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Latest Columns Limited Liability Company

  • Know Your Beneficial Owner Principle Implemented in Indonesia

    Know Your Beneficial Owner Principle Implemented in Indonesia

    Further to our previous column, to prevent and eradicate the crime of money laundering and terrorism financing, the government has issued Presidential Regulation Number 13 of 2018 on the Implementation of Know Your Beneficial Owner Principle By Corporations to Prevent and Eradicate Money Laundering and Financing of Terrorism (Regulation 13/2018). In Regulation 13/2018, every corporation is required to define the beneficial owner in a corporation.

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  • Company Data Correction of Legal Entities in Indonesia

    Company Data Correction of Legal Entities in Indonesia

    Recently, the Minister of Law and Human Rights issued Regulation Number 17 of 2017 concerning Procedures for Applications for Company Data Corrections for Limited Liability Companies, Foundations and Associations (New Regulation). In this column we limit our scope to the data corrections in limited liability companies (PT, local shareholders) and PT PMA (foreign shareholders). These corrections are submitted by a notary through the Legal Entity Administration System (SABH).

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  • Company Registration and Company Amendments Procedures Redefined

    Company Registration and Company Amendments Procedures Redefined

    Ministry of Law and Human Rights (Minister) Regulation number 4 of 2014 regarding Application Procedures for Approval of Legal Entity and Approval and Notification of Amendment  of the Articles Of Association and Company Data of a Limited Liability Company (Minister Regulation), has recently been amended by Ministry Regulation number 1 of 2016 (Amendment). The Amendment changes the requirements related to the submission of the following applications to the Minister: i) legal entity ratification during company registration; and ii) notifications related to the amendment of the articles of association of a company and iii) amendments to the company data.

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  • Share Capital Requirements Amendment for Small Companies Indonesia

    Share Capital Requirements Amendment for Small Companies Indonesia

    The share capital requirement is regulated in article 32 of Indonesian law number 40 of 2007 regarding Limited Liability Company (Company Law). Paragraph 3 of the same article regulates that changes in the minimum amount of authorized capital as set out in paragraph (1) shall be stipulated by Government Regulations. As implementation of the paragraph 3, recently Government Regulation 7 of 2016 regarding Amendments in Authorized Capital of a Limited Liability Company (Government Regulation) was issued. In this column we discuss the implications of the new Government Regulation.

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  • Company Name Indonesia - Restrictions and Procedure

    Company Name Indonesia - Restrictions and Procedure

    Before a company name of a limited liability company in Indonesia - both foreign investment (PT PMA) and local investment (PT) - can be utilized, the founders must obtain an approval of the Indonesian Minister of Law and Human Rights (Minister). Without an approved company name the founders are unable to complete the establishment process of their company. The use of a company name in Indonesia is subject to certain restrictions which are regulated in Indonesian Law number 40 of 2007 (Company Law) and its implement regulations.

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  • Amendment Articles of Association Indonesia

    Amendment Articles of Association Indonesia

    An amendment to the articles of association of a limited liability company in Indonesia - a PT in case of local investment and PT PMA in case of foreign investment - must be approved by the general meeting of shareholders. Besides approval of the general meeting of shareholders, law number 40 of 2007 (Company Law) requires in certain cases also approval of the Minister of Law and Human Rights (Minister). In this column we discuss such specific amendments and we will explain the approval procedure of such amendments.

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  • Insurance Business in Indonesia: Foreign Investment still Welcome

    Indonesian parliament (DPR) decided not to limit foreign ownership in Indonesian insurance companies. Currently, foreigners can have an 80 percent stake in a local insurance company. A new insurance bill on this matter is expected to be passed in a plenary session next month. This bill will enable foreign investors to continue to own local insurance companies through the share-purchase mechanism at the Indonesia stock exchange (IDX). Another important point in the new bill involves the legal entity of the local insurance firm.

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  • Articles of Association Indonesia - Content and Requirements

    Articles of Association Indonesia – Content and Requirements

    The articles of association of an Indonesian limited liability company (a PT in case of local investment and PT PMA in case of foreign investment) are initially drafted at the establishment of the company. The articles of association form part of the deed of incorporation. In this week’s column we will discuss the provisions which regulate the content of the articles of association and other relevant requirements, which are set out in the Indonesian law number 40 of 2007 (Company Law).

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  • Legalization Status of Company in Indonesia

    Legalization Status of Company in Indonesia

    In Indonesia a foreign investment limited liability company (PT PMA) and/or local investment limited liability company (PT) must obtain a Minister’s Decree regarding the legalization of the legal entity status of the company, based on article 7 (4) of law number 40 of 2007 (Company Law). In order to obtain such Minister’s Decree, the founders must submit an application to the Minister of Law and Human Rights (Minister). The exact requirements for submitting such legalization application are stated in article 9 (1) Company Law and Minister regulation number 4 of 2014 (Minister Regulation).

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  • Company Types Limited Liability Company Indonesia

    Company types limited liability company Indonesia

    The limited liability company (local PT or foreign PT PMA) in Indonesia is regulated under law number 40 of 2007 (Company Law). The Company Law sets the minimum establishment requirements for a limited liability company, but does not regulate the different company types for limited liability companies in Indonesia. These are regulated in law number 20 of 2008 (SME Law) which essentially differentiates micro companies, small companies, medium companies and large companies. This column will discuss the differences in company types in Indonesia.

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