When you think Indonesia, you probably picture its Labuan Bajo, and sunny beaches in Canggu. Yet, many people don’t realize that Indonesia is also a great place to start a business. According to International Labour Organization, there are about 700 thousand small businesses in Indonesia in 2018, which 57 million are small and medium sized enterprises.
But what makes Indonesia so great? Major cities like Jakarta, Bandung, Yogyakarta, and Surabaya, an impressive university system, and low taxes means the Sunshine country is ripe with opportunity for savvy business owners. Keep reading to learn more about why Indonesia could be the perfect spot to start your new business!
6 Reasons to Open a Business in Indonesia:
1. Low Cost of Living
Many cities in Indonesia offer an affordable cost of living to their residents. For example, the median home value is 34.8 million (US$2,130) per square metre (sq. m.) in Jakarta, and more than half of the city’s residents own homes However, if you prefer to rent, area like Canggu Bali beach come in about $250 per month below the national average for a two-bedroom villa.
2. Strong Labor Market
According to QS World University Ranking, Top university Ranking 2021 in Indonesia. In other words, if you’re looking for talented employees to join your business, you shouldn’t have any trouble finding them in Indonesia.
3. Ready Access to Capital
Indonesia ranks third in the ASEAN for venture capital funding, a recent report by Deal Street Asia showed that Indonesia-based venture capital companies (VCs) raised a total of US$582 million last year, a 79 percent increase from $325 million in 2018.
4. Thriving Entrepreneurial Scene
Bali, Jakarta, Lombok, and Surabaya occupied three Indonesia best large cities to start a business, where cities were ranked on business environment, access to resources, and business costs. Other Indonesia cities such as Bandung and Medan also made the list. In particular, Bali was recognized for having one of the highest growth rates in the Indonesia for number of small businesses. Clearly, it’s evident that entrepreneurs are flocking to the Island of Gods!
5. Diverse Economy
Although tourism is by far Indonesia industry – a record 16.1 million tourists visited Indonesia in 2019 – According to the previous Tourism Minister, Arief Yahya, the government had designated the tourism sector as a leading sector contributing to the nation’s economy, surpassing CPO (crude palm oil). The Indonesia economy is surprisingly diverse.
In addition, the Ministry of Communication and Information of the Republic of Indonesia, Indonesia will be the largest digital economy player in Southeast Asia.
6. High Quality of Life
You can’t work all the time. In fact, you’ll probably be a better business owner if you prioritize a healthy work/life balance! If you’re looking for a place to run your business that also has a high quality of life, Bali may be a great option due to its sunny weather, world-class beaches, golf courses, and other outdoor hot spots.
There are many reasons Indonesia is becoming a hub for entrepreneurs and business owners. If you’re looking for a new home and a place to start your business, consider the archipelagic country. You might be surprised to find that Indonesia is much more than a vacation destination!
Get Advice To Start Business in Indonesia
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