Anyone in a higher position in an Indonesian company must typically be an Indonesian citizen or permanent resident. A foreigner may, however, be allowed to become a shareholder, director, or company commissioner if they follow the rules set forth by the Indonesian government and other regulatory bodies. The government has also laid down the procedures for a foreigner to become a commissioner of an Indonesian corporation.
Foreigners must first obtain a Limited Stay Visa, often known as a VTT, before being considered for the position. Foreigners must also own a specified number of shares before becoming a commissioner or director, according to the most recent legislation. Foreign shareholders who want to serve as a director or company commissioner must have at least one billion rupiah in stock or the equivalent in US dollars.
A residence permit is necessary for all foreign company commissioners of Indonesian corporations. It is required for foreigners who intend to reside and work in the country. The residence permit, in conjunction with the new VTT permit, will allow company commissioners to legally work for and be paid by an Indonesian company, open a local bank account in Indonesia, and stay in the country for longer periods of time without having to contact government departments to extend their visas.
If foreigners with exclusive work positions, such as company commissioners, have resided in Indonesia for at least three years, they may become permanent residents of the nation. However, all of these foreigners do not have to become permanent residents of Indonesia.