s(1) explore the history and development of crowdfunding in indonesia

Di Indonesia, Crowdfunding masih belum terlalu populer, namun memiliki potensi yang sangat besar
untuk menjadi instrumen pengumpulan dana investasi. Penggunaanya relatif mudah serta sudah berbasis
internet sehingga dapat diakses setiap orang. Dalam prakteknya, seseorang atau unit usaha yang
membutuhkan pendanaan dalam proyeknya akan mengajukan proposal beserta jumlah dana yang
mereka butuhkan untuk mengerjakan proyek tersebut melalui website pengelola crowdfunding.
Masyarakat akan mempelajari proposal yang diajukan tersebut, dan seandainya proyek tersebut dianggap
menarik, maka mereka akan menyetorkan modal untuk mendanai proyek tersebut. Dalam crowdfunding
biasanya tidak ada batasan jumlah minimum untuk melakukan penyetoran modal sehingga setiap
kalangan dapat berpartisipasi, walaupun tentu saja ada pebedaan imbal balik sesuai dengan nominal yang
pendonor setorkan.

Canada Media Fund (2012) menyimpulkan terdapat dua sub-kategori standar dari crowdfunding basis
ekuitas:

1. Model Investasi Surat Berharga (Securities Investment Model) Sebagaimana saham perusahaan dibeli
oleh investor, maka pada model ini kontributor membeli kepemilikan pada perusahaan induk atau hak
pada suatu proyek.

2. Model Bagi Hasil (Profit or Revenue-sharing Model) Berbeda dengan model sebelumnya, pada model
ini contributor memperoleh “share” (perolehan bagi-hasil) dari pendapatan atau laba proyek dan
bukannya “share” (saham) pada perusahaan persangkutan. Model ini sering disebut sebagai “Skema
Investasi Kolektif” (Collective Investment Scheme).

Risiko Equity Crowdfunding https://buattokoonline.id/equity-crowdfunding-Indonesia-beserta-

manfaatnya/

1. Dilusi saham

2. Risiko kegagalan yang tinggi

3. Likuiditas rendah

4. Risiko penipuan

Contoh Equity Crowdfunding yang ada di Indonesia (belum terdaftar di OJK)

- Bizhare

- Crowddana

- Pramdana

Di luar negeri

www.fundable.com, www.sellaband.com, www.appbackr.com, www.equitycircle.com,

www.seedups.com, dan www.motaavi.com.
(2) the mechanism of crowdfunding

A company lists its offering (the amount it is seeking to raise and the percentage of equity offered) on a
registered crowdfunding portal after it meets all requirements (issuer verification and background check,
document diligence check, use of proceeds, and so on). The crowd makes varying financial commitments
to invest (notice sent to crowdfunding portal) and money is transferred to an escrow agent. When 100
percent of the funding target is reached, money is transferred from the escrow agent to the company.
The company issues shares to investors for their portions of the equity purchased. Upon exit, shareholders
receive their equity percentage of the value of the company.
 The Actor of crowdfunding
 CONSOB
 BANKS/BROKER DEALER
 PLATFORMS
 START UPS
 INVESTORS

(3) compare and contrast the various accounting standards for crowdfunding that are in existence
locally and internationally,

Aturan equity crowdfunding di luar negeri :

1. USA
Lompatan terbesar untuk peraturan equity crowdfunding terjadi di Amerika Serikat dengan
diperkenalkannya Jumpstart Our Business (JOBS) Act pada 2012. Undang-undang ini
memungkinkan partisipasi investor yang terakreditasi dan non-terakreditasi dalam equity
crowdfunding .Termasuk, undang-undang menetapkan batasan pada jumlah dana yang dapat
dikumpulkan oleh perusahaan, serta pada jumlah yang dapat diinvestasikan oleh setiap investor.
• 1M$
• US National only
• 2K$ max per person
• Sale only after 1 year

2. Italy
6,7M$
Any Nationality
No individual investment limit
Free sale of the shares
3. Indonesia

Pihak-Pihak dalam Equity Crowdfunding di Indonesia

Penyelenggara
Yang termasuk ke dalam pihak penyelenggara layanan urun dana adalah badan hukum Indonesia
yang menyediakan, mengelola, dan mengoperasikan layanan urun dana.
Persyaratan yang harus dipenuhi untuk dapat menjadi penyelenggara diantaranya:

