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The Republic of Indonesia is an emerging world market, with a growing economy. The fourth most populous nation on the planet has more than than 220 million people, 50 per cent of whom are under 30 years of age. Indonesia creates nearly half of its gross domestic product (GDP) from industry, a further 14 per cent from service industries, with agriculture contributing 14 per cent.
Jakarta, the largest city in south-east Asia, is Indonesia's principle business centre. Such is the size of its population and relative cheapness of the workforce, most of the world's premium multinational companies have a presence. These include Intel, GE and General Motors. International finance companies with offices in Jakarta include HSBC, AXA, Citibank and ABN AMRO. Many of these corporations employ people in finance and accounting positions including wealth management consultants, financial fraud investigators, credit analysts and financial advisors.
Abundant natural resources in Indonesia include petroleum, tin, natural gas, nickel, timber, bauxite, copper, coal, gold and silver. Mining companies with an existing presence in Indonesia are primarily multinationals such as Rio Tinto, Santos, Aurora Gold and Atlanta Gold. The largest producer of oil in Indonesia is Caltex. Possible areas where there may be jobs with mining companies in Indonesia include project accounting and cost control.
Further out, the island of Bali receives the majority of Indonesia's tourists and most of the world's large hotel chains are represented there including Hyatt, Ramada, Hard Rock, All Seasons and Sofitel. Because of the large amount of employees and high turnover of cash, hotels typically need experts in payroll and accounts processing, as well as accountants with experience in reconciliations and end-of-month reporting.
Local professional accounting body
CPA Australia has signed a memorandum of cooperation with the Indonesian Institute of Accountants, known locally as Ikatan Akuntan Indonesia (IAI). Under the agreement, CPA Australia will work with the IAI in areas of training; International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs), international affiliation and moving towards the mutual recognition of qualifications. Membership of the IAI is a requirement to practice in Indonesia.
Working conditions and lifestyle
The breadth of Indonesia and its millions of inhabitants ensure there is no single answer to the question of conditions and lifestyle. Most private businesses open at 8.00 am or 9.00 am, working about eight hours. Government offices tend to open at 8.00 am and you should get there early if you want your issue dealt with. Many businesses take a long break for Friday prayers, but are open until noon on Saturday. Banks can close as early as 2.30 pm, but department stores and supermarkets may stay open until 9.00 pm, restaurants until 11.00 pm.
Work permits
A work permit, also known as a VITAS, is required to work in Indonesia. These last a maximum period of twelve months, with the possibility of extension, and are very difficult to procure. They should be arranged by your employer. Official government policy is to hire Indonesians wherever possible and any Indonesian company wishing to employ an expatriate must gain approval from the government. Apart from expatriates employed by foreign companies, most foreigners working in Indonesia are involved in the export business.