The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2024.
Indonesian authorities issue further updates on Ultimate Beneficial Owner regulation
Further to earlier communication regarding UBO requirements, it is specified that the UBO declaration needs to be filed once a year, one year from the previous UBO filing.
In practice, if a company makes a management change in May 2021, the next due date for the UBO review and filing would be in May 2022. In case a company is incorporated in 2021, the UBO has to be registered together with that and the next review done only in 2022. A UBO filing can be done as a standalone UBO filing, as well as, in conjunction with other corporate changes (which go through the notary) and in both cases must be reported to the Ministry of Law and Human Rights.
