There is a large number of tourists coming into Bali each year. Annually, Bali receives more than 5 million tourists. These people are always in Bali to have a good time and enjoy the best service that Bali has to offer. If you are someone who is looking for a good business opportunity then Bali might be your best choice.
Having a business in Bali is the best of both worlds since you can basically always have a vacation on the island and work towards success as well. But starting a business must begin somewhere and there’s no denying that it will take a lot of work. Below are 13 How to Start A Business in Bali. These 13 things are important steps in guiding your way to your goal that you must read.
1. Open an Indonesian Bank Account
You have to open an Indonesian bank account so that you can apply for PMA. A PMA is short for Penanaman Modal Asing which will be a declaration of your business. The PMA will help you gain complete ownership of your business. Moreover, it is a requirement to have at least $10.000 in your bank account to start a business.
2. Set Up Direct Investment Company
Business owners must set up a Direct Investment Company to have a business in Bali. This is a way of registering your company. By legally registering your company, you will obtain the same rights as any other local businesses. You will get your business licenses and you may also apply to register your own product from your business. Registering your company will also make it easier for you to earn your work visa which is the KITAS.
3. Apply for KITAS
To start your own business in Bali, you have to apply for KITAS. KITAS is an official permit released by the Indonesian authorities. The permit will allow you to stay for a longer time in Indonesia. With the permit, you can stay for many months in Indonesia especially if you are working or have a business.
4. Have Valid Copy of Passport
Business owners must submit a verified and legal copy of passport. This copy will be included among the legal papers needed to start the business in Bali. So make sure that your passport is still valid when you are in the process of building your own business on the island.
5. Find Location for Business
Location is a crucial part for business. You will have to pick a strategic place for your business so you can succeed. Spend some time traveling through all the places in Bali. Think of all the opportunities that a place can offer then you can begin to look for the perfect spot for your business.
6. Hire a Lawyer
Spend some of your money to hire an excellent lawyer. The lawyer can be a good investment for starting your business. He or she can help you file the legal papers that are required to have a business in Bali. The lawyer can also give you advise when you are dealing with the business laws in Bali.
7. Don’t Rely Too Much on Lawyer
Even though a lawyer is a good idea for a business, never rely too much on them. All lawyers know the laws better than you. Some might have the bad intention of overtaking your business or basically limiting your next move. Use your lawyer only for the purpose of legal papers.
8. Have IMB
IMB is a Building Certificate in Indonesia. You will need to have this when you want to start your business. You can obtain this certificate from the landlord of your business building if you don’t have your own building yet.
9. Avoid Buying Existing Business
Try as much as you can to avoid buying existing business in Bali. The business or the work ethics might not suit you. However, if you still want to buy an already established business then you have to do a careful and extensive research to avoid loss.
10. Get Locals in Your Business
Get locals in Bali into your business. You can look for a potential business partner who is a local in Bali so that you can have an easier start for your business in Bali. Keep in mind that you don’t have to rush this process. It is always good to have someone with an experience. But always remember is to have a trustworthy business partner. It would be wise to know How to Avoid Scams in Bali.
11. Master the Language
To have a good business in Bali, it would be wise to master the language of the country which is Bahasa Indonesia. Besides that, you may want to have a little knowledge on the Language in Bali Indonesia. When you know how to speak the language fluently, you won’t have to rely on translators to help you out. You can also learn more about the Business Etiquette in Bali. Moreover, by learning the language you can avoid people who are trying to scam you.
12. Apply for Tourism Businesses
When you start a business that is related to tourism, you will need to apply for tourism business. When your application is verified, you will be included under the tourism business list. You can also get your certificate for the tourism business.
13. Ensure All the Documents are Ready
Ensure that you have all the documents needed to have the business ready. Always prepare in advance. If you have a lawyer, talk to your lawyer thoroughly about everything that you will need. Find out the ways in which you can obtain any legal papers and permits so you won’t get confused later on.
Later on you may realise that starting a business in Bali can be quite complicated. But what you need to remember is to persevere through all the legal paperworks to officiate your business. It may take a while to have a running business but patience will be worth it.