1. 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 feed 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 customer’s needs.
Cogencis open up their business in all over India—specifically in Mumbai, Ahmedabad, Bangalore, Hyderabad, New Delhi, Kolkata, and Chennai. In 2014, Cogencis decided to establish a trading representative office in Indonesia to broaden their business market.
2. Solution
Due to help Cogencis expand their target market, we assist to establish a trading representative office in Indonesia in 2014. The representative office needed to regularly submit reports, including the LKPM Report, employment report, tax and accounting report, as required by Indonesian law.
3. Cekindo Services
Cogencis Information Services Ltd. appointed Cekindo as the main 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
4. Results
Being one of the leading one-stop outsourcing solutions providers in Indonesia, Cogencis hired Cekindo to help all their company activities that required regular communication and submissions to local legal authorities for them to be able to operate. The company outsourced their payroll and tax reporting with Cekindo to ensure that they are able to focus on their core business activities instead. As the result, Cekindo’s finance and legal team delivered well the project given. We submitted the LKPM report before the deadline by the BKPM as well as the WLK and WLKT reports that need to be submitted annually.
Cogencis Information Services Ltd. was happy with the services Cekindo provided them:
“We have been engaging the services of Cekindo for over two years now. While we appreciate Cekindo’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 Cekindo is amiable, friendly, and courteous, thereby allowing us to give feedback without hesitation.”
Bhoomika Rath
Senior Legal Manager
5. Challenge and Cross Services
The complete scope of services agreed between Cogenis and Cekindo include the full range of outsourcing and reporting, including visa agenda and secretarial services that require regular coordination with the local regulatory. While the process can bring some unexpected delays and some challenges, expected results of all the projects were successfully delivered and the cooperation was extended up to 2015 and up until this year.