INDONESIA Law and Practice Contributed by: Chandrawati Dewi, Gustaaf Reerink and Bilal Anwari, ABNR Counsellors at Law
CVs in Indonesia, must determine their ultimate bene - ficial owner (UBO) and report their identity to the MoL. Under the UBO Regulations, if a transaction causes changes to the UBO, the company must declare its UBO to the MoL through its online system. This can be done by (i) the company itself or (ii) the company with the assistance of a notary. The timeline to update the UBO may take one to three business days to com - plete. See also 4.6 Non-Competition Issues .
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