1. Wajib memiliki izin usaha dari OJK.

2. Terdaftar sebagai penyelenggara sistem elektronik pada kementerian yang
menyelenggarakan urusan pemerintahan di bidang komunikasi dan informatika.
3. Badan hukum penyelenggara adalah badan hukum Indonesia yang dapat berbentuk PT
atau koperasi.
4. Penyelenggara harus memiliki modal disetor dan modal sendiri paling sedikit Rp2,5
miliar pada saat mengajukan permohonan perizinan.
5. Penyelenggara wajib memiliki:
 a. SDM yang memiliki keahlian dan/atau latar belakang di bidang Teknologi
Informasi;
b. SDM yang memiliki keahlian untuk melakukan reviu terhadap Penerbit.

Pengguna
Yang termasuk ke dalam pengguna layanan urun dana adalah penerbit dan pemodal (investor).

1. Penerbit

Penerbit adalah badan hukum Indonesia berbentuk perseroan terbatas yang menawarkan
saham melalui Penyelenggara. Dalam prakteknya, penerbit ditargetkan lebih kepada
UMKM maupun perusahaan start-up yang baru mengembangkan bisnisnya.

Untuk dapat menjadi penerbit persyaratan yang harus dipenuhi diantaranya:

a. jumlah pemegang saham tidak lebih dari 300 pihak

b. jumlah modal disetor tidak lebih dari Rp 30 miliar
c. penerbit harus berbentuk PT
d. Penerbit bukan merupakan:
 perusahaan yang dikendalikan baik langsung maupun tidak langsung oleh
suatu kelompok usaha atau konglomerasi;
 perusahaan terbuka atau anak perusahaan terbuka; dan
 perusahaan dengan kekayaan lebih dari Rp10 miliar (tidak termasuk tanah
dan bangunan).
2. Investor

Investor adalah pihak yang melakukan pembelian saham penerbit melalui penyelenggara.
Untuk dapat menjadi investor persyaratan yang harus dipenuhi diantaranya:

o Memiliki kemampuan untuk membeli saham Penerbit, memiliki kemampuan

analisis risiko terhadap saham Penerbit, dan memenuhi kriteria Pemodal
sebagaimana diatur dalam POJK Nomor 37 /Pojk.04/2018.
o Setiap Pemodal dengan penghasilan sampai dengan Rp500 juta per tahun, dapat
membeli saham melalui layanan urun dana paling banyak sebesar 5% dari
penghasilan per tahun. Sedangkan untuk pemodal dengan penghasilan lebih dari
Rp500 juta per tahun, dapat membeli saham melalui layanan urun dana paling
banyak sebesar 10% dari penghasilan per tahun.
o Kriteria Pemodal dan batasan pembelian saham tersebut tidak berlaku apabila
pemodal merupakan badan hukum dan merupakan pihak yang mempunyai
pengalaman berinvestasi di pasar modal yang dibuktikan dengan kepemilikan
rekening efek paling sedikit 2 tahun sebelum penawaran saham.

Batasan Penawaran Saham

Pada dasarnya, penerbit dapat melakukan penawaran saham dalam satu kali penawaran atau
lebih. Meskipun demikian penerbit hanya dapat menawarkan saham melalui satu penyelenggara
dalam waktu yang bersamaan. Terkait ketentuan maksimum penghimpunan dana melalui
layanan urun dana ditentukan bahwa dalam jangka waktu 12 bulan dibatasi paling banyak
sebesar Rp10 miliar.

Demikian ulasan mengenai equity crowdfunding di Indonesia. Semoga bermanfaat.

4. Malaysia

Introduction
The Securities Commission of Malaysia (“SC”) described equity crowdfunding (“ECF”) as a new form of
fundraising that allows start-ups or small enterprises to obtain capital through small equity investments from a large
number of investors, using online portals to facilitate such investments. In this article, “issuer” refers to an
enterprise which raises funds via an ECF Platform. On 11 February 2015, the SC released the Guidelines on
Regulation of Markets under Section 34 of the Capital Markets and Services Act 2007 (“CMSA”) (“Guidelines”) to
regulate equity crowdfunding in Malaysia.
Relevance of ECF to Issuers

ECF has made fund-raising more convenient to issuers. Start-ups at the early stage of business usually do not have
access to traditional financing methods that small and medium enterprises would have. With the introduction of
ECF, issuers now have access to funding.

