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“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,

“As one of the important organs in the Limited Liability Company (a PT/Perseroan Terbatas), Law No.40 of 2007 concerning Limited Liability Company (“UU PT”) regulates the authority, the requirement and procedure also the clause about circular resolution.” Limited Liability Company in Indonesia has three different important organs that operate its functions; Board of Directors, Board of Commissioners, and General Meeting of Shareholders (“GMS”). However, unlike the first two, GMS is

“Representative Office obliged to submit the activity report to the BKPM.” In Indonesia, the term representative office refers to an office lead by a chief of representative appointed by a foreign company outside of Indonesia as its representative in Indonesia, however in details it is actually further divided into four, which are General Representative Office / KPPA (Kantor Perwakilan Perusahaan Asing), Trade Representative Office / KP3A (Kantor Perwakilan Perdagangan Asing),

“Indonesia Government regulates beneficial ownership principle in some regulations to create legal certainty. The regulations mentioned about the definition, limitation, also sanction for incompliance.” According to The Financial Action Task Force (FATF), beneficial owner refers to the natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a