How is the process of liquidating a PMA company in Indonesia, and how long does it take?

The procedures for (voluntarily) liquidation typically involve the following steps:

• Conduct a general shareholder meeting to approve the liquidation and the liquidator’s nomination
• Notify the Ministry of Law and Human Rights as well as the creditors of the liquidation and the distribution plan for the assets by newspaper notice
• All business licenses and tax numbers should be canceled or revoked; the tax office will conduct a tax audit to revoke the tax number
• Make sure creditors are paid and that any liquidation funds are distributed to shareholders (if any)
• Conduct a general meeting of shareholders to approve the liquidator’s discharge and acquittal
• Notify the Ministry of Law and Human Rights of the liquidation’s outcome. After receiving the notification, the Ministry of Law and Human Rights will deregister the company’s status as a legal entity and remove its name from the Company Registry
• Release the liquidation’s outcome in a newspaper

Completing the liquidation process can take around two years.