Beneficial Owner: understanding, function, and its rules in the business world

Use of terms profitable owner Or the benefits of benefits may sound foreign among the people of Indonesia. But in the business world, role profitable owner very important because it involves ownership and control over a company. Reporting profitable owner Not just a legal obligation, but also a step to encourage transparency and prevent legal problems in the future.

Then, what is it profitable owner? This article will discuss the definition, functions, and related rules profitable owner In the business world.

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What’s that profitable owner?

Profitable owner are individuals or individuals who can show up to the dismissal of a board of commissioners, directors, coaches, management, or supervisors to the corporation. He also has the authority or authority to control the corporation, has the right as a person who receives benefits from the corporation both directly and indirectly, and is the real owner of the company’s capital or shares.

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Legal basis profitable owner in Indonesia

Legal basis profitable owner The main thing is Presidential Regulation No. 13 of 2018 concerning the Application of the Principle of Recognizing the Benefits of the Corporation in the Context of Prevention and Eradication of Money Laundering Crimes and Criminal Acts of Funding Terrorism (“Perpres Number 13 of 2018”). This rule requires every corporation to determine profitable owner From each of his corporations to prevent money laundering and terrorism funding.

More in its implementation, profitable owner regulated in the Regulation of the Minister of Law and Human Rights of the Republic of Indonesia Number 15 of 2019 concerning the Procedure for Implementing the Application of the Principle of Recognizing the Benefits of the Corporation (“Permenkumham Number 15 of 2019”) which explains the procedure for identifying and reporting the benefits of the Aneformance by the Corporation.

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Determination Criteria profitable owner

So that someone can be categorized as profitable ownerThere are several determination criteria that must be met by that person, including:

1. Have more than 25% shares (listed in the Articles of Association)
2. Have a voting rights of more than 25% (listed in the Articles of Association)
3. Receive a profit or profit of more than 25% per year
4. Have the authority to appoint, replace, or dismiss members of the Board of Directors and members of the Board of Commissioners
5. Have the authority to influence or control corporations without having to get authorization from any party
6. Receive benefits from the corporation
7. Is the actual owner of the funds for ownership of corporate shares.

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Functions and objectives of identification profitable owner

In practice, the function and purpose of identification profitable owner for a corporation is to create a transparency of the benefits of a benefit by providing complete and accurate information about who the actual party controls or benefit from the corporation so as to facilitate supervision and law enforcement that is more effective and accurate.

This transparency also aims to protect the corporation and create legal certainty for related parties, especially regarding criminal accountability in the future. In addition, this identification also increases the effectiveness of asset rescue and facilitating the ease of investing by preventing the abuse of ownership structure that can be used for tax avoidance, money laundering, or other criminal acts.

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Sample case profitable owner In the corporate structure

Sample case profitable owner In the corporate structure are as follows:

In a company’s articles of association, four shareholders: individual A with 15%ownership, individual B of 20%, individual C of 42%and individual D of 23%. Based on this ownership, individual C fulfills the criteria as profitable owner The company because it meets the criteria of having more than 25% voting rights, is entitled to receive a profit of more than 25% per year, and has the authority to lift, replace, or dismiss members of the Board of Directors and members of the Board of Commissioners. Individual C also has the ability to control the company and is entitled to receive benefits from corporations.

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Risk if profitable owner Not revealed

Not revealed information profitable owner In a corporation can cause a variety of serious risks for many parties. Lack of transparency has the potential to hamper efforts to prevent and eradicate money laundering and terrorism funding.

Obscurity regarding information profitable owner It also has the potential to increase corporate risk involved or suspected of being involved in illegal activities, such as money laundering, tax avoidance, corruption, or fictitious company establishment. This happens because the authority will have difficulties in tracking and cracking down on criminals, which in turn damage the integrity of the financial system and reduce the level of investor and public confidence.

In addition, he was not revealed profitable owner can also lead to administrative sanctions that are detrimental to corporations.

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How to expand profitable owner?

In reporting profitable owner can be done in several ways as stated in Permenkumham Number 15 of 2019 including:

1. Submission of information about Beneficial Owner at the time of request for establishment, registration, and/or corporate endorsement
   Done if the corporation has set a benefit. If not, the corporation is required to establish and convey information from the benefits of a benefit no later than 7 (seven) working days after obtaining a business license or listing from the authorized agency/institution.

2. Submission of information about the benefit of the owner when the corporation runs a business or activity is carried out
   Done by conveying every change and/or update of the information of the benefits of a benefit to the Minister.

The reporting was carried out by a notary, founder or corporate management, or other parties who were given the power to use AHU Online electronic devices.

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(This article has been edited by the perqara editorial team)

Legal basis

1. Presidential Regulation No. 13 of 2018 concerning Determination of the Principle of Recognizing the Benefits of Corporations in the Context of Prevention and Eradication of Money Laundering and Terrorism Funding Actions
2. Regulation of the Minister of Law and Human Rights of the Republic of Indonesia Number 15 of 2019 concerning Procedures for Implementing the Application of the Principles of Recognizing the Benefits of the Corporation

Reference

1. Adnan Fawwaz Hadju, “Profitable Owners: Recognize the benefits of benefits and sanctions for limited liability companies “, Scientific Journal of Education Wahana, Vol. 9, No. 12, (2023).
2. Burhan Jatmiko and Paramita Prananingtyas, “Juridical Study of Provisions Regarding Benefits Owners (Profitable owner) Company “, Notary PublicVol. 16, No.1, (2023).