COPY OF
REGULATION OF THE MINISTER OF FINANCE OF THE REPUBLIC OF
INDONESIA NUMBER 18/PMK.10/2012
CONCERNING
VENTURE CAPITAL COMPANY
BY THE GRACE OF GOD ALMIGHTY
THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA
Considering
In View of
To stipulate
: REGULATION
OF
THE
MINISTER
OF
FINANCE
CONCERNING THE VENTURE CAPITAL COMPANY.
CHAPTER I
GENERAL PROVISIONS
Article 1
In this Regulation of the Minister of Finance:
1. Minister means the Minister of Finance of the Republic
of Indonesia.
MINISTER OF FINANCE
OF THE REPUBLIC OF INDONESIA
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MINISTER OF FINANCE
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MINISTER OF FINANCE
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SMEs
that
shall
be
in
the
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PMV operations.
CHAPTER III
ESTABLISHMENT, LICENSING, AND FINANCING
Part One
Incorporation and Business License
Article 11
1. PMV established as a legal entity:
a. Limited liability company, or
b. Co-operatives.
2. PMV which already have legal entity as a limited liability
company referred to in paragraph (1) letter a, shares
can be owned by:
a. Indonesian citizens;
b. Indonesia business entity or institution;
c. Foreign business entity or institution;
d. The Republic of Indonesia, and/or
e. Local Government.
3. PMV which legal entity in form of cooperative referred to
in paragraph (1) letter b, ownership shall be regulated
in accordance with laws concerning cooperative.
Article 12
1. Legal entity referred to in Article 11 paragraph (1) which
conducted business as a PMV must first obtain
business license from the Minister.
2. The business license issuance by the Minister referred
to in subsection (1) determined by the Chairman on
behalf of the Minister
Article 13
PMV as referred to in Article 12 paragraph (1) shall include,
in clear in the articles of association regarding the intent
and purpose of legal entities only to conduct its business as
described in Article 2.
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Article 14
1. Application for a business license as referred to in
article 12 paragraph (1) shall be submitted by the Board
to the Minister cq Chairman using the attachment
number 1 which shall be an integral part of this
regulation.
2. Submission of application referred to in paragraph (1)
shall be accompanied with:
a. The deed of incorporation and / or amendments to
the most recently authorized and / or approved by
the competent authority, at least includes:
1. Name and domicile;
2. Business as PMV;
3. Capital;
4. Ownership, and
5. Authority, responsibilities, and tenure of Directors
and the Board of Commissioner.
b. Data of prospective candidates for the Board of
Commissioners and the Board of Directors include:
1. Photocopy of identification that may
identity cards (KTP) or a valid passport;
include
2. Curriculum vitae;
3. A statement which states that the Board of
Directors candidates and candidates Board of
Commissioners:
a.
b.
c.
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b.
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to
the
applicant's
business
Article 16
1. PMV which has obtained a business license from the
Minister shall Conduct their business activities referred
to in Article 2 exceed 60 (sixty) days as from the license
set.
2. PMV must submit reports of business activities as
referred to in paragraph (1) to the Minister cq Chairman
up Bureau Chief of the maximum of 10 (ten) days from
the date of commencement of business activities.
3. The report of business activities referred to in
paragraph (2), submitted to the Minister cq Bureau
Chief using the Attachment number 2 format which
shall be an integral part of this regulation.
Article 17
In the implementation of activities referred to in Article 2,
PMV must implement the provisions concerning the
application of the principle of Know Your Customer for nonbank financial institutions.
Article 18
PMV must include PMV name clearly on the office building
of PMV.
Part Two
Capital
Article 19
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Article 23
PMV shareholders must meet the following requirements:
a. Not listed in the list of bad debts in the banking sector;
b Never been convicted of a crime;
c. Shareholder capital contributions do not come from
loans and activities laundering of money (money
laundering), and
d. Not been declared bankrupt or convicted of causing a
corporation / company declared bankrupt by the
decision from court with legally binding force.
CHAPTER IV
DIRECTORS AND BOARD OF COMMISSIONERS
Article 24
Directors and the Board of Commissioners at least PMV
must meet the following requirements:
a. Not listed in the list of bad debts in the banking sector;
b. Never been convicted of a crime;
c. One of the Board of Directors shall have operational
experience in the field of PMV or a bank or other
financial institution minimum of 2 (two) years; and
d. Not been declared bankrupt or convicted of causing a
corporation / company shall be declared bankrupt by
the decision from court with legally binding.
