What should companies do since SSM extend the period to report the Beneficiary Ownership?
The Companies Commission of Malaysia has made it mandatory for all legal persons to disclose their Ultimate Beneficial Owners
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Malaysia have introduced measures to identify individual persons ... another company, to disclose the REAL BOSS BEHIND THE CURTAIN
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Beneficial ownership refers to individuals who invest in, control, or reap gains from an asset, such as a bank account, real estate, company, or trust, but who are not listed publicly as legal owners.
SSM said companies which fail to reveal their owners are liable to a compound fine of up to RM50,000.
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How to identify the Criteria for Beneficial Owner of Companies ? 51%? 30% or 20%.
You will be surprised 😢 with the threshold for BO
The Companies Commission of Malaysia (SSM) has issued the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons. This guideline has already come into force. Companies, limited liability partnerships and businesses have up to 31 December 2020 to obtain and update their beneficial ownership information.
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