Establishing a Limited Liability Company (PT) is one of the beginnings of a business journey. However, after the process is complete, you certainly need to manage the PT well to maintain and develop the business itself. Not only business, you also need to perform PT obligations that must be fulfilled after establishing the company. Starting from tax reports to reports to government institutions related to certain criteria or licenses owned by the company. Make sure the PT that you establish has fulfilled its obligations so as not to hinder business operations and development. Here are some obligations that must be fulfilled after establishing a PT.
What are the obligations of a PT after it is established?
In addition to business activities, PT owners may often not realize that there are several obligations that need to be carried out after the PT is established. This is done so that the business activities carried out are also growing quickly and maximally, but still in accordance with applicable regulations. Here are some of the obligations that need to be done after establishing a PT:
1. Fulfilling Tax Obligations
When successfully establishing a PT, your company will receive a Corporate NPWP as a taxpayer identity. Corporate taxpayers are companies or business entities that have taxation rights and obligations in accordance with tax laws and regulations. Where based on Article 3 paragraph (1) of Law No. 28 of 2007 concerning the Third Amendment to Law No. 6 of 1983 concerning General Provisions and Tax Procedures, corporate taxpayers are required to fill out a Notification Letter (SPT) and submit it to the Directorate General of Taxes (DGT). This SPT is a letter used by taxpayers to report the calculation and/or payment of taxes, tax objects and/or non-tax objects, and/or assets and liabilities in accordance with the provisions of tax laws and regulations. Regarding corporate tax returns and reporting procedures, you can find further explanation here Corporate Tax Return.
2. Conduct General Meeting of Shareholders (GMS)
For those of you who have successfully established a PT, it is necessary to hold a GMS or General Meeting of Shareholders. Where according to Article 78 paragraph (2) of Law No. 40 of 2007, PT is required to hold an annual GMS no later than six months after the financial year ends. In this GMS, shareholders are entitled to obtain information relating to the Company from the Board of Directors and/or the Board of Commissioners, as long as it is related to the meeting agenda and does not conflict with the interests of the Company. In addition, to organize the GMS, shareholders may also adopt binding resolutions outside the GMS, which in practice is known as a Circular Resolution. For further explanation of the objectives and contents of the GMS report, you can visit the GMS page.
3. Make an Investment Activity Report (LKPM)
LKPM is an obligation that must be fulfilled by all business actors, including PT owners. LKPM itself is a report containing information about the progress of investment realization and problems faced by business actors. This report must be prepared and submitted regularly with the provisions stated in Article 1 of BKPM Regulation No. 5/2021 concerning Guidelines and Procedures for Risk-Based Business Licensing Supervision. Because LKPM reporting is one of the important data components that need to be included in the business activity development monitoring subsystem (OSS). So that it becomes a mandatory document that business actors need to report regularly. In addition, the LKPM submitted must cover several aspects, namely investment realization, labor realization, production realization, and partnership obligations and other obligations related to the implementation of investment activities. Find out the deadline and procedures for reporting LKPM here.
4. Prepare the Company’s Annual Financial Report (LKTP)
LKTP is a company’s financial report that has been audited by a Public Accountant or a state higher institution in accordance with statutory provisions. According to Article 3 of MOT 25/2020, the LKTP obligation applies to PTs that have met one of the criteria:
- Public company
- Businesses related to mobilizing public funds
- Issuing a debt acknowledgment letter
- Have total assets or wealth of at least IDR 25 billion
- A debtor whose annual financial statements are required by the bank to be audited.
The data submitted in the LKTP are the company’s balance sheet, income statement, editor’s change report, and cash flow report. If the company is recalcitrant and does not want to make LKTP, it will be subject to sanctions, both written and written warnings for three consecutive times and if the company ignores it, it will be subject to sanctions for revocation of Business License. Those are the four PT obligations that must be fulfilled after establishing a PT. Make sure you fulfill all PT obligations so that you can run a business more easily, safely, and without worrying about disrupting business continuity.
KH Contact
For KH Pals who are currently establishing a PT and are confused about fulfilling the obligations above, you can consult with Kontrak Hukum.
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With us, Sobat KH can get free legal and business consultations from anywhere and anytime. In addition, Kontrak Hukum can also help you take care of all kinds of business licenses and legalities needed. For more information about our PT services, please visit our KH Services – PT page. If you have any other questions, you can also contact us at Tanya KH or send a direct message (DM) to Instagram @kontrakhukum.