Article 25
1. Each of the Directors and the Board of Commissioners
shall meet the requirements of PMV fit and proper test.
2. The fit and proper test to candidates for Board of
Directors and / or the Board of Commissioners PMV
carried out by the Chairman.
provisions
on
the
requirements
and
3. Further
implementation of the assessment of fit and proper test
referred to in paragraph (1) and paragraph (2) shall be
regulated by the Chairman.
Article 26
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merged
or
undertake
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Chapter VI.
BRANCH OFFICE OPENING
Article 31
1. PMV can open a Branch Office in the entire territory of
the Republic of Indonesia.
2. PMV must submit reports as Branch Office referred to in
paragraph (1) to the Minister cq Chairman up Head of
the maximum of 10 (ten) days from the date of opening
of the branch office.
3. Branch Office report referred to in paragraph (2)
submitted to the Minister cq Chairman up Bureau Chief,
using Attachment number 6 which shall be integral part
of this regulation.
4. The report referred to Branch Office in paragraph (3)
shall be accompanied by:
a. PMV annual work plan that includes plans for
opening Branch includes the Branch locations;
b. proof of ownership or control of an office building,
and
c. systems and procedures, organizational structure and
personnel including branch name and number of
employees.
CHAPTER VII
BRANCH OFFICE CLOSURE
Article 32
1. PMV shall submit a report in writing of office closure to
the Minister cq Chairman up Bureau Chief maximum of
10 (ten) days from the date of closure of a branch.
2. office closure report referred to in paragraph (1)
submitted to the Minister cq Chairman up Bureau Chief,
with format Attachment number 7 which shall be
integral part of this regulation.
CHAPTER VIII
LOAN, FINANCING, AND PARTICIPATION
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Part One
Loan
Article 33
1. PMV can receive loans from banks, non-bank financial
industry, business entities, and / or institutions based
lending agreement.
2. The loan referred to in paragraph (1) to the form of loans
subordination.
3. PMV who received loans worth Rp1.000.000.000, 00 (one
billion rupiah) or more of the entities and / or the
institution must first assessed by an independent
appraiser.
4. An assessment of the PMV as referred to in paragraph (3)
include:
a. background and financial condition;
b. ability to meet the obligations of both short and longterm;
c. risk management, and
d. Able to make a profit on an ongoing basis.
5. The provisions referred to in paragraph (3) and
paragraph (4) excluded for loans from enterprises and /
or institutions:
a. a position as shareholders and affiliates, or
b. Their activities support the Government.
Article 34
Subordinated loans referred to in Article 33 paragraph (2)
shall be a loan must meet the following requirements:
a. minimum term of 5 (five) years;
b. in the event of liquidation, the right to collect applicable
at the end of all existing loans, and
c. set forth in the loan agreement notarized deed.
Article 35
1. PMV received subordinated loans must submit a report
of subordinated loans to the Minister cq Chairman up at
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Article 40
1. Total Financing by sharing the results of business by
PMV to each PPU shall be limited to a maximum of 10%
(ten percent) of the total assets of PMV.
2. In the event that the amount of financing by sharing the
results of its operation to each PPU exceeding the 10%
(ten percent) as referred to in paragraph (1), the amount
of funding based on the division of the results of
operations for each PPU calculated in compliance with
provisions of Article 38 paragraph (1) shall be in
maximum amount of 10% (ten percent).
3. The total assets referred to in paragraph (1), in
accordance with the last audited financial statements.
CHAPTER IX
RESTRICTIONS
Article 41
1. PMV prohibited from withdrawing funds directly from
the public in the form of demand deposits, time deposits,
savings deposits, and / or other similar forms with it.
2. PMV may issue promissory notes to pay (promissory
note) by meet the precautionary principle (prudential
principles).
3. Issuance of pay promissory notes referred to
paragraph (2) shall meet the minimum requirements:
in
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Submission of Reports
Financial and Business Activities
Article 42
1. PMV must submit monthly financial reports no later
than the date of 20th each month subsequent to the
Minister cq Chairman up Bureau Chief.
2. PMV shall submit a report to the Minister cq Chairman
up Bureau Chief with the following conditions:
a. Business activities of biannual reports no longer than
1 (one) month after semester ends, and
b. Annual financial statements audited by a public
accountant no longer than 4 (four) months after the
fiscal year ends
3. The fiscal year referred to in paragraph (2) letter b set
out based on the calendar year.
