Davey Sagala

The promulgation of Government Regulation No. 28 of 2025 concerning the Implementation of Risk-Based Business Licensing (“ GR 28/2025 ”) marks a significant milestone in the evolution of Indonesia’s business licensing regime, effectively repealing Government Regulation No. 5 of 2021 concerning the Implementation of Risk-Based Business Licensing (“ GR 5/2021 ”). This new regulation reflects the government’s continuous commitment to policy reform aimed at streamlining licensing processes and...

Indonesia’s insolvency landscape is mainly governed by Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations and supplemented by Supreme Court procedural guidelines that provide a structured framework for courts and practitioners. Despite being relatively young compared to regimes in mature jurisdictions, Indonesia’s restructuring system has evolved rapidly. Successive court practice, judicial guidance, and selective reforms have fostered a more predictable and...

The Indonesian government has recently introduced a new investment policy following the issuance of Government Regulation No. 28 of 2025 concerning the Implementation of Risk-Based Business Licensing. The technical provisions are further elaborated under Regulation of the Minister of Investment and Downstream Industry/Chairman of the Indonesia Investment Coordinating Board No. 5 of 2025 (“BKPM Regulation No. 5/2025”), which has been in effect since 2 October 2025. Key Changes to Paid-Up...