What changed

The Companies (Amendment) Act 2024 introduced a new dedicated beneficial ownership ("BO") framework into the Companies Act 2016. Sections 60A to 60F now require every company registered with the Companies Commission of Malaysia ("SSM") to identify, verify, record, and lodge information about its beneficial owners. The Limited Liability Partnerships (Amendment) Act 2024 introduced a parallel framework for LLPs, in force from 31 January 2025.

The framework is operationalised through the Guidelines for the Reporting Framework for Beneficial Ownership of Companies (revised 2024) and Practice Directive 9/2024 on the use of SSM's electronic BO lodgement system (e-BOS).

Who is a "beneficial owner"?

A beneficial owner must be a natural person. The Guidelines set out six criteria for a company limited by shares, an individual is a beneficial owner if he or she meets any one or more of:

  • Criterion A: holds, directly or indirectly, at least 20% of the shares;
  • Criterion B: holds, directly or indirectly, at least 20% of the voting shares;
  • Criterion C: has the right to exercise ultimate effective control, whether formal or informal, over the company, the directors, or management;
  • Criterion D: has the right or power to directly or indirectly appoint or remove a director who holds a majority of the voting rights at meetings of directors;
  • Criterion E: is a member who, under an agreement with another member, alone controls a majority of the voting rights; or
  • Criterion F: holds less than 20% but still exercises significant control or influence over the company.

For a company limited by guarantee (no shares), only Criteria C, D and E apply. The criteria are deliberately overlapping: a person who fails Criterion A may still be caught by Criteria C, D, E or F, and informal arrangements count.

Where the information goes, and who can see it

Every company must:

  1. maintain an internal Register of Beneficial Owners at its registered office (s.60B);
  2. notify SSM of changes within 14 days; and
  3. lodge BO information with SSM via the e-BOS system in accordance with Practice Directive 9/2024.

A point that is widely misunderstood needs to be stated plainly: BO information lodged with SSM is not generally public. Under the Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025, which took effect on 10 January 2025, access is restricted to a defined list of users, including law enforcement and competent authorities, Bank Negara Malaysia and reporting institutions for AML/CFT due diligence, the Ministry of Finance for procurement matters, and the beneficial owner himself (in respect of his own data). Members of the public do not have a general right of access.

Why this matters for you

1. M&A due diligence has a new mandatory chapter

Any acquirer of a Malaysian company must now interrogate BO compliance during legal due diligence: that the target has correctly identified its beneficial owners, that the internal Register is maintained, that lodgements with SSM are current, and that no false or misleading information has been filed. Acquirers should obtain BO authorisations from the target for credit and background checks, and require the company secretary to produce the relevant SSM filings as a condition of completion.

Penalties for non-compliance

General non-compliance with the BO reporting obligations attracts a fine of up to RM20,000 on the company and on every officer in default, with a further fine of up to RM500 for each day the offence continues. Knowingly providing false or misleading BO information is treated far more seriously and can attract a fine of up to RM3 million and/or imprisonment of up to 10 years.

What to do next

  • If you have not yet identified your beneficial owners under all six criteria, do so now, not just the 20%-holders.
  • Check that your internal Register of Beneficial Owners exists, is maintained at the registered office, and matches what has been lodged with SSM via e-BOS.
  • If your structure includes a nominee, a holding chain, or a sector-restricted shareholding, reassess whether the underlying commercial purpose still stands once the ultimate controller is on record.
  • In any acquisition you are doing or planning, add BO compliance to the due diligence checklist as a hard item, not a tick-box.

If you would like our help reviewing your existing BO position or restructuring before lodging, please reach out.

修订带来了什么改变

《2024 年公司法（修订）法令》在《2016 年公司法令》中新设了专门的受益所有权（"BO"）框架。新的第 60A 至 60F 条要求每一家在马来西亚公司委员会（"SSM"）登记的公司，必须识别、核实、记录并向 SSM 申报其受益所有人。《2024 年有限责任合伙（修订）法令》为 LLP 设立了平行框架，自 2025 年 1 月 31 日起生效。

该框架通过《公司受益所有权报告框架指引》（2024 年修订版）及《2024 年第 9 号实务指引》（关于使用 SSM 电子申报系统 e-BOS）落实执行。

谁是"受益所有人"？

受益所有人必须是自然人。《指引》就股份有限公司设有六项判定标准，任何符合其中一项或多项的个人，即属受益所有人：

  • 标准 A: —直接或间接持有至少 20% 股份；
  • 标准 B: —直接或间接持有至少 20% 表决权股份；
  • 标准 C: —对公司、董事或管理层拥有最终有效控制权，无论是正式还是非正式；
  • 标准 D: —有权直接或间接任命或罢免在董事会会议上拥有多数表决权的董事；
  • 标准 E: —作为成员，依据与另一成员的协议，独自控制多数表决权；或
  • 标准 F: —持股不足 20%，但仍对公司行使显著的控制或影响力。

对于担保有限公司（无股份），仅适用标准 C、D 与 E。这些标准的设计有意彼此交叉：未达标准 A 的人，仍可能因 C、D、E 或 F 而被捕捉，非正式安排同样在列。

信息归档何处，以及谁能查阅

每一家公司均须：

  1. 在注册办事处保存内部的受益所有人登记册（第 60B 条）；
  2. 在变更后 14 日内通知 SSM；及
  3. 依据《2024 年第 9 号实务指引》通过 e-BOS 系统向 SSM 申报受益所有权信息。

一项广为误解的事实，须明确指出：向 SSM 申报的受益所有权信息并非向社会公众开放。依据自 2025 年 1 月 10 日起生效的《公司（受益所有权登记册及相关信息查阅）规例 2025》，查阅权限制于特定使用者，包括执法机构、马来西亚国家银行及反洗钱／反恐融资义务实体、财政部（涉政府采购事项），以及受益所有人本人（仅限其自身资料）。社会公众并无一般查阅权。

这对您