Yayasan (Foundation)
In Article 6 of Regulation 63/2008 is determined that the minimal initial wealth of the foundation that must be provided by the founder of the Foundation are as follows:
- If the Foundation was established by the Indonesian Citizen (individual or legal entity) then it must be separated from the personal assets of the founder of at least 10.000.000, -
- If the Foundation was established by Foreigner with or without Indonesian Citizens, it must be separated from the personal assets of the founder of at least Rp.100.000.000, -
It can be further divided into three types:
- National Foundation (established based on Indonesian Law)
- National Foundation which contains foreign elements (established based on Indonesian Law) in which it can operate by its own without any requirement to have an Indonesian foundation partner
- Foreign Foundation (established based on foreign law) in which it is stated that in its operational activities it must have an Indonesian foundation partner
The Foundation acquired status of legal entity from the date of approval by the Minister of Justice and Human Rights (article 11 of Law 16/2001 Law 28/2004 jo) while the procedure described in section 15 of PP 63/2008 is the maximum period of 10 days from the date of the Deed of Establishment, the founder or its authority must make a written request for the deed of foundation through a notary and shall be accompanied by:
a. A copy of the deed of establishment of the Foundation;
b. Copy of legalized TIN Notary Foundation;
c. Position accompanied by an affidavit signed by the full address of the Foundation Board and is known by the village chief / Chief of the Village;
d. Proof of deposit or bank statement on behalf of the Foundation or a written statement that contains information from the founders of the value of property which is separated as the initial wealth to establish the Foundation;
e. Founding Statement about the validity of the initial wealth;
f. Proof of depositing the cost of legalization and notification of Foundation.