Startup Grind Bali - Asto Aji Wibowo Maxx's Group - ChaTea Talks at CoinFest.Asia powered by ICP

Summary

In this insightful interview at Coin Fest, AI Boa, founder of Max Group, shares his expertise on Bali's growing expat and investment scene. He explains how Max Group helps foreign investors navigate Bali’s legalities, offering services from business setup to property acquisition. AI also highlights Indonesia’s rising economy, driven by a young, tech-savvy population and growing crypto adoption. He debunks myths about property ownership, revealing how expats can legally purchase freehold property through a foreign-owned company. His advice: ‘Never give up’—a mantra for both business and life, emphasizing resilience and persistence.

Takeaways

• 😀 Max Group, founded by AI Boa, serves as a one-stop service for foreign investors in Indonesia, offering services such as company setup, visa management, property acquisition, and construction.
• 😀 Bali is increasingly becoming a hub for expatriates, particularly from Europe and the US, who are seeking a better quality of life amidst global uncertainties.
• 😀 Max Group currently serves over 6,500 clients in Bali alone, helping expatriates invest in properties, set up businesses, and navigate legal and logistical challenges.
• 😀 Expatriates can purchase property in Bali through a foreign-owned limited company (PTPM), allowing them to own freehold properties under the company's name.
• 😀 Leasing property in Bali for 10-20 years is common, but owning property through a PTPM is considered a more secure investment with long-term stability.
• 😀 The Indonesian government is expected to regulate cryptocurrency transactions more thoroughly in the coming years as the country’s young, tech-savvy population increasingly adopts blockchain and crypto technologies.
• 😀 AI Boa believes that Indonesia is entering a 'golden age,' with 65% of the population between the ages of 18-45, many of whom are already involved in social media and crypto.
• 😀 Max Group is expanding its operations beyond Indonesia, with new offices planned in Singapore and Dubai to cater to the growing number of foreign investors in the region.
• 😀 Crypto-friendly regulations in Southeast Asia, especially in Singapore and Dubai, are encouraging international investors to explore opportunities in the region.
• 😀 AI Boa’s personal business philosophy is centered around perseverance, with the key advice being 'never give up'—a lesson he applies in both life and business.
• 😀 Bali's reputation as an attractive investment destination continues to grow, with an increasing number of foreigners choosing the island to relocate, start businesses, and invest in real estate.

Q & A

What is the role of Max Group in Bali for foreign investors?

Max Group acts as a one-stop service provider for foreign investors, helping them with everything from business setup, visas, property investments, to construction of villas or restaurants. They ensure that all legal and regulatory requirements are met for foreigners looking to invest or live in Bali.

How many clients does Max Group currently have in Bali?

Max Group currently has over 6,500 clients in Bali. Many of these clients are foreign investors looking to relocate and start businesses in the area.

What types of services does Max Group provide to foreign investors?

Max Group offers a range of services, including helping with the setup of foreign-owned companies (PTPM), visa applications, property acquisition, and the construction of properties such as villas and restaurants. They provide full legal support to ensure everything is done legally and properly.

How can foreigners buy property in Bali under Indonesian law?

Foreigners can buy property in Bali through the setup of a foreign-owned company (PTPM). This allows them to purchase freehold property under the company's name, which is legally recognized, as opposed to being restricted to long-term leases which may not offer the same security.

What is the current trend in foreign investment in Bali, particularly in property?

There is a growing trend of foreign investors, especially from Europe and the US, relocating to Bali. Many are investing in property, building villas, or starting businesses, driven by a desire for stability amidst global uncertainties.

What are the main challenges faced by foreigners when relocating to Bali?

The main challenges include navigating the legal and regulatory systems, such as visa requirements and property ownership laws. Foreigners often need assistance in setting up companies and understanding the local bureaucracy, which is where companies like Max Group provide critical support.

What impact does Indonesia's young population have on the country's economy?

Indonesia's young population, especially those aged between 18 and 45, is a significant factor in the country’s economic growth. With a large number of people in the productive age group, there is greater participation in sectors like crypto, technology, and digital media, which is driving economic development.

How is the Indonesian government expected to handle cryptocurrency regulations in the future?

While cryptocurrency regulations are still evolving, AI believes that Indonesia will implement clearer crypto regulations within the next few years. The country's large and youthful population is already actively engaging with crypto, and this will likely influence the government's regulatory stance.

What are AI’s plans for expanding Max Group beyond Bali?

AI plans to expand Max Group’s operations to other regions in Southeast Asia, including Singapore and Dubai. Max Group already has offices in Indonesia, and with new offices in Singapore and Dubai, AI aims to tap into international markets and serve foreign investors globally.

What is the best piece of advice AI has received in his business career?

The best piece of advice AI has received is to 'never give up.' He believes that business, like life, has its ups and downs, and perseverance is key to success. Despite facing challenges, one must continue to move forward with passion and determination.