GR 28/2025 introduces a stricter, more detailed risk-based licensing system that affects how foreign investors must choose KBLI codes, determine ownership structures, and obtain OSS/IBOSS approvals. Each business activity now carries a risk level that dictates whether the PT PMA needs only an NIB or additional Standard Certificates and sectoral licenses. This means PT PMA structures must be aligned precisely with the updated risk rules to avoid delays or invalid licensing.