“Based on the prevailing manpower regulations in Indonesia, company regulation must first be approved by the Manpower Agency in order to apply internally in the company. Furthermore, prior to the expiry of the validity of the company regulation, the company must conduct a renewal of the company regulation in order to stay compliant with the […]
“The government has passed Law No. 27 of 2022 on Personal Data Protection that regulates mainly on the processing of personal data, and the rights and obligations of the personal data subject and personal data controller.” Promulgated this year, Law No. 27 of 2022 on Personal Data Protection (“UU PDP”) regulates provisions on processing of […]
“While BANI Arbitral Award is legally executable upon rendering, there are multiple instances wherein the parties fail to execute the arbitral award voluntarily. Should this be the case, the arbitral award can be requested to be executed by the competent District Court.” Legal Basis of Arbitration in Indonesia Pursuant to Law No. 30 of 1999 […]
“Offshore Loans must be reported to Bank Indonesia.” In regard to supporting and/or expanding a business, some entrepreneurs borrow funds from abroad to cover the costs they need. The borrowing of funds from abroad is included in the activities of Foreign Exchange Traffic, so it needs to be reported to the competent authority, which is […]
“Business Actors must do LKPM Report in the stipulated reporting period. Since the second quarter of 2022, LKPM reporting is no longer through the link https://lkpmonline.bkpm.go.id/ or SPIPISE, but directly through the OSS Risk Based Approach system in the reporting section, where data submission to make LKPM reports is done through OSS.” To run a […]
“In practice, legal due diligence is necessary for multiple reasons, e.g., provide information related to a certain transaction or to be provided to an outside party. Therefore, it is recommended for a company to gather understanding as to the necessity of a legal due diligence.” Based on Professional Standards of Capital Market Legal Consultant Association […]
“An Electronic Signature must meet some requirements to have the same legal force as a Manual Signature.” Nowadays, almost everything can be done online through the internet, including transactions and correspondence. Therefore, an Electronic Signature (“E-Signature”) is needed to support and accommodate the online transactions and correspondence which need an online approval from the person […]
Author: Vania Aqilla Cahyaningrum with Felicia Cindy Hanubrata “The Institutional aspect of a legal entity is a crucial prerequisite in obtaining PJP licensing from Bank Indonesia; thus, it necessitates a thorough examination for the correctness and completeness through Legal Due Diligence (LDD).” Payment Service Providers (“PJP”) is stipulated in Bank Indonesia Regulation Number 23/6/PBI/2021 (“PBI […]
Author: Vania Aqilla Cahyaningrum with Adam Kausar “The Financial Service Authority (OJK) issued POJK No.10/POJK.05/2022 to respond to the developing area of Peer Peer Lending business in Indonesia. The main aspects that have been changed are the capital requirement, controller shareholder, licensing procedure, and minimum equity.” By 4 July 2022, the Financial Service Authority (“OJK”) […]
“In accordance with the prevailing laws in Indonesia, an arbitration proceeding can be broken down into multiple steps. Such steps are essential to be understood by business actors in order to determine the forum of settlement desired should a civil dispute arise therebetween.” In Indonesia, civil disputes can be settled through multiple ways. Generally, any […]
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