As one of the Asia-Pacific region’s developing economies, Indonesia is currently offering a variety of prospects for IT businesses, particularly e-commerce and financial technology.
According to Google Temasek analysis, the net sales volume of first-hand products sold online in Indonesia reached IDR 151.4 trillion in 2017, indicating a 41% increase from 2015.
Financial progress using IT
The fast progress of the IT industry, along with factors like bulk purchase behavior, urbanization, an increase in phone devices, and a growing youth that is tech-hungry, has had a favorable effect on Indonesia’s economic progress.
Indonesians are now using the internet more frequently, which has further prompted them to buy cell phones, sign up for monthly data plans, and make online transactions. In the coming decades, information technology will be a huge part of people’s life.
Start an IT company
Following are the steps required to establish an IT business in Indonesia.
Market research and creating a business plan
90% of startups fail because there is no demand for their product in the market. Only concepts with an audience for them may be put into practice and become successful. Therefore, you should consider the potential customers, their wants, and market expectations before launching a startup business.
Learn more about your audience. You can achieve this by designing a typical online survey. Make a list of a few quick questions while keeping in mind the primary characteristics of your product. The survey will serve as the initial test of the corporate concept, ensuring that customers will need your offering.
Create an MVP
This is the initial release of the product, often known as a Minimum Viable Product. It just carries out the essential tasks required for the program to run and accomplish a specific action. The startup can evaluate the feasibility of its proposal with the help of this variant of the software. It enables the determination of market requirements and input from the intended market. If the MVP contains bugs, they can be swiftly fixed to prevent them from making it into the finished product. Hence, the company MVP design aids in removing flaws and gradually improving the product.
Locate sources of funding
Without significant investment, it is challenging to establish a technological company and introduce a product to the market. Startups typically lack the funding necessary to create the product. There are numerous ways to finance businesses in their early stages. One of the most common ways is Crowdfunding.
You must define the needed amount and describe the concept of the offering to acquire financing through crowdfunding. Crowdfunding websites typically have non-professional participants that are only looking to support the project there.
Register the business
The Indonesian Telecommunications Legislative Agency and Broadcasting Council will oversee the IT firm and will need it to file with the Department of Communication and Information. You would need to file an article of association to register the company. The Articles of Association are structured like a manual for operating a firm. These are written documents that list the rules and regulations that businesses must follow. When starting a business in Indonesia, it is essential to comprehend these laws.
Employers must complete several requirements to establish a corporation in Indonesia. Below is a list of the documents that businesses require to register a corporation.
- The company’s name
- Business activities
- Location of the company
- The names and contact information of its owners and shareholders
- The financial records
Build the company’s brand
You have to come up with a brand, a symbol, and a homepage to launch a technological company. They draw in the audience and promote the goods. A landing page can also be developed as part of the initial MVP. To prevent another company from using it, you must reserve the domain name with the local government. Make sure to carefully select the domain name because it serves as a company trademark.