news & insights - Gaffar & Co. Law

Choice of Law and Choice of Forum in Commercial Contracts

April 28, 2022

“In accordance with the principle of freedom of contract, any contracting parties can determine the choice of law and the choice of forum in commercial contracts. While it is not mandatory to do so, determining such choices can be beneficial to the contracting parties under certain considerations.” In Indonesia, the laws and regulations acknowledge a principle of “freedom of contract”, which states that the contracting parties are allowed to determine

Digital Signature and Its Requirement for Legalization Process

April 28, 2022

“By Indonesian law, a Digital Signature has been properly acknowledged and regulated. However, while having similar legal enforceability of a wet signature on paper, a Digital Signature must still undergo a legalization process if the signing is conducted outside of Indonesia.” Pursuant to Law No. 19 of 2016 concerning Amendment of Law No. 11 of 2008 concerning Electronic Information and Transaction (“ITE Law”), there has been defined a legal term

Legal Compliances of Crypto Traders in Indonesia

April 11, 2022

“Furthermore, the Traders must maintain its net capital adjusted which shows the calculation of working capital. The net capital adjusted itself is the difference between current assets and liabilities.” In Indonesia, the crypto business is one of the active industries right now. The Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi, or “Bappebti”) mentioned the number of crypto investors and transaction value had been increased significantly at the

Limitation Activity and the Obligation Report of the Overseas Bank Representative Office in Indonesia

April 8, 2022

“The Overseas Bank Representative Office in Indonesia has limited activities, only as a liaison between the bank overseas and its customer in Indonesia. Furthermore, in conducting its activities, there are some mandatory reports to the OJK.“ The Financial Services Authority (“Otoritas Jasa Keuangan/OJK“), through their website, mentioned that currently, there are 25 (twenty-five) OverseasBank Representative Offices located in Indonesia, consisting of 23 (twenty-three) of the conventional OverseasBank Representative Office and

An Investment Activity Report [LKPM]: One of The Obligations for PMA Company

March 22, 2022

“The purpose of LKPM serve as means of conveying report on investment realization and communication between BKPM and business actors, including the PMA Company.” Law Number 25 of 2017 on Capital Investment (“Investment Law”) has obliged all business actors to create an Investment Activity Report (“Laporan Kegiatan Penanaman Modal” or “LKPM”) and submitted to Indonesia Investment Coordinating Board (“Badan Koordinasi Penanaman Modal” or “BKPM”) in quarterly. The purpose of LKPM

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Choice of Law and Choice of Forum in Commercial Contracts

Digital Signature and Its Requirement for Legalization Process

Legal Compliances of Crypto Traders in Indonesia

Limitation Activity and the Obligation Report of the Overseas Bank Representative Office in Indonesia

An Investment Activity Report [LKPM]: One of The Obligations for PMA Company