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An Update of Regulations on Foreign Construction Services Enterprises (BUJKA)

“The Ministry of Public Works and Public Housing has finally addressed the concerns of BUJKA Enterprises in Indonesia by revoking Regulation No. 09/PRT/M/2019 and issuing Circular Letter No. 22/SE/M/2019. As of November 2019, the provisions on BUJKA has been restored to its previous state which is acceptable to all parties.” In June 2019, Ministry of Public Works and Public Housing (Menteri Pekerjaan Umum dan Perumahan Rakyat or “Menpupera”) promulgated Menpupera

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New Regulation on Cryptocurrency Business in Indonesia

“Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) issued Bappebti Regulation No. 9 of 2019 (“PerBappebti 9/2019”) in July 2019 to amend Bappebti Regulation No. 5 of 2019 (“PerBappebti 5/2019. The regulation changed most of the capital requirement, the requirement, controlling party, and the possibility of becoming a crypto asset physical trader applicant instead of directly becoming a licensed crypto-asset physical trader.” Back in February 2019, Indonesian Commodity Futures Trading Regulatory

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Financing Company in Indonesia

“Financing company can be owned up to 85% by Foreigner. It offers a wide option of financing schemes, including but not limited to investment financing, working capital, multipurpose, and others scheme based on approval from OJK. Sharia financing scheme also accommodated by having a Sharia Business Unit (Unit Usaha Syariah / UUS) for conventional financing company or establish sharia financing company from its beginning.” Traditionally, people would seek a loan

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Company Liquidation Process in Indonesia

“During the liquidation process, the Company will not allowed to conduct any legal action, except if it is required to settle all of the Company’s business limitedly only for the purpose of liquidation process.” Indonesia is known as one of Asia’s most attractive emerging markets and investment target (source: indonesia-investments.com). Many investors have established their direct investment here in the form of a Company i.e. Limited Liability Company (PT). However,

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Electronic Licensing in the Financial Services Sector

“Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) has issued Regulation No. 26/POJK.01/2019 concerning Electronic Licensing within the Financial Services Sector (“POJK 26/2019”) on 28 October 2019 to undergo the licensing process electronically through an integrated licensing portal.” Prior to electronic licensing, the licensing procedure for financial services was conducted differently for each type of financial services based on different regulations. Now, every licensing procedure is to be conducted electronically

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