How Cogencis Maintains Compliance in Indonesia

Problem

Cogencis Information Services Ltd. is India’s premier and fastest-growing real-time market data and financial news terminal provider.

Cogencis’ business line involves the provision of real-time market data feeds and financial news to customers through dedicated data terminals.

Thus, Cogencis provides data for various customer industries, focusing on domestic data and news by delivering according to customers’ needs.

Cogencis open up their business all over India—specifically in Mumbai, Ahmedabad, Bangalore, Hyderabad, New Delhi, Kolkata, and Chennai.

In addition, in 2014, Cogencis established a trading representative office in Indonesia to broaden its business market.

Solution

Due to help Cogencis expand its target market, we assisted in establishing a representative trading office in Indonesia in 2014. 

As Indonesian law requires, the representative office must regularly submit reports, including the LKPM Report, employment report, tax, and accounting report.

Services Provided by InCorp Indonesia

Cogencis Information Services Ltd. appointed InCorp Indonesia as the principal consultant for their corporate secretarial services compliances, visa, monthly and annual reporting and engaged them to provide the following services in the initial stage:

• Payroll outsourcing for more than 30 local and foreign employees
• Work and multiple-entry business visa
• Investment activity report (LKPM)
• Tax reporting (monthly and annually)
• Employment report (WLK) and company report (WLKT)
• Other corporate secretarial services

Results

Being one of the leading one-stop outsourcing solutions providers in Indonesia, Cogencis hired InCorp Indonesia to help with all its company activities which required regular communication and submissions to local legal authorities for it to be able to operate. 

The company outsourced its payroll and tax reporting with InCorp Indonesia to ensure that it could focus on its core business activities instead. As a result, InCorp Indonesia’s finance and legal team delivered well the project given. 

We submitted the LKPM report before the deadline by the BKPM and the WLK and WLKT reports that must be submitted annually.

“We have been engaging the services of InCorp Indonesia for over two years now. While we appreciate InCorp Indonesia’s efforts on our scope of work, there have been certain challenges in terms of timely responses and too many follow-ups from our end. Nonetheless, the staff at InCorp Indonesia is amiable, friendly, and courteous, thereby allowing us to give feedback without hesitation.” Bhoomika Rath – Senior Legal Manager

Challenge and Cross Services

The complete scope of services agreed upon between Cogenis and InCorp Indonesia includes the full range of outsourcing and reporting, including visa agenda and secretarial services that require regular coordination with local regulatory bodies. 

While the process can bring some unexpected delays and challenges, the expected results of all the projects were successfully delivered. Furthermore, the cooperation was extended up to 2015 and until the years ahead.