Beneficial Ownership (BO)
Who is a Beneficial Owner:
A Beneficial Owner is always a natural person who ultimately owns or controls over a company through interest in shares and effective interest and includes an individual who exercises ultimate effective control over a company, regardless of whose name the shares are held in.
Persons Responsible for the BO Information:
The following parties are responsible for the BO information:
(a) The board of directors is ultimately responsible in ensuring that the company has exercised its powers under the Companies Act 2016 (CA 2016) in obtaining the BO information its members or any persons who is believed to be a beneficial owner and to be recorded in the register of beneficial owners to be kept at the registered office once information is received.
(b) Members of the company have an obligation to inform the company whether he is a beneficial owner as defined under the CA 2016 and provide the relevant information and criteria categorising him as a beneficial owner.
(c) any person other than a member of the company who has been given notice in accordance with CA 2016, has the obligation to confirm and inform the company if he is the beneficial owner of the company as defined under the CA 2016.
(d) the company secretary/agent must ensure that the BO information is entered into the register of beneficial owners of the company and to lodge any changes to the BO information with the Registrar in accordance with the CA 2016.
(e) the beneficial owner is responsible in ensuring that he exercises his responsibility to notify the company if he is a beneficial owner of the company and provide the relevant information and to notify the company of any changes in his particulars in the register of beneficial owners including when he ceases to be a beneficial owner.
Malaysian Business Reporting System (MBRS) 2.0
On November 26, 2024, the SSM announced the mandatory submission of documents via of MBRS 2.0 in three phases, starting from December 1, 2024, following the launched of MBRS 2.0 on September 25, 2024.| Phase 1 01 December 2024 | Phase 2 01 March 2025 | Phase 3 01 June 2025 |
| i. Annual Return of companies under CA 2016. ii. Unaudited Financial Statements and Reports of companies under CA 2016. iii. Financial Statements for Exempt Private Company (EPC) under CA 2016. iv. Application for rectification / Court Order for Annual and Unaudited Financial Statements and report filings under CA 2016. v. Application for extension of time for EPC under CA 2016. vi. Application for extension of time for Unaudited Financial Statements and Reports submission under CA 2016. vii. Application for Extension of Time for Annual Return submission under CA 2016. | i. Annual Return of companies under CA 1965. ii. Audited Financial Statements and Reports of companies under CA 1965 (including Companies Limited by Guarantee). iii. Audited Financial Statements of financial institutions regulated by BNM under the CA 1965 and CA 2016. iv. Financial Statements for EPC under CA 1965. v. Application for rectification/ Court Order for Annual Return and Audited Financial Statements and Reports under CA 1965. vi. Audited Financial Statements and Declaration of Country-of-Origin of Foreign Companies (under CA 1965 and CA 2016). | i. Audited Financial Statements and Reports of all companies under CA 2016. ii. Application for rectification / Court Order filings for Annual Return and Audited Financial Statements and Reports. iii. Application for extensions of time and all other Exemption Applications in relation to Financial Statements and Reports under CA 2016. |