
To do this, you have to be very clear about what your products or services are. From there, you can identify which field or industry your business will belong in. This is very important, especially for foreign entrepreneurs, as there are restricted businesses that they cannot take.
If you finish deciding on your business idea, study the industry, competition, logistics, and other important details. It is advisable to do a feasibility study to map out your business in detail.
Ensure Sufficient Capital
Starting capital is a big concern, especially for first-time business owners. To properly forecast and prepare your capital, you have to list down your expected activities and expenses. Be sure to put in an extra allowance for contingencies. Once you have your budget, you can then plan out where to source your capital.
Others may have available funds to start their business. However, for others who don’t, they have the option to partner with an investor or to borrow capital from financial institutions. Moreover, startups with good business ideas may also apply with incubators for support and funding.
Starting a business takes money, effort, and time. There is no getting around the stressful plannings, brainstorming, and processing of a business. Setting up a company in Indonesia is not easy and quick, so it is better to allocate at least two months to prepare. Moreover, if you want to lessen your efforts in registering your business, you can also opt to hire firms to register the business for you.
Incorporate Business Idea in Indonesia
Many people have the business idea to start with, but not all are brave enough to actually put their ideas and capital into action. Are you brave enough to take a chance on your business idea? Incorporate a business in Indonesia today with our expert services in 3E Accounting Indonesia.