According to Presidential Regulation No. 13 of 2018 regarding the Implementation of the Principles of Recognizing Beneficial Ownership of Corporations to Prevent and Eradicate the Criminal Acts of Money Laundering and Terrorism Financing (“PR 13/2018”), each corporation is required to determine the Beneficial Ownership (“BO”) of the corporation.
The law in Indonesia is dynamic and open for recodification, actualization and harmonization to local culture and customs. On 5th December, Indonesian lawmakers passed a new criminal code, heavily criticized by foreign news agencies for the ban on extramarital sex. The new criminal codes (“NCC”) have led economists to note the potential negative impacts on investment in Indonesia, specifically in the tourism business sector as the law also applies to foreign tourists.
The Criminal Code or Kitab Undang-Undang Hukum Pidana (KUHP) is the foundation of the regulation in Indonesia that stipulates criminal acts, originating from Dutch colonial law, namely Wetboek van Strafrecht voor Nederlands-Indie, which has been in effect since 1918. The Criminal Code is a prominent principle of criminal law in Indonesia as the Criminal Code deals with criminal rules, violations and other regulations related to crime.
Law Number 11 of 2020 on Job Creation (“Law 11/2020”) was ratified on 2nd November 2020 as the applicable regulation in Indonesia. However, the implementation of Law 11/2020 became ineffective right after Indonesian Constitutional Court (“MK”), through MK Decision Number 91/PUU-XVIII/2020, deemed Law 11/2020 as conditionally unconstitutional. To tackle this concern, Indonesia’s government contrived Indonesia Government…
Business Entity Certificate (Sertifikat Badan Usaha Or “SBU”) Registration Procedure Under The Minister of Public Works and Housing Regulation No. 8 Of 2022 in Indonesia
Indonesia’s Government strives to optimize licensing procedures for business entities through regulation in Indonesia, so licensing registration can be carried out quickly and precisely. Article 1…
The COVID-19 pandemic has caused a catastrophe for Indonesia’s economy. Indonesia has been facing a recession since 2020, when the economic growth plunged to -2.07%. The recovery began in 2021, indicated by the surge of the economic growth. In 2022, the recovery has continued to be the focus for the Government of Indonesia, thus the government focusing on creating law in Indonesia and regulation in Indonesia that can make investment easier. However, the economic uncertainty for 2023 is haunting. Global economic growth is predicted to be slowed due…
Terminating the Electrical Steam Power Plant Under Presidential Regulation No. 112 of 2022 in Indonesia
The promulgation of the law in Indonesia by Presidential Regulation No. 112 of 2022 concerning the Acceleration of Renewable Energy Development for Electricity Supply (“PR 112/2022”) is a sign that Indonesia will start implementing low-emission electricity projects to protect the environment. PR 112/2022 stipulates the Electric Supply Business Plan (Rencana Usaha Penyediaan Tenaga…
Paid-Up Capital Requirements for Existing Foreign Direct Investment Companies (PT PMA) Before the Enactment of Guidelines and Procedure for Risk-Based Licensing and Investment Facilities (BKPM) Regulation No. 4 Of 2021 in Indonesia
The Ministry of Investment/Indonesia Investment Coordinating Board (Badan Koordinasi Penanaman Modal or “BKPM”) issued BKPM Regulation No. 4 of 2021 on Guidelines and…
Expansion Guidelines for Mining Business Permit Areas (Wilayah Izin Usaha Pertambangan/”WIUP”) and Special Mining Business Permit Areas (Wilayah Izin Usaha Pertambangan Khusus/”WIUPK”) for Mineral and Coal Conservation in Indonesia
The Minister of Energy and Mineral Resources, Arifin Tasrif, issued the Minister of Energy and..
A new year reflects business progress and continuity for both business actors and workers. Along with economic development in Indonesia, more job opportunities are open for the public and the wages of workers shall be at the standardized Minimum Wage. If business actors do not heed the wage provisions stipulated in the Minister of Manpower Regulation No. 18 of 2022 concerning the Determination of the 2023 Minimum Wage by law in Indonesia (“MoMR 18/2022”), then the sanctions are….
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