Indonesian Government Implements First Official BO Reports
Other government institutions are expected to follow Indonesia in their latest move to request Beneficial Ownership Registers from all companies registered in the country. The Indonesian Ministry of Law & Human Rights has initiated enforcing Presidential Regulation No. 13 2018, which requires corporations to identify its beneficial owners for the following actions going forward:
- Upon notifying incorporations.
- Amendments to the company’s articles of association.
- Any changes of Directors or commissioners.
The company's notaries must obtain a written statement from the corporation confirming the validity of the submitted information in any way the company deems appropriate or convenient.