Following the enactment of Law No. 11 of 2020, generally known as the Omnibus Law, the government has introduced the necessary implementing rules to the law. Of the proposed changes underneath the Omnibus Law, one, in particular, will affect all businesses, specifically the shift from a commitment-primarily based licensing regime to a risk-primarily based licensing regime. The new regime is reflected under Government Regulation No. 5 of 2021 on the Implementation of Risk-Based Business Licenses.
The OJK should approve or reject the license application no later than 30 days after the whole utility is received. General Meeting of Shareholders in Indonesia Limited liability corporations in Indonesia should hold an annual basic assembly of shareholders at least six months after the end of their financial year. The AGMS must talk about and approve the annual report submitted by the Board of Directors, which should include a monetary report among different particulars. Proposal to Revoke Five Business Permits in Indonesia On 16th March 2016, Indonesian President Joko Widodo introduced a plan to simplify enterprise licensing in Indonesia by revoking 5 current enterprise permits issued at the regional stage. New Ministry of Employment Regulation on Religious Festivity Allowance On eighth March 2016 the Minister of Employment issued Regulation No. 6 of 2016 on Religious Festivity Allowance for Employees in Companies.
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Food Export Regulations and Licenses in Indonesia Food export actions in Indonesia can be carried out by people, institutions and enterprise entities. This legal update offers a comprehensive overview of the completely different classifications for export goods, as well as relevant licensing procedures and laws. Indonesian Financial Services Authority in Review This legal update appears at a few of the regulatory changes which were launched because the Financial Services Authority took over supervision of the capital markets, non-bank monetary establishments and banking sectors prior to 2014. Public Mergers and Acquisitions in Indonesia Despite the slowing financial system, M&A activity picked up usually in the direction of the end of 2014, though not particularly involving public corporations. This legal update supplies an overview of laws on public mergers and acquisitions in Indonesia, masking the primary means of acquiring management of a public firm. Indonesia Omnibus Law – Changes to the Company Law Indonesia’s intently watched omnibus jobs creation bill just lately became regulation.
- Ari Karen is an experienced litigator and speaker who has focused his follow in representing monetary institutions in both authorities investigations and litigation before state and federal trial and appellate courts nationwide.
- New Ministry of Employment Regulation on Religious Festivity Allowance On 8th March 2016 the Minister of Employment issued Regulation No. 6 of 2016 on Religious Festivity Allowance for Employees in Companies.
- Background Checks Under Indonesian Employment Law Employers in Indonesia regularly perform background checks on candidates.
- On 14th October 2014, the Indonesian Government issued the third modification to Government Regulation No. 23 of 2010 concerning the Implementation of Mineral and Coal Mining Business Activities and in doing so launched revised divestment necessities.
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Mandatory Disclosure of Beneficial Owners in Indonesia Following the enactment of Presidential Regulation No. thirteen of 2018, legal entities in Indonesia at the moment are required to declare the identity of beneficial house owners and provide information on their helpful ownership. New Abandonment and Site Restoration Obligations Upstream Oil and Gas Activities Indonesia’s Minister of Energy and Mineral Resources has regulated abandonment and site restoration activities, or post-operation actions, for the upstream oil and gasoline sector. Indonesian Government Publishes 2017 Cost of Electricity Generation Figures The Government just lately issued Decree No. 1772 K/20/MEM/2018 which illustrate the costs to PLN of procuring power from the completely different methods/sub-techniques all through Indonesia. Indonesia’s PLN Invites Hydropower Developers to Prequalify Indonesia’s state-owned power utility PLN, has issued an invitation to hydropower builders to submit applications to be included on the List of Selected Providers for Indonesian hydropower tasks with a capability of above 10MW.
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Establishing a Presence in Indonesia from Abroad The commonest choice for an abroad company as a overseas investor to ascertain a presence in Indonesia is by organising a limited legal responsibility firm (Perseroan Terbatas ) with international possession . New Regulation in Indonesia Applies Final Income Tax to Mineral and Coal Sales To improve state income from the mining sector, the Government of Indonesia has imposed a new ultimate earnings tax on any sale of minerals and coal as regulated underneath Minister of Finance Regulation No. 107/PMK.010/2015. Guide to Background Checks in Indonesia Employers in Indonesia often carry out background checks on candidates.