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Economy in brief: Ministry to scrap expiry date for SIUP, TDP
The Trade Ministry will soon introduce a regulation that will make business permits (SIUP) and registration certificates (TDP) valid indefinitely
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he Trade Ministry will soon introduce a regulation that will make business permits (SIUP) and registration certificates (TDP) valid indefinitely.
“Hopefully in one or two weeks, we can come up with the regulation,” Karyanto Suprih, the ministry’s secretary-general, said on Friday.
Business players in Indonesia currently have to renew the two licenses every five years, a procedure that is lengthy.
Once the regulation is issued, Karyanto said his side would disseminate information on the new rule to relevant institutions and regional administrations.
“For the regulation, we’ll coordinate with relevant ministries and regional administrations,” he said.
Businesses, meanwhile, have lauded the initiative.
“This is good because it will free us from unnecessary costs because the permits will be valid forever, except if a business closes down,” said Adhi Lukman, chairman of Food and Beverage Association (GAPMMI).
Currently, local businesses renew the permits through the local trade agency while foreign firms need to apply for renewals from the Investment Coordinating Board (BKPM). Document renewal is not costly but time-consuming as it takes around two weeks, Adhi said.
