On-going accounting and reporting requirements
There is a public register of PT companies maintained by the
Ministry of Trade (“MOT”), and there are annual corporate
filing obligations. Companies are required to keep accounting
records and prepare annual financial reports in accordance
with Indonesian Financial Accounting Standards, which are
based on International Financial Reporting Standards. It is
relevant that no company search function exists in Indonesia
and, as corporate filing obligations are not strictly enforced,
the level of compliance by private companies can be low.