THE POWER TO SUCCEED
Even under regular circumstances, taking steps to future-proof your personal & business finances are a good piece of advice that the public should consider. With setbacks brought on by Covid-19 and other calamities – such as the floods that took place since the end of 2021 – it is now more crucial than ever to plan and manage your personal & business finances for sustainability.
In this article, We will be sharing some insights as to how you can reset your personal & business finances and bounce back from financial difficulties that you may be currently facing, as well as other steps you can take moving forward.
01
IMPLEMENTATION OF THE ELECTRONIC BENEFICIAL OWNERSHIP SYSTEM (E-BOS) BY SSM E-BOS
SSM was launched and began operation on 1st April 2024. It is a mandatory submission where all companies are required to update BO information via e-BOS. Company Secretary must update the BO information via e-BOS within 3 months (1st April 2024 – 30th June 2024). Submission made after the period will subject to late lodgment penalty by SSM. Beneficial Ownership means the ultimate owner of the shares, own or controls the company and does not include a nominee of any description. Beneficial Owner (BO) is not limited to ownership through shares but extends to the ultimate effective control of the company. BO are always natural persons who ultimately own or control a company. Please be informed that a person who fails to comply or provides false or misleading information commits an offence under section 56(7) and section 591 of the Companies Act 2016 and will be punished with a fine not exceeding RM50,000 or imprisonment not exceeding 3 years or both OR imprisonment not exceeding 10 years or a fine not exceeding RM3 million or both respectively
02
WHY BO ( BENEFICIAL OWENERSHIP)
Beneficial ownership disclosure (BO) in Malaysia increases transparency and accountability in the business environment, making it more difficult for criminals to hide their illicit activities behind complex corporate structures. Reducing risks of companies being misused for illegal activities such as money laundering, terrorism financing and other serious crimes.
BO was implemented since March 2020.
All sdn. bhd companies, LLP, public limited companies, foreign companies, companies limited by guarantee (CLBG).
Exempted:
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Companies licensed by Bank Negara Malaysia.
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Companies whose shares are quoted in stock exchange
03
WHO HAS ACCESS TO THE INFORMATION RELATED TO BENEFICIAL OWNERSHIP (BO) IN MALAYSIA?
To guarantee that such information is kept private and not made public, it is recommended that information on beneficial ownership in the registry of beneficial owners be made available exclusively to:
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Designated competent authorities such as
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Royal Malaysian Police
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Malaysian Anti-Corruption Commission
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Bank Negara Malaysia
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Securities Commission