Extended UBO requirements in Indonesia
8 July 2021 - In accordance with the Article 30 of Presidential Regulation No. 13/2018, all Indonesian entities are obliged to comply with the Regulation as of 5 March 2019. This regulation requires maintaining annual UBO review and the UBO declaration needs to be filed once per year. Furthermore, the option with the wording “there is no Beneficial Owner other than shareholders” is no longer available, thus, an entity would have to report the President Director as the Beneficial Owner (due to his authority to influence and control the company via his position held).