Beneficial ownership ....SSM want to know who is the boss behind the company !
𝐒𝐒𝐌 𝐰𝐚𝐧𝐭 𝐭𝐨 𝐤𝐧𝐨𝐰 𝐰𝐡𝐨 𝐢𝐬 𝐭𝐡𝐞 𝐛𝐨𝐬𝐬 𝐛𝐞𝐡𝐢𝐧𝐝 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲!
Section 56 of the Companies Act, 2016 provides a general framework for companies to obtain the Beneficial Ownership (“BO”) information from their shareholders.
The underlying principle of section 56 is to empower 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐭𝐨 𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐭𝐡𝐞 𝐁𝐎 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞𝐢𝐫 𝐬𝐡𝐚𝐫𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬 𝐚𝐧𝐝 𝐫𝐞𝐜𝐨𝐫𝐝 𝐬𝐮𝐜𝐡 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐚 𝐬𝐞𝐩𝐚𝐫𝐚𝐭𝐞 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐨𝐟 𝐦𝐞𝐦𝐛𝐞𝐫𝐬. Once such information is obtained and recorded, companies have the obligation to notify the Registrar of the information and any changes thereto.
In promoting transparency of BO, business entities must adopt a 𝐬𝐞𝐥𝐟-𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐞𝐝 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡 in effecting the requirements provided in this guideline. The BO reporting framework encompasses the requirement in identifying and verifying the beneficial owners of a legal entity, keeping the BO information accurate and up-to-date and can be accessed in a timely manner, notifying the Registrar of the BO information including any changes thereof as well as providing access of the BO information to certain categories of persons.
𝐁𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐥 𝐨𝐰𝐧𝐞𝐫𝐬 𝐚𝐫𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐧𝐚𝐭𝐮𝐫𝐚𝐥 𝐩𝐞𝐫𝐬𝐨𝐧𝐬 𝐰𝐡𝐨 𝐮𝐥𝐭𝐢𝐦𝐚𝐭𝐞𝐥𝐲 𝐨𝐰𝐧 𝐨𝐫 𝐜𝐨𝐧𝐭𝐫𝐨𝐥 𝐚 𝐥𝐞𝐠𝐚𝐥 𝐞𝐧𝐭𝐢𝐭𝐲 𝐨𝐫 𝐚𝐫𝐫𝐚𝐧𝐠𝐞𝐦𝐞𝐧t.
As the Companies Act, 2016 [Act 777] defines BO as “the ultimate owner of the shares and does not include a nominee of any description”, a clarification is required to ensure that a company is able to identify the natural persons who ultimately owns or have control over the company. To this end, the definition of BO must also be read together with section 8 of the Companies Act, 2016.
For more information, click here:
𝐒𝐒𝐌 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐰𝐞𝐛𝐬𝐢𝐭𝐞
https://www.ssm.com.my/…/Guidelines%20for%20BO%20Reporting%…
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