Founders of the issuer may also enjoy continued autonomy and control over the business through ECF as compared
to raising funds from venture capitalists or angel investors who usually want a level of control over the issuer.

Downside of ECF to Issuers

ECF investors are typically passive investors who are not involved in the management of the issuer. In contrast,
angel investors and venture capitalists may be involved in the management of the issuer and provide advice and
direction. There is a view that ECF may discourage future funding from venture capitalists as they may not be keen
to invest in an enterprise attached with a crowd of investors. As such, if venture capitalists are discouraged from
investing in the issuer, then the issuer may have lost on knowledge and know how that venture capitalists are
prepared to provide. There is a growing flow of mentoring programmes in Malaysia and start-ups may consider
participating in such programmes.

Mechanics of the ECF Platform

Under Section 7 of the CMSA, an ECF Platform operator in Malaysia is required to register the electronic facility
which facilitates the ECF. The operator is required to operate in an orderly, fair and transparent market, and have
sufficient financial, human and other resources to operate the ECF Platform. The operator is required to make rules
on the use of the ECF Platform, inter alia, for the protection of investors, to ensure proper functioning of the market,
to promote fairness and transparency, to ensure proper regulation and supervision of its members. The operator has
an obligation to ensure that enterprises comply with the rules of the ECF Platform.
The ECF Platform operator is required, inter alia, to conduct due diligence on prospective issuers on its platform,
monitor the conduct of the issuer and take action against any misconduct of the issuer, conduct investor education
programme, ensure the issuer’s disclosure document is verified and made accessible to investors through the
platform.

All or Nothing Model

Funds raised via ECF Platform will be retained by the operator in a trust account and will only be released to the
issuer if the targeted amount sought to be raised has been met, there is no material adverse change relating to the
offer during the offer period and the cooling-off period of 6 business days have expired. If these conditions are not
met, the collected amount will be returned to the investors.

Who can participate on the ECF Platform

The ECF Platform operator, including its directors and shareholders, may invest on the platform not exceeding 30%
of the controlling shares of the issuer and the operator shall disclose such holding to the public on its platform. All
locally incorporated private companies (other than exempt private companies) with a paid up capital not exceeding
RM5 million may participate in the ECF by issuing shares to the investors.

Limits of Amount of Fundraising

Under the Guidelines, an issuer may raise a maximum of RM3 million within a 12-month period regardless of the
number of projects and an aggregate of RM5 million via the ECF Platform.

Persons who are permitted to invest on the ECF Platform include retail, sophisticated and angel investors. Retail
investors may only invest a maximum of RM5,000 per issuer with a total amount not exceeding RM50,000 in a
year. An angel investor may invest a maximum of RM500,000 in a year. There is no limitation on the investment
amount of a sophisticated investor.

Disclosure

An issuer proposing to be listed on an ECF Platform has the obligation to submit a disclosure document containing
the prescribed information with the ECF Platform operator with respect to information on the key characteristics of
the issuer, the purpose of the offering and the targeted amount, business plan and financial information of the issuer.
Under the Guidelines, investors are given a cooling-off period of 6 business days within which they may withdraw
their investment.

Conclusion
The introduction of an ECF Platform may facilitate the growth of small enterprises, particularly in new areas of
business and industry, which traditional financiers may view as high risk. Please contact the author if we may be of
assistance.

(4) examine the current accounting practice of crowdfunding, and

IAS 39 - Accounting for Financial Instruments

Tax

Equity crowdfunding is a newer type of crowdfunding in which you give shares of your company instead
of an early version of your product. Just like other stock sales, equity crowdfunding sales are exempt
from income tax. However, your investors will need to pay capital gains taxes if they sell at a profit. If
you use a portion of the money you raise to pay yourself a salary, you’ll need to pay personal income
taxes on that amount. https://founderscpa.com/is-your-crowdfunding-campaign-taxable/

(5) explore the perceptions of crowdfunding in Indonesia with regards to the new standard for
consolidating accounts.