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🇲🇾 Registry1 Apr 2024

Malaysian companies must report their beneficial owners to SSM

Malaysia's Companies (Amendment) Act 2024 brought in a beneficial ownership reporting framework from 1 April 2024. Companies must keep a register of beneficial owners, lodge it with the Companies Commission of Malaysia (SSM) through its e-BOS system, and lodge changes within 14 days. Anyone owning at least 20% of shares, or with significant control, is a beneficial owner. Existing companies had until 30 June 2024 to lodge.

The Act brought section 2 and new Division 8A of the Companies Act 2016 into force on 1 April 2024.

What changed
  • Beneficial owner: an individual who owns at least 20% of the shares, or who holds less but has significant control or influence over the directors or management.
  • Register: companies must keep a register of beneficial owners and lodge the information with SSM through e-BOS.
  • Changes: lodged within 14 days of being entered in the register.
  • Existing companies: had until 30 June 2024 to lodge, with no enforcement before then. SSM later let companies correct their filings without fees until 30 September 2024.
  • Penalty: on conviction, a fine of up to RM 20,000 for the company and every officer in default.
Who is affected

Every Malaysian company and its company secretary.

Sources
Malaysian companies must report their beneficial owners to SSM · CosecCompanion