4. the monthly financial report referred to in paragraph (1)
and reports business activities of biannual and
paragraph (2) letter a, delivered by PMV to the Minister
cq Chairman up Bureau Chief via email in the form of
file excel, using the format of attachment number 9 and
number 10 which shall be an integral part of this
regulation
5. Any change to the format of the report referred to in
paragraph (4) shall be determined by the Chairman.
6. The annual financial report referred to in paragraph (2)
letter b, submitted in writing to the Minister cq
Chairman up Bureau Chief to address Sumitro
Djojohadikusumo Floor Building 13, Jalan Lapangan
Banteng Numbers 1-4, Central Jakarta 10 710.
7. for late PMV and / or fails to submit a report as referred
to in paragraph (1) shall be given a notice to deliver
monthly financial reports.
8. PMV must submit monthly financial reports maximum of
10 (Ten) days from the receipt of the notification referred
to in paragraph (7).
Part Two
Submission of Reports
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or
registered
by
the
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or
registered
by
the
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regulated
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Follow up examination.
Article 49
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Regulation; and
2 compliance with the provisions concerning the
application of the principle of Know Your
Customer for non-bank financial institutions.
3 The examination referred to in paragraph (1) letter b
performed as follows:
a Examination can only be carried out by more than (1)
one person of Examiner;
b Examination held in the office and / or places of
where PMV conducting their business;
c Examination held on hours and days of work, and
d Result of the Examination stated in the inspection
report.
4 Reporting the results of PMV examination referred to in
paragraph (1) letter c should be prepared based on data
and information obtained during the Investigation and
ongoing process as outlined in the Examination
Worksheet.
Article 52
1 PMV under examination prohibited to deny or hinder the
process of the Examination.
2 In the case of PMV refused Examination, PMV must sign
Letter of waiver on Examination denial.
Article 53
1 In the exercise of Investigation, PMV under examination
shall:
a give or lend the books, records and documents
necessary for the running process of Investigation;
b provide the necessary information in written and / or
verbal;
c provides the opportunity to Examiner to enter the
premises or space required by the examiner;
d provide information and / or data required from third
parties in ordination with the PMV under
examination, and
e brought a third party including external auditors to
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CHAPTER XII
DISSOLUTION, ALTERATION OF BUSINESS,
AND RETURN OF BUSINESS LICENSE
Article 57
1 In the case of PMV disbanded because of a decision or a
general meeting of shareholders meeting of members or
the establishment period shall be over, the liquidator or
resolver must report dissolution to the Minister cq
Chairman of the maximum 15 (fifteen) days from the
date of the general meeting or shareholders or members
meeting conducted.
2 The dissolution report referred to in paragraph (1)
delivered by PMV to the Minister cq Chairman enclosing
the minutes of the general meeting or meeting of
shareholders or members.
Article 58
1 In the case of PMV disbanded by court order or
Government decision, liquidator or resolver must report
the dissolution to the Minister cq Chairman of the period
of 30 (thirty) days commencing since the date of the
court order with legally binding force or issuance of
court decisions.
2 The report referred to in paragraph dissolution (1)
delivered by PMV to the Minister cq Chairman enclosing:
a the court order and / or an official statement stating
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CHAPTER XIII
SANCTIONS
Article 62
1 PMV that do not comply with the provisions referred to
in Article 4, Article 5 paragraph (1), Article 6 paragraph
(2), Article 13, Article 16 paragraph (1), Article 16
paragraph (2), Article 18, Article 19 paragraph (1), Article
19 paragraph (3), and Article 19 paragraph (4), Article
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CHAPTER XV
CLOSING PROVISIONS
Article 65
At the time of this regulation comes into force:
a Minister of Finance Decree No. 469/KMK.017/1995 on
the Establishment of Venture Capital and Business
Development, and
b Minister of Finance Decree No. 1251/KMK.013/1988 on
Provisions and Implementation Procedures for Financing
Agency, revoked and declared void.
Article 66
This Regulation of the Minister of Finance shall come into
force on the date of its promulgation.
For public cognizance, this Regulation of the Minister of
Finance shall be promulgated by placing it in State Gazette
of the Republic of Indonesia.
Stipulated in Jakarta
on February 1, 2012
MINISTER OF FINANCE
Signed,
AGUS D.W. MARTOWARDOJO
Promulgated in Jakarta
On February 1, 2012
MINISTER OF LAW AND HUMAN RIGHTS
Signed
AMIR SYAMSUDIN
STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 143 YEAR
2012.