Beneficial Ownership in Indonesia: How to Find Who Really Owns a Company
Before you sign with a distributor, invest in a business or appoint a supplier in Indonesia, one question matters more than most: who actually owns and controls it? The names on the shareholder register are not always the people who make the decisions or take the profits.
Indonesia has had beneficial ownership (BO) rules since 2018, and they were tightened in 2025. Here is what the rules require, where the gaps are, and how due diligence closes them.
Who counts as a beneficial owner
Presidential Regulation No. 13 of 2018 defines the beneficial owner of a limited company (PT) as any individual who:
- holds more than 25% of the shares or voting rights
- receives more than 25% of the annual profit
- can appoint or dismiss directors or commissioners
- can control the company, or benefits from it
- is the real owner of the funds behind a shareholding
The last points matter: a person can be a beneficial owner without holding a single share in their own name.
What changed in 2025
Minister of Law Regulation No. 2 of 2025, in force since 4 February 2025, strengthened BO verification and supervision. It extends reporting to partnerships and sole proprietorships, requires companies to update BO data at least once a year and whenever it changes, and lets the ministry block a company’s access to the AHU Online system if it fails to comply.
BO data is filed through AHU Online, run by the Directorate General of General Legal Administration under the Ministry of Law. In practice, access for third parties is limited, so most businesses cannot simply look up a counterparty’s declared beneficial owner.
Why registry data isn't enough
Even where BO data is available, it is self-declared. Common ways ownership is obscured include:
- nominee shareholders, such as relatives, employees or associates holding shares on someone else’s behalf
- layered structures through holding companies in Indonesia or offshore
- side agreements that give control to someone outside the register
- recent transfers made shortly before a deal to hide a connection
None of these is unusual, and not all of them are improper. But you need to know who you are really dealing with, especially if a government official, a competitor or a sanctioned person may be behind the company.
How due diligence finds the real owner
- Company records. Obtain the deed of establishment and amendments, and trace each corporate shareholder up the chain.
- Connected parties. Map directors, commissioners and shareholders across other companies to find patterns and shared addresses.
- Litigation and media. Search court records and Indonesian-language media, where disputes often reveal who really controls a business.
- Discreet enquiries. Where records run out, speak to people who know the business, within the law.
- Site visit. Confirm the business operates where and how it says it does.
How VERIS can help
VERIS has carried out due diligence in Indonesia since 2010, today with a team in Jakarta that works in Bahasa Indonesia and on the ground. We trace ownership through registry filings, court records and local sources, and report what we can verify and where the gaps are.
This article is general information, not legal advice. For decisions about your own obligations, speak to a qualified lawyer.
Frequently asked questions
What is a beneficial owner in Indonesia?
Under Presidential Regulation 13/2018, it is the individual who ultimately owns or controls a company, for example by holding more than 25% of shares or votes, receiving more than 25% of profits, or controlling appointments.
Can I look up a company's beneficial owner in Indonesia?
BO data is filed through AHU Online, but third-party access is limited in practice. Due diligence usually relies on company deeds, connected-party research and local enquiries.
What is a nominee shareholder?
A person who holds shares in their own name on behalf of someone else. Nominee arrangements are a common way the real owner of a company is hidden.
What changed in the 2025 BO regulation?
Regulation 2/2025 extended BO reporting to partnerships and sole proprietorships, requires annual and event-driven updates, and allows access to AHU Online to be blocked for non-compliance.