In order to implement the terms of Government Regulation Number 52 of 2012 on Business Certification in Tourism Sector (“GR 52/2012”), the Minister of Tourism setsthe Minister of Tourism and Creative Economic Regulation Number 1 of 2014 on Implementation of Certification of Tourism Business (“Minister Regulation 1/2014”).Under Article 1 number 2 of Minister Regulation 1/2014,…
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Profit Utilization of Limited Liability Company
Profit utilization of limited liability company is regulated under Article 70-73 Law Number 40 of 2007 on Limited Liability Company (“Company Law”). The company is obliged to set aside a certain amount of net profits for every financial year as a reserve. The net profits are profits of current year after deducting taxes. Nevertheless, the…
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Company’s Document
Since 1997, the Law Number 8 of 1997 on Company’s Document (“Law on Company’s Document”) has been promulgated. It revoked the Article 6 of Indonesian Commercial Code and all laws and regulations which contradict with the Law on Company’s Document. This regulation is concerning company’s document, including the diversion, transfer, assignment, and removal of company’s…
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New Procedures For Validating a Legal Entity, Approving an Amendment of Article of Association and Company’s Data
New Procedures On March 26, 2014, the Minister of Law and Human Rights ("MoHLR" ) enacted the Regulation of MoHLR No. 4 of 2014 on Validating a Legal Entity, Approving an Amendment of Article of Association and Company’s Data (“Regulation of MoHLR No. 4/2014”). In principle, the Regulation of MoHLR No. 4/2014 regulates new procedures…
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Annual Business Plan on Limited Liability Company
Annual Business Plan on Limited Liability Company (“Business Plan”) is regulated under Chapter 4 of Law No.40 of 2007 on Limited Liability Company (“Company Law”). Under Article 63 of the Company Law, the board of directors shall prepare the Business Plan prior to the commencement of the upcoming accounting year. This Business Plan contains annual…
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The Annual Report in Limited Liability Company
The annual report is regulated under chapter IV in Law No.40 of 2007 on Limited Liability Company (“Company Law”). The following will describe the delivery mechanism of an Annual Report to the GMS. The directors will prepare an annual report of the company and then report it to the board of commissioners to be reviewed.…
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