Exit Strategy for Your Indonesian Business as Foreign Investor

Exit Strategy for Indonesian Business as Foreign Investor


As a foreign investor in Indonesia, entering the vibrant and diverse market is a promising venture. However, it’s equally important to have a well-thought-out exit strategy in place. Whether you’re considering selling your business or closing it down, navigating the intricacies of Indonesian business and legal systems is crucial. 

Evaluating The Right Time For An Exit Strategy

Evaluating the right time for an exit strategy is a critical decision for any business owner or investor. The timing of your exit can greatly impact the financial outcome and success of your venture. Here are some key considerations to help you determine when the right time for an exit strategy might be:

  1. Achievement of Business Goals:

Consider whether you have achieved the specific goals you set when you started the business. These goals could be related to revenue, market share, growth, or profitability. If you’ve met or exceeded your objectives, it may be a good time to consider an exit.

  1. Market Conditions:

Assess the current market conditions. Is your industry or sector experiencing favorable conditions that could lead to a higher valuation for your business? Market trends, demand, and economic factors can influence the timing of your exit.

  1. Business Performance:

Analyze your business’s financial health and performance over time. If you see consistent growth and profitability, it might be an ideal moment for an exit. Conversely, if the business is struggling or showing signs of decline, it may be best to wait for a potential turnaround.

  1. Competitive Landscape:

Evaluate the competitive landscape. If there are changes in the competitive environment that could impact your business’s long-term prospects, it might be wise to exit before these challenges become insurmountable.

  1. Life Changes and Personal Goals:

Your personal circumstances and life goals can also play a significant role in the timing of your exit. If you have achieved financial security and are ready to move on to other pursuits, it may be the right time to exit.

  1. Health of the Industry:

Consider the overall health and sustainability of your industry or sector. Industries go through cycles, and it may be advantageous to exit while the industry is in an upswing.

  1. Company Valuation:

Regularly assess the valuation of your business. If it’s at a peak or increasing, it could be an attractive time to exit. Keep in mind that valuation methods can vary, so consult with experts to get an accurate assessment.

  1. Economic Factors:

Economic conditions, such as interest rates and inflation, can influence the attractiveness of selling or holding onto your business. Low interest rates, for instance, may make it more appealing for buyers to acquire businesses.

  1. Market Sentiment:

Pay attention to investor sentiment and market trends. If there is strong demand for businesses in your sector or region, it may be a favorable time to exit.

  1. Exit Options:

Explore the available exit options, such as selling to a strategic buyer, a competitor, a private equity firm, or going public through an IPO. The choice of exit strategy may depend on market conditions and your goals.

  1. Risk Tolerance:

Assess your risk tolerance. If you believe that market conditions or other factors could lead to a decline in the value of your business, you might want to exit sooner rather than later.

  1. Succession Planning:

If you have a succession plan in place and a capable management team or successor, it may make the timing of your exit more flexible.

  1. Legal and Regulatory Considerations:

Be aware of any legal and regulatory constraints that might affect the timing of your exit. Some industries have specific rules governing ownership changes.

  1. Personal Readiness:

Finally, consider your own readiness for the exit. Exiting a business can be emotionally and mentally taxing. Ensure that you are prepared for the transition.

Legal Considerations For Foreign Investors Exiting Indonesia

Exiting a business in Indonesia as a foreign investor involves several legal considerations and regulatory obligations. Failing to comply with these requirements can lead to legal issues, financial penalties, or delays in the exit process. Here are some key legal considerations for foreign investors exiting Indonesia:

  1. Regulatory Compliance:

Ensure that you are in full compliance with Indonesian laws and regulations. This includes compliance with business registration, permits, licenses, and any specific industry regulations. Engage local legal experts to help you navigate the regulatory landscape.

  1. Notice to Government Authorities:

As a foreign investor, you are required to notify the Indonesian Investment Coordinating Board (BKPM) and relevant government authorities of your intention to exit the business. This notice typically includes information about the exit strategy, such as whether you are selling the business or closing it down.

  1. Transfer of Ownership:

If you are selling your business to another foreign investor, you must comply with the foreign investment regulations, which may require approval from the BKPM. This approval process can be time-consuming, and you should be prepared for the associated paperwork and administrative requirements.

  1. Dissolution or Liquidation:

Depending on the type of business entity you operate in Indonesia, you may need to go through a formal dissolution or liquidation process. This includes settling all outstanding obligations, selling assets, and formally closing the business entity. Legal counsel is essential to guide you through this process.

