Indonesia is the fourth most populous country in the world. It has become a transit area for traders that could develop Indonesia’s tourism activities and a good location for traders to do export and import as it is strategically located in between two continents (Asia and Australia) and two Oceans (Indian and Pacific).
With it being the growing economy of the South East Asia region, many foreign investors are seeking ways to expand their business activities in Indonesia. Well, look no further because you’ve came to the right place. In Paul Hype Page and Co, we will adhere to all your administration and business needs in accordance with Indonesia regulations and requirements.
What Distinguish us from our Competitors?
Our state-of-the-art facilities and pending patent ibizfile system mean:
- You don’t need to go out of your way to visit a lawyer, registrar of oath, official councilor, or any government official in your home country to certify true copies of your identity card or passport. Hence, physical presence is not required with our system
- All directors and shareholder are now able to complete signing of documents and all submission via our ibizfile system online
Collection and viewing of all the company incorporation documents can be done online. It’s a trusted and secure system that has been tested for years, so there will be no breach of your data.
How Paul Hype Page & Co conduct this
Before we incorporate your company, it is necessary for us to know who you are through the Know Your Customer (KYC) process. The regulations will assist the relevant authorities in knowing understanding all financial dealings better to monitor any transactions for identification and preventing suspicious transactions.
Know Your Customer (KYC) Process for Incorporation
Know your customer (KYC) refers to the due diligence activities that all regulated companies must perform to ascertain relevant information from their clients who are doing business with them. This is a necessary measure to ensure that everyone who has a company in Indonesia are legitimate entities and is not merely there to conduct any unlawful activity.
With our ibizfile system, together with the assistance of Dow Jones, the process of conducting a KYC search is easy, effective, and legitimate.
The Importance of Know Your Customer
It is important for us to understand who you are. Paul Hype Page & Co has a long-standing history with many reputable clients. With that in mind, we do not want to engage into any businesses with individuals and/or companies that will tarnish the image of this company, the image of Indonesia, and the country that our potential clients hail from.
Indonesia was blacklisted by Financial Action Task Force (FATF), an inter-governmental body fighting money laundering, back in the year 2012. Indonesia was only taken off the blacklist in 2017 and ever since, the Bank Indonesia (BI) issued new regulations covering credit card issuers, electronic money providers, remittance and money transfer companies as well as fintech startups.
Bank Indonesia issued Bank Indonesia Regulation No. 3/10/PBI/2001 concerning Application of Know Your Customer Principles. This is one of several measures designed to prevent the banking system from being directly or indirectly exploited by criminals for money laundering.
With recent developing news that involves money laundering, we have become more cautious. Therefore, Paul Hype Page & Co carries out our own internal KYC procedure to ensure that a smooth company incorporation for our clients here in the Indonesia.
In Paul Hype Page & Co, we believe in having the ‘RIGHT CUSTOMERS’, and we strive for the continuity of it. This will ensure continued growth for us and for your business.
When Client due Diligence is Required
Client due diligence is required when an institution covered by AML and Countering the Financing of Terrorism (CFT) regulations enters a business relationship with a client.
This process applies not only to Paul Hype Page and Co’s new clients, but also to existing clients to ensure that records remain up-to-date and relevant.
Documents Required for the due Diligence Process
- Passport and/or NRIC
- Utility bills, bank statements of individuals (local or foreign address)
- Details on the business and ownership structure
- Information from other regulated persons to help verify the identity, ownership and control structure of the client
Advantage that Comes with Implementing Internal Know your Customer (KYC) process
- Safeguarding your interest as a client of Paul Hype Page and Co.
- Preventing scammers from participating in any malicious activities that may affect your business
- Combating criminal acts, i.e. money laundering and terrorism activities
- Ensuring the safety of your company’s assets
- Avoiding legal, tax and reputational issues
- Establishing your credibility with banks and government in Indonesia
Passing the required Know your Customer (KYC) and Anti Money Laundering (AML) checks
- With the recent 1 Malaysia Development Berhad case that shook the whole world, surrounding countries around Malaysia such as Indonesia and Singapore is taking a stricter approach with new investors coming into their countries. That means, when you are getting your company registered in Indonesia, we at Paul Hype Page will conduct a stringent search on you and your company, so that the Indonesia incorporation process will be an easier process.
- We at Paul Hype Page believes, that it is best to have the right customers rather than having all the customers.