In obtaining a business license, an applicant must complete the administrative process, which involves the submission of required documents. The documents that must be submitted to the regulator will depend on the nature of the activities. How long the application process will take will depend on the laws and regulations relevant to the financial services. For example, the approval of an application for a banking business license should, in theory, be issued within 60 business days at the latest after all of the required documents have been submitted to the relevant authority and deemed complete. The approval of a business license for an insurance company should be issued within 30 business days at the latest after all required documents are submitted. In practice, however, the entire process would typically take at least six months.

For some financial services, such as banking and insurance companies, the documents required for a license application include the following:

• Deed of establishment
• Shareholders', the board of directors' and board of commissioners' data
• Evidence of capital injection
• Business plan, risk management, and organization structure
• Business group structure of prospective controlling shareholders up to the ultimate beneficial owner.

There are two regulatory sandbox regimes in Indonesia for financial technology companies that operate in the financial services and payments sectors. These two sandbox regimes are facilitated by the OJK and BI. Upon the registration of the financial technology company, BI or the OJK may decide to place the company in its respective regulatory sandbox. A regulatory sandbox in Indonesia is essentially a program where BI or the OJK will closely monitor and evaluate the financial technology company's business to determine its reliability and sustainability. During the regulatory sandbox, BI or the OJK may also conduct site visits. The results of the regulatory sandbox do not constitute a license for full-scale operations. A separate application for a license, approval, and/or registration must be lodged by the relevant financial technology company following a successful regulatory sandbox process.