  1. Labor Laws:

Comply with Indonesian labor laws when dealing with your employees. Notify employees of the business closure or sale according to legal requirements and provide appropriate notice. Be prepared to address severance pay, benefits, and other labor-related obligations.

  1. Taxation:

Ensure that you are in compliance with Indonesian tax regulations. Depending on the type of exit (sale or closure), you may be subject to capital gains tax or other tax liabilities. Consult with tax experts to understand your obligations and file the necessary tax documents.

  1. Contractual Agreements:

Review and comply with all contractual agreements, including leases, vendor contracts, and other obligations. Determine the necessary steps to terminate these agreements, and consider any financial settlements or penalties associated with early termination.

  1. Intellectual Property Rights:

Address any intellectual property rights you may hold, such as trademarks or patents. If you’ve registered intellectual property in Indonesia, you should handle the transfer or protection of these rights during the exit process.

  1. Escrow Agreements:

When selling your business, consider using escrow agreements to protect your interests and ensure that the buyer fulfills their financial obligations. Escrow services can help facilitate a smooth and secure transaction.

  1. Dispute Resolution:

If any disputes or legal issues arise during the exit process, be prepared to engage in dispute resolution mechanisms. Consider negotiation, mediation, or arbitration as alternatives to litigation, as these methods can be faster and more cost-effective.

  1. Notary and Legal Documentation:

Engage a notary or legal expert to prepare the necessary documentation for the business exit. This includes drafting agreements, transfer of ownership documents, and dissolution or liquidation paperwork.

  1. Post-Exit Obligations:

Ensure that you address any post-exit obligations, such as remaining liabilities or potential contingencies. Legal advice can help you minimize risks and liabilities after the exit.

  1. Record Keeping:

Keep detailed records of all legal and financial transactions throughout the exit process. These records can be important for auditing purposes or addressing potential legal issues in the future.

Types Of Exit Strategies For Foreign Investors

Foreign investors, like any other business owners, have several exit strategies to choose from when they decide to leave an investment or exit a business. The choice of exit strategy depends on various factors, including the nature of the investment, market conditions, and the investor’s goals. Here are some common types of exit strategies for foreign investors:

  1. Sale of Business:
  • Trade Sale: Selling the business to another company or competitor. This is a common exit strategy and often results in a lump sum payment or shares in the acquiring company.
  • Strategic Buyer: Selling to a strategic buyer, which may be a larger company looking to expand or diversify its operations.
  • Financial Buyer: Selling to a financial investor, such as a private equity firm or venture capitalist, which seeks a return on investment by buying and growing the business.
  1. IPO (Initial Public Offering):

Taking the business public by offering shares for sale on a stock exchange. This exit strategy can provide liquidity and access to a broader pool of investors.

  1. Management Buyout (MBO):

Allowing the existing management team or employees to buy the business. MBOs are often financed through a combination of debt and equity.

  1. Merger or Acquisition:

Merging your business with another company or acquiring a larger company in a strategic move. This can be an alternative to selling the business outright.

  1. Liquidation:

Closing down the business and selling off its assets, with the proceeds used to pay off creditors and distribute any remaining funds to the investors.

  1. Divestment:

Selling off a portion of the business or specific assets while retaining ownership of the core business. This can be a strategic way to streamline operations and unlock value.

  1. Franchising or Licensing:

Licensing the business model, brand, or products to others for a fee, allowing you to maintain some level of ownership and income from the business.

  1. Passive Income Investment:

Transitioning from active management to a passive income role by maintaining ownership and collecting dividends, interest, or rental income.

  1. Family Succession:

Transferring the business to family members, allowing it to remain within the family.

  1. Strategic Alliances or Joint Ventures:

Forming partnerships, alliances, or joint ventures with other businesses to create value and potentially exit by selling the joint venture or your ownership stake.

  1. Employee Stock Ownership Plan (ESOP):

Transferring ownership to employees by creating an ESOP trust. This allows employees to become shareholders and can provide tax advantages.

  1. Debt Refinancing:

Restructuring the business’s debt or taking on new debt to provide partial or full liquidity to investors.

  1. Recapitalization:

Adjusting the capital structure of the business by taking on additional debt or equity, which can provide a partial exit for investors while allowing them to retain an interest in the business.

