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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.