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BENEFICIAL OWNER REPORTING FRAMEWORK- EFFECTIVE 1 APRIL 2024

What is a Beneficial Ownership Reporting Framework? 
1. Beneficial ownership reporting framework is a framework that imposes obligation on companies to obtain, verify and record information of their beneficial owners. 2. The beneficial ownership information must be kept up to date by companies and lodged with the Registrar (SSM) as required. 
Entities Who Subjected to the Beneficial Owner Reporting Framework
– All companies incorporated or registered under the Companies Act 2016/1965.– and limited liability partnerships registered under the LLPA 2012.

Why SSM introduce the Beneficial Ownership Reporting Framework?1.  To be in line with international standards i.e. the Financial Action Task Force (FATF) and the Organisation for Economic Co-Operation and Development (OECD).2.  to combat money laundering, terrorist financing and shall include other illegal activities such as corruption and tax evasion.      

Who is a Beneficial Owner of a Company under the new framework? 
1. An individual  who ultimately owns or controls a company through ownership of shares in the company (over 20%) and shall include a person who exercises ultimate effective control over the company. 

Reference: SSM Guideline on BO Reporting Framework/FAQ https://www.ssm.com.my/Pages/ebos.aspx

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Apakah Maksud Penyata Tahunan (Annual Return)?

Menurut Akta Syarikat 2016, Penyata tahunan wajib diserah simpan ke Suruhanjaya Syarikat Malaysia (SSM) pada setiap tahun mengikut tarikh ulang tahun syarikat ditubuhkan.

Ia merupakan maklumat syarikat yang terkini jika terdapat sebarang perubahan maklumat atau informasi.

Antara maklumat yang ada di dalam penyata tahunan adalah seperti:

  1. Maklumat pengarah syarikat (director) terkini.
  2. Maklumat saham syarikat serta senarai anggota pemegang saham (shareholder) .
  3. Alamat pejabat berdaftar
  4. Aktiviti syarikat (nature of its business)
  5. Maklumat pinjaman bank yang dibuat oleh syarikat
  6. Maklumat pengurus, setiausaha syarikat serta juruaudit.
  7. Maklumat pemilikan benefisiari (beneficial ownership) syarikat.
  8.  Alamat premis syarikat termasuk cawangan syarikat

Walaupun syarikat tidak aktif (dormant), syarikat tersebut tetap wajib menyerah simpan penyata tahunan kepada SSM.

Apakah tindakan yang boleh dikenakan sekiranya syarikat tidak serah simpan Penyata Tahunan (Annual Return).

Jika syarikat dan setiap pegawai melanggar Akta Syarikat 2016 di bawah Seksyen 68 (9) ini, boleh disabitkan kesalahan dan didenda tidak melebihi RM50,000 dan tidak melebihi RM1,000 sehari semasa kesalahan dilakukan berterusan setelah disabitkan.

Setiausaha Syarikat akan mengingatkan syarikat serta membantu syarikat untuk menyerah simpan Penyata Tahunan ini pada setiap tahun.

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WHO ARE BENEFICIAL OWNERS?

Beneficial owners (BO) are always natural persons who ultimately own or control a legal entity or arrangement.

As the Companies Act 2016 [Act 777] (CA 2016) 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 CA 2016.

source: Suruhanjaya Syarikat Malaysia