  1. Hybrid Exit Strategies:

Combining multiple exit strategies to meet specific goals. For example, you might sell a portion of the business, take the remainder public through an IPO, and retain a stake in the business

Preparing Your Business For Sale: Financial And Operational Aspects

Preparing your business for sale is a comprehensive process that involves addressing various financial and operational aspects to make your company more attractive to potential buyers. Here’s a step-by-step guide on how to prepare your business for sale:

1. Financial Statements and Records:

  • Profit and Loss Statements: Ensure your financial statements are accurate and up to date. Buyers will want to see historical and projected profit and loss statements.
  • Balance Sheets: Prepare balance sheets to show your company’s assets, liabilities, and equity.
  • Cash Flow Statements: Present cash flow statements to demonstrate your company’s liquidity and ability to meet financial obligations.
  • Audited Financials: If possible, have your financials audited by a reputable accounting firm to provide an extra level of credibility to potential buyers.

2. Clean Up Your Finances:

  • Reduce Unnecessary Expenses: Eliminate non-essential or personal expenses from the financial statements to make your company’s financials more appealing.
  • Manage Accounts Receivable: Ensure that outstanding invoices and accounts receivable are collected promptly to improve cash flow.
  • Reduce Debt: Consider paying down debt or addressing any outstanding liabilities that may deter potential buyers.
  • Tax Compliance: Ensure your business is in compliance with tax regulations and that there are no outstanding tax issues.

3. Legal and Compliance:

  • Review Contracts and Agreements: Go through all contracts, agreements, and legal obligations. Ensure they are up to date and will not create liabilities for the new owner.
  • Intellectual Property: Confirm that all intellectual property rights (patents, trademarks, copyrights) are in order and properly documented.
  • Permits and Licenses: Ensure that all necessary permits and licenses are current and in compliance with regulations.

4. Operational Efficiency:

  • Document Business Processes: Have clear and well-documented standard operating procedures (SOPs) in place to show potential buyers that the business can run smoothly without your direct involvement.
  • Staffing and Management: Ensure you have a capable and well-trained management team in place. Address any gaps in staffing if necessary.
  • Technology and Systems: Make sure your technology infrastructure is up to date, and all systems are functioning properly. Demonstrate how technology enhances the efficiency of your operations.
  • Inventory Management: Optimize inventory management to ensure that there is not an excessive amount of obsolete or slow-moving inventory.

5. Customer and Supplier Relationships:

  • Diversify Customer Base: Avoid over-reliance on a single customer or a small group of customers. A diverse customer base is more appealing to buyers.
  • Strengthen Supplier Agreements: Ensure you have favorable and stable supplier agreements in place.

6. Marketing and Branding:

  • Brand and Marketing: Highlight the strength and recognition of your brand. Showcase your marketing strategies and campaigns that have been effective.
  • Customer Data: Secure your customer data and ensure it complies with privacy regulations.

7. Growth and Projections:

  • Growth Opportunities: Present a clear growth strategy and identify potential opportunities for expansion.
  • Projections: Provide financial projections, ideally backed by historical data, to demonstrate the business’s future potential.

8. Real Estate and Assets:

  • Real Estate: If you own real estate related to the business, ensure it is properly valued and prepared for sale. If leasing, confirm that lease agreements can be transferred.
  • Equipment and Assets: Maintain and repair equipment and assets to keep them in good condition.

9. Due Diligence Package:

Compile all necessary documents, contracts, financials, and records into a due diligence package that can be shared with potential buyers.

10. Seek Professional Advice:

Consult with legal and financial advisors, as well as business brokers or M&A experts, to help you navigate the sale process, value your business accurately, and ensure you’re well-prepared.

Valuing Your Indonesian Business: Methods And Factors

Valuing your Indonesian business is essential for various purposes. Key methods include comparable sales, discounted cash flow, and earnings multipliers. Factors like financial performance, industry conditions, assets, location, and the regulatory environment influence the valuation. Engaging local experts is advisable for accurate valuation in the Indonesian market

Finding Potential Buyers Or Successors: Local And International Options

When looking for someone to buy or take over your business, you have two main options:

  1. Local Options:
  • Competitors or similar businesses in your area.
  • Partners or collaborators you work with.
  1. International Options:
  • Big global companies looking to enter the Indonesian market.
  • Foreign investors or venture capitalists seeking opportunities in Indonesia.
  • Cross-border mergers and acquisitions (M&A).
  • Online platforms for business sales.
  • Government or industry programs promoting international investment

The Role Of Professional Advisors In Your Exit Strategy

Professional advisors are like your business exit guides. They help with important aspects of your exit plan:

  • Financial Advisors: Figure out your business’s value and plan your finances.
  • Legal Advisors: Handle legal matters and agreements.
  • Business Brokers: Find potential buyers and negotiate the sale.
  • Tax Advisors: Minimize tax payments legally.
  • Accountants: Ensure your financial records are accurate.
  • Estate Planning Advisors: Plan for passing on your business and wealth.
  • Business Consultants: Improve your business’s attractiveness.
  • HR Advisors: Help with employee-related issues.

