Beneficial Owner (BO) Declaration under Section 56 of Companies Act 2016

  QUESTION AND ANSWER (Q&A) -  BENEFICIAL OWNER  DECLARATION Q1. Can advise on the Beneficial owner above? Does this new term in Sdn. Bhd., seem like the first time seeing this? A.    Yes, it is the new framework that Suruhanjaya Syarikat Malaysia (SSM) had on March 1, 2020 issued the Guideline for the Reporting Framework for Beneficial Ownership (BO) of Legal Persons (“Guideline”). This Guideline can be downloaded from the SSM’s website at www.ssm.com.my . As for now, the order given by SSM is to gather all information of Beneficial owner of the company. Once SSM has come up with an official statement with an official date to start report the BO information, we need to report the information that we have collected to SSM. We wish to draw your attention that a breach of the Guideline could result in SSM taking action under Section 20E of the Companies Commission of Malaysia Act 2001. This Section 20E is used where a person has failed to comply with, among ot...

  Dear Sir/Madam, DISCLOSURE OF INFORMATION OF BENEFICIAL OWNER   We wish to inform that Suruhanjaya Syarikat Malaysia (SSM) had on March 1, 2020 issued the Guideline for the Reporting Framework for Beneficial Ownership (BO) of Legal Persons (“Guideline”). This Guideline can be downloaded from the SSM’s website at www.ssm.com.my.  The Guideline serves as a guide to assist all legal persons to understand and comply with the requirements to obtain, keep and hold up-to-date BO information, and to provide access in a timely manner for the purposes of BO reporting framework pursuant to the Companies Act, 2016 (CA 2016) and Limited Liability Partnerships Act 2012, as the case may be. The Guideline provides a clarification to the definition of BO. Under the CA 2016, a “beneficial owner” is the ultimate owner of the shares and does not include a nominee of any description. The term “ultimate owner of the shares” is in turn, defined under the Guideline to be an individual (n...