Indonesia business

Indonesia business

Alternative solutions to setting up a PT PMA  -  Nominee company

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Investment jockeying that erode domestic economic potential and tax revenues continue to take place.

One of the sectors that is protected under the DNI is that of small and medium-sized enterprises (UMKM). By protecting UMKM through DNI and with the prohibition of the practice of nominee through the capital investment regulations and limited liability companies regulations, it is hoped that these sectors can grow and develop in the management of domestic economic players.

Unfortunately, efforts to protect the Indonesian economy from the practice of nominee arrangements have yielded little progress in policy implementation.

The ongoing practices of investment jockeying that erode domestic economic potential and tax revenues continue to take place due to the lack of coordinated oversight and strict sanctions imposed by the authorized agencies.

The practice of nominee arrangements is also prohibited in Thailand. The ban on nominee agreements in Thailand is set out in the Foreign Business Act.

Many foreign investors used nominee agreements when investing in Thailand in order to avoid regulations and requirements applied to foreign investors, such as the prohibition to invest in sectors that are included in the Negative Investment List.

By using a nominee agreement, foreign investors are able to hide the identity of the beneficial owner or owners so that any form of business entity is classified as a domestic company, which is not required to comply with such laws and regulations.

In addition to investing in prohibited sectors or sectors restricted for foreign investors, they also enter into a nominee agreement to gain full control over the company.

Although Indonesia and Thailand share similar legal views on the practice of nominee arrangements, each country has different sanction provisions. In the case of Indonesia, the Investment Law of 2007 (Article 33) states that all agreements and/or statements confirming that ownership of shares in a limited liability company for and on behalf of another person are declared null and void.

In Thailand the rules and regulations state those who carry out the practice of nominee arrangements can be subject to criminal sanctions

Hi ibis,
Get your rental agreement checked by a qualified lawyer, rather than a commission based estate agent (who have been known to ask for 20% of the total rental for the 'service'). I would suggest that you look for a Notaris who has PPAT (they are the ones who deal with land transactions) for the AREA that you are renting, rather than someone like Ray White Kuta.
Also, be aware that many house owners expect the tenant to pay for all repairs, even the ones that the tenant could not possibly be aware of (like the need to replace the roof when it rains or rebuild a septic tank). We were advised to insist adding an extra Clause on the rental contract to cover such issues, and we are so glad we did. A serious drainage problem when the house was built only came to light 5 years after it was built, and because of that additional clause we did not have to pay the Rp. 20 million bill the contractors were looking for. Of course, the Balinese owner was able to negotiate a much smaller bill.
As for payments to local staff, we know one guy who opened an Indonesian Bank account to transfer money to staff on-line. He paid them when he got a date & time stamped photo of his villa, just to show that all was OK (although they mainly use that technique when something needed fixing. Before and after photos.) He also got to know his resident neighbours who also checked his place when he wasn't there. He returned the favour when he was in Bali and they were away.
Finally, make sure that the person you are renting from has the authority to rent the place. We have heard of people (in Ubud) coming back to their own home, to find another family living there.... their gardener's brother had 'rented it out for them'. The family living there had no idea.
There are some very simple rules. If it looks to good to be true, then it IS to good to be true. AND Re: Renting - Assume the worse, and cover that fear in the Contract Clause. You will sleep better.
Good luck

#13Barekarma, Feb 6, 2014

https://balipod.com/forum/threads/yearly-rental-questions.9869/



Renting an affordable house in Bali
https://balipod.com/forum/threads/renting-an-affordable-house-in-bali.11986/