These experts make the exit process smoother and more successful.

Negotiating The Terms Of The Business Exit

Negotiating the terms of your business exit is important. Here’s how to do it:

  • Know Your Goals: Figure out what you want from the exit.
  • Prepare Your Business: Get your business in good shape before selling.
  • Understand the Other Side: Understand what the buyer or successor wants.
  • Get Expert Help: Work with advisors for legal, financial, and tax advice.
  • Set a Fair Price: Agree on a fair price for your business.
  • Deal Details: Decide how the deal will work, including payment terms and any conditions.
  • Keep Things Private: Use agreements to keep business info private.
  • Negotiate the Terms: Talk about the sale price, how and when you’ll be paid, what’s included, and any rules about competition.
  • Keep Key People: Plan for keeping important staff and customers during the transition.
  • Follow the Law: Make sure you follow the law during negotiations.
  • Handle Disputes: Decide how to solve problems if they come up.
  • Plan the Timeline: Set a schedule for the negotiations and closing.
  • Prepare for Inspection: Be ready for the buyer to check your business closely.
  • Sign the Papers: Finalize the legal documents and sign them.
  • Transition After Closing: Plan for a smooth handover after the sale.

Good negotiation helps you get what you want from your business exit.

Handling Taxes And Regulatory Compliance During The Exit Process

To handle taxes and regulations during your business exit:

  • Get a tax advisor early on.
  • Follow all laws and rules.
  • Share financial info for due diligence.
  • Choose a sale structure with lower taxes.
  • Know the capital gains tax.
  • Check employee-related taxes.
  • Keep tax records.
  • For international business, deal with cross-border taxes.
  • Work with legal and tax advisors.
  • Plan your estate to reduce taxes.
  • File the right regulatory papers.
  • Manage taxes after the exit.
  • Stay updated on tax laws.

Professional Advice For A Smooth Exit 

Exiting an Indonesian business can be a complicated process. From handling the legal issues, tax obligations, to securing the best outcome certainly requires a deep understanding of the Indonesian market. For a stress-free and successful exit,

Seven Stones Indonesia can provide you invaluable guidance on structuring safe exit strategy to ensure your regulatory compliance. To learn more about our comprehensive services regarding businesses in Indonesia, please ask away your questions on our contact form. Our professional legal team is ready to assist you. 

Mark E. Shipman

Consultant Corporate

Mark embarked upon a career in the Australian corporate sector garnering extensive experience in the development of corporate, strategic, business planning, human resources, industrial relations, community development and trade facilitation in agricultural and community enterprises and private and government organisations across a comprehensive range of industry sectors. He studied at Doctorate level investigating Chaos and Complexity theory as a platform for interpreting responses to the effects of globalisation on business and communities, and in the design of organisational and learning and development responses.

Fifteen years ago, after a brief sabbatical, he studied law. Completing a 5-year degree program in 3 years, he was admitted into the Western Australian jurisdiction in March 2013. His interests include Employment law, Maritime Law, International Public Law, Arbitration, World Trade Organisation Law, Indonesian Law and Advocacy.

In 2013 he was awarded Professional Certificate in Arbitration from Adelaide University and is eligible for membership of both Institute of Arbitrators and Mediators Australia and Chartered Institute of Arbitrators.

Marks Indonesian connection

In addition to the above Mark has enjoyed a long private career in Indonesian/Australian trade as the founder of ITMA. In1988 Mark entered a commercial relationship. Wahyu Mulyo Group, a privately held Industrial group in Surabaya. He later became an integral part in this large family-owned firm. It was during this period Mark unparalleled gained understanding of the Indonesian legal and commercial jurisdictions.

After moving to Bali in 2019 Mark joined Seven Stones Indonesia (SSI) as a Consultant. Upon his return from Australia following Covid, he has accepted an appointment as a Director of SSI and heads up the Legal Division.

With extensive experience in international commerce both with clients from both in common law and civil law jurisdictions Marks provide legal support to Indonesia’s growing international foreign investment community.

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Please note the visa cannot be extended more than one time but you can apply for a new onshore visa, which we can process for IDR 4,500,000.

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Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.