RESTRICTED
WORLD TRADE GATS/SC/43/Suppl.1
28July1995
ORGANIZATION(95-2251)
Trade inServices
INDONESIA
Schedule ofSpecific Commitments
Supplement 1
(This isauthentic inEnglish only)
_______________
This text replaces theFinancial Services section contained inpages 26to40
document GATS/SC/43.INDONESIA -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
General Conditions onNon-Bank Financial Services Sector/Subsector:
1. Limitation onNational Treatment interms oftaxation which isspecified inthehorizontal measures isnotapplied onthenon-bank financial
services sector/subsector.
2. Allmarket access andnational treatment limitations specified inthenon-bank financial services sector/subsector willbeeliminated bythe
year2020 subject tosimilar commitment byother Members.
3. Theshare ownership offoreign services supplier isbound attheprevailing lawsandregulations.
4. Inaddition tothehorizontal measures, temporary entry willbegranted totechnical expert(s)/adviser(s) fornolonger than3(three) months per
person foranygiven year.
GATS/SC/43/Suppl.1
Page1GATS/SC/43/Suppl.1
Page2INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Non-Life Insurance
Services
(CPC 8129)(1)Unbound
(2)Unbound except if:(1)Unbound
(2)Unbound
(a)There isnoinsurance company in
Indonesia, either individually or
group, which could handle the
insurance risksoftheobject in
question.
(b)There isnoinsurance company in
Indonesia which wanttocarry out
aninsurance coverage oftheobject
inquestion.
(c)Theowners ofinsurance objects in
question arenotIndonesian citizens
orIndonesian legalentities.
(3)Asspecified inthehorizontal measures.
(4)Unbound except fordirector and
technical adviser/expert.(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Reinsurance Services (1)None
(2)Unbound except forservice supplier
which metthecapital requirement and
hasagood reputation.(1)None
(2)Unbound
(3)Asspecified inthehorizontal measures.
(4)Unbound except fordirector and
technical adviser/expert.(3)Higher paid-up capital isrequired of
foreign services suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
LifeInsurance Services
(CPC 8121)(1)Unbound
(2)Unbound except if:(1)Unbound
(2)Unbound
(a)There isnoinsurance company in
Indonesia, either individually or
group, which could handle the
insurance risksoftheobject in
question.
(b)There isnoinsurance company in
Indonesia which wants tocarry out
aninsurance coverage oftheobject
inquestion.
GATS/SC/43/Suppl.1
Page3GATS/SC/43/Suppl.1
Page4INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(c)Theowners ofinsurance objects in
question arenotIndonesian citizens
orIndonesian legalentities.
(3)Asspecified inthehorizontal measures.
(4)Unbound except fordirector and
technical adviser/expert.(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
Insurance Brokerage
Services
(CPC 8140)(1)Unbound
(2)None
(3)Atleastoneofthedirectors inthejoint
venture should beanIndonesian
national.
(4)Unbound except fordirector and
technical adviser/expert.(1)Unbound
(2)Unbound
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Reinsurance Brokerage
Services
(CPC 8140)(1)Unbound
(2)None
(3)Asspecified inthehorizontal measures.
(4)Unbound except fordirector and
technical adviser/expert.(1)None
(2)Unbound
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
Financial Lease Services
(CPC 81120)(1)None
(2)None(1)None
(2)Unbound
(3)Asspecified inthehorizontal measures.
(4)Asspecified inthehorizontal measures.(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
GATS/SC/43/Suppl.1
Page5GATS/SC/43/Suppl.1
Page6INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Factoring Services
(CPC 8113)(1)Unbound except forinternational
factoring transaction.
(2)None
(3)Asspecified inthehorizontal measures.
(4)Asspecified inthehorizontal measures.(1)Unbound
(2)Unbound
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
Credit Card Business
(Issuer andAgent of
Credit Card)
(CPC 8113)(1)None
(2)None
(3)Asspecified inthehorizontal measures.
(4)Asspecified inthehorizontal measures.(1)None
(2)Unbound
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Consumers Finance
Services
(CPC 8113)(1)None
(2)None
(3)Asspecified inthehorizontal measures.(1)None
(2)Unbound
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal measures. (4)Asspecified inthehorizontal
measures.
Securities Business
-Trading forown
account orfor
account of
customers, onan
exchange or
over-the-counter
market
-Listed shares
-Bonds(1)Unbound
(2)None
(3)Through establishment ofasecurities
broker/dealer, requirements asspecified
inthehorizontal measures.
(4)Asspecified inthehorizontal measures.(1)Unbound
(2)None
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
GATS/SC/43/Suppl.1
Page7GATS/SC/43/Suppl.1
Page8INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Participation inissues of
securities, including
underwriting and
placement asagent
(whether publicly or
privately), andprovision
ofservices related tosuch
issues(1)Unbound
(2)None
(3)Through establishment ofasecurities
underwriter company, requirements as
specified inthehorizontal measures.
(4)Asspecified inthehorizontal measures.(1)Unbound
(2)None
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
Portfolio management, all
forms ofcollective
investment management(1)Unbound
(2)None
(3)Through establishment ofaninvestment
management company, requirements as
specified inthehorizontal measures.
(4)Unbound except fordirectors.(1)Unbound
(2)None
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2) Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Asset management limited
onlytoinvestment fund
management(1)Unbound
(2)None
(3)Through establishment ofaninvestment
management company, requirements as
specified inthehorizontal measures.
(4)Unbound except fordirectors.(1)Unbound
(2)None
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
Investment advisory
services limited onlyto
investment advisory in
capital market(1)Unbound
(2)None
(3)Through establishment ofaninvestment
management company, requirements as
specified inthehorizontal measures.
(4)Unbound except fordirectors.(1)Unbound
(2)None
(3)Higher paid-up capital isrequired of
foreign service suppliers thanof
domestic service suppliers.
(4)Asspecified inthehorizontal
measures.
GATS/SC/43/Suppl.1
Page9GATS/SC/43/Suppl.1
Page10INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Banking Subsector: General conditions onbanking subsector.
1.Allmarket access andnational treatment limitation specified inthebanking sector/subsector willbeeliminated bytheyear2020 subject to
similar commitment byother Members.
2.Theshare ownership offoreign services supplier isbound atprevailing lawsandregulation.
3.Theterms oftheoffer inthebanking sector areinaccordance withtheAnnex onFinancial Services unless otherwise specified.
4.Thegeneral conditions andqualifications areanintegral partoftheoffer inthebanking sector/subsector.
5.Bound forexisting branches offoreign banks at100percentforeign ownership.
6.Foreign bankandjoint-venture bankmayopen1(one) sub-branch and1(one) auxiliary offices inthecities ofJakarta, Surabaya, Semarang,
Bandung, Medan, Ujung Pandang, Denpasar andBatam Island.
7.Inaddition tothehorizontal measures, temporary entry willbegranted totechnical expert(s)/adviser(s) offoreign bankandjoint-venture bank
fornolonger than3(three) months perperson foranygiven year.
8.Acquisition oflocalexisting banks isallowed through thepurchase ofupto49percentofthelisted shares oflocally incorporated banks listed
inthestock exchange subject torules andprocedures ofCapital Market Regulatory Body (BAPEPAM).
9.Inconducting transactions specified inthisoffer, withtheexception oftheexisting branches offoreign banks, foreign services provider must be
intheform ofajoint-venture banklocally incorporated inIndonesia withthefollowing requirements:
(a)Asspecified inthehorizontal measures;
(b)Unbound fornewlicence;
(c)Only bankispermitted toestablish joint-venture bank.
10.TheGovernment ofIndonesia reserves therights toestablish regulations concerning thepaid-up capital requirements forjoint-venture banks.
11.Theoffer islimited totransactions specified inthespecific commitments.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Commercial Banking
Business
-Acceptance of
deposits andother
repayable funds
from thepublic.(1)Deposits received bybanks operated in
Indonesia (including overseas branch
offices oftheIndonesian banks) is
subject togovernment regulation on
foreign commercial borrowing.
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
GATS/SC/43/Suppl.1
Page11GATS/SC/43/Suppl.1
Page12INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Lending ofalltypes,
including consumer
credit, mortgage,
credit, factoring, and
financing of
commercial
transaction(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Allpayment and
money transmission
services, including
credit, charge and
debit cards,
travellers cheques
andbankers drafts(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
GATS/SC/43/Suppl.1
Page13GATS/SC/43/Suppl.1
Page14INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Guarantees and
commitments(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Trading forown
account orfor
account of
customers, whether
onanexchange, in
anover-the-counter
market orotherwise,
thefollowing:
-Money market
instruments
(including
cheques, bills,
certificates of
deposits).(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
-Foreign
Exchange(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
GATS/SC/43/Suppl.1
Page15GATS/SC/43/Suppl.1
Page16INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
-Exchange rate
andinterest rate
instruments,
including
products suchas
swaps, forward
rateagreements(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Transferable
securities issued
inthemoney
market(1)None
(2)None(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.
-Cash
management,
custodial and
depository
services(1)None
(2)None
(3)Asspecified inthehorizontal measures
andgeneral conditions onbanking
subsector.(1)None
(2)None
(3)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.
GATS/SC/43/Suppl.1
Page17GATS/SC/43/Suppl.1
Page18INDONESIA (continued)
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4)(a)Forforeign bankbranch, only
executive positions canbeassumed
byexpatriates withlimitation that
atleastoneofthem shallbe
Indonesian national.
(b)Forthejoint-venture bankonlyfor
thedirectors canbeassumed bythe
expatriates inproportion tothe
ownership sharing.(4)Bound onlyinaccordance withthe
horizontal measures andgeneral
conditions onbanking subsector.