Home Blog How Cogencis Maintains Compliance in Indonesia Case Studies | Finance How Cogencis Maintains Compliance in Indonesia InCorp Editorial Team 25 August 2023 3 minutes reading time Table of Contents Problem Solution Services Provided by InCorp Indonesia Results Challenge and Cross Services Problem Cogencis Information Services Ltd. is India’s premier and fastest-growing real-time market data and financial news terminal provider. Cogencis’ business line involves the provision of real-time market data feeds and financial news to customers through dedicated data terminals. Thus, Cogencis provides data for various customer industries, focusing on domestic data and news by delivering according to customers’ needs. Cogencis open up their business all over India—specifically in Mumbai, Ahmedabad, Bangalore, Hyderabad, New Delhi, Kolkata, and Chennai. In addition, in 2014, Cogencis established a trading representative office in Indonesia to broaden its business market. Solution Due to help Cogencis expand its target market, we assisted in establishing a representative trading office in Indonesia in 2014. As Indonesian law requires, the representative office must regularly submit reports, including the LKPM Report, employment report, tax, and accounting report. Services Provided by InCorp Indonesia Cogencis Information Services Ltd. appointed InCorp Indonesia as the principal consultant for their corporate secretarial services compliances, visa, monthly and annual reporting and engaged them to provide the following services in the initial stage: Payroll outsourcing for more than 30 local and foreign employees Work and multiple-entry business visa Investment activity report (LKPM) Tax reporting (monthly and annually) Employment report (WLK) and company report (WLKT) Other corporate secretarial services Results Being one of the leading one-stop outsourcing solutions providers in Indonesia, Cogencis hired InCorp Indonesia to help with all its company activities which required regular communication and submissions to local legal authorities for it to be able to operate. The company outsourced its payroll and tax reporting with InCorp Indonesia to ensure that it could focus on its core business activities instead. As a result, InCorp Indonesia’s finance and legal team delivered well the project given. We submitted the LKPM report before the deadline by the BKPM and the WLK and WLKT reports that must be submitted annually. “We have been engaging the services of InCorp Indonesia for over two years now. While we appreciate InCorp Indonesia’s efforts on our scope of work, there have been certain challenges in terms of timely responses and too many follow-ups from our end. Nonetheless, the staff at InCorp Indonesia is amiable, friendly, and courteous, thereby allowing us to give feedback without hesitation.” Bhoomika Rath – Senior Legal Manager Challenge and Cross Services The complete scope of services agreed upon between Cogenis and InCorp Indonesia includes the full range of outsourcing and reporting, including visa agenda and secretarial services that require regular coordination with local regulatory bodies. While the process can bring some unexpected delays and challenges, the expected results of all the projects were successfully delivered. Furthermore, the cooperation was extended up to 2015 and until the years ahead. Read Full Bio Verified by Daris Salam COO Indonesia at InCorp Indonesia With more than 10 years of expertise in accounting and finance, Daris Salam dedicates his knowledge to consistently improving the performance of InCorp Indonesia and maintaining clients and partnerships. Frequently Asked Questions Should I submit tax reports if my company has been established but has no business activities? Yes, submitting monthly and annual tax reports is mandatory even if your company does not have any business activities, thus owing zero taxes. What taxes are involved? For employment, the company is subject to: Employee income tax article 21 VAT on both the service invoice and the salary invoice 2% recovery tax on salary invoice Will having a tax ID but never submitting tax reports cause a problem for my company? Yes, you will receive an administrative penalty for delaying or not correctly and promptly filing the tax report. It is best to hire a local third party to handle your taxation matters in Indonesia, such as InCorp. What are the deadlines for the annual tax return? The deadline for an individual tax return is 31 March. A corporate tax return must be lodged within four months after the end of the calendar year or taxable year. More information can be found here: 21 Must-Know Facts about Annual Tax Return in Indonesia. Get in touch with us. Lead Form Contact Full NameEmailPlease provide corporate email where possiblePhone NumberOffice SetupWhich city are you planning to expand into?JakartaSemarang/Central JavaBali/LombokBatam/SumateraSurabaya/East JavaOther ProvincesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration + Office Package (20% OFF)[SPECIAL PACKAGE] Product Registration + License Holder (20% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration + Office Service (20% OFF)[SPECIAL PACKAGE] Comprehensive Industrial Package (15% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration + Office Service (20% OFF)[SPECIAL PACKAGE] Comprehensive Industrial Package (15% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration (25% OFF) + Office Space (Private Office 30% OFF)[SPECIAL PACKAGE] Company Registration + Investor KITAS (25% OFF)[SPECIAL PACKAGE] Accounting + Tax Services+ Annual Fintax Report (20% OFF)[SPECIAL PACKAGE] Payroll Services for Executive Role (20% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -[SPECIAL PACKAGE] Company Registration (20% OFF) + Office Service (25% OFF)[SPECIAL PACKAGE] Company Registration + Micro Finance Services (25% OFF)[SPECIAL PACKAGE] Property Assistance: Due Diligence + AJB Purchase/Lease Agreement (25% OFF)Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesType of Service- Please Select -Business SetupAccounting and TaxHR & Payroll servicesImmigration ServicesProduct Registration and ImportCompliance and Secretarial ServicesBusiness AdvisoryMore ServicesServices Company Registration Renting Virtual and Serviced Office Business and Import Licenses Corporate Recovery and Insolvency Closing of Company (Dissolution) Land and Property Ownership Shelf Company Local NomineeServices Accounting and Tax Reporting Audit and Review Transfer Pricing Compliance Tax RefundHuman Resource Sub Services Payroll Outsourcing Employer of Record Recruitment and HR Establishment Employment ServiceServices Business Visa Work Permit and KITAS Dependent Visa (Spouse and Family) OtherBusiness Visa Subservices Business Visa Visit Visa Visa ExtensionServices Medical Device Beauty (Skincare and Cosmetic) Food and Beverage Health Supplement Household Product Halal Certification TrademarkServices Legal Consultation Legal Agreement Service Due Diligence and Background Check Company Documents RevisionBusiness Advisory Business Advisory Services ESG Reporting & Advisory Internal Audit Risk ManagementMore Services Market Research and Analysis Local Distributor and Partner Bank AccountMessageSubmit What you’ll get A prompt response to your inquiry Knowledge for doing business from local experts Ongoing support for your business Disclaimer The information is provided by PT. Cekindo Business International (“InCorp Indonesia/ we”) for general purpose only and we make no representations or warranties of any kind. We do not act as an authorized government or non-government provider for official documents and services, which is issued by the Government of the Republic of Indonesia or its appointed officials. We do not promote any official government document or services of the Government of the Republic of Indonesia, including but not limited to, business identifiers, health and welfare assistance programs and benefits, unclaimed tax rebate, electronic travel visa and authorization, passports in this website. More on Case Studies What are the Major Benefits of Tax Outsourcing in Indonesia? Read more The Expanding Horizons of Yurope Steel Indonesia – A Case Study Read more China Fortune Land Development: A Case Study Read more