This study aims to prove that there has been a different phenomenon in which global financial crisis affecting countries around the world did not significantly influence the business activities in Indonesia. This study used an exogenous latent variable (ie the Global Financial Crisis) and two endogenous latent variables (ie JCI Asia Regional and Business in Indonesia). For the Global Financial Crisis is measured by two indicator variables namely World Inflation and the Stock Market U.S. Index. For JCI Asia Regional indicators measured by four variables namely the China Stock Price Index (Shanghai), Japan Stock Price Index (Nikkei), South Korea Stock Price Index (Kospi), and India Stock Price Index (Bombay), whereas for Business in Indonesia is measured by two indicator variables namely the Indonesia Stock Price Index (BEI) and Indonesia's inflation. Observations were made at the end of each month from January 2004 until June 2010. Results of analysis of research data proving that the global financial crisis is significantly affecting the Asia Regional Stock Price Index and the Asia Regional Stock Price Index significantly affect business activities in Indonesia, but the global financial crisis did not significantly affect business activities in Indonesia and simultaneous Global Financial Crisis and the Asia Regional Stock Price Index did not significantly affect the Business activities in Indonesia means business activities in Indonesia is more influenced by the Regional Asia Stock Price Index compared with the direct impact of global financial crisis. Data analysis tool using the Structural Equation Model (SEM) using lisrel Software 8.8, it was found that samples taken are in accordance with Structural Equation Modeling, evaluation results indicate Godness of Fit Statistics Fit results, except χ2 / df 1.575<2, P-Value (RMSEA 0.281 > 0.05), (IFI) 0986> 0.90 and (AGSI) 0844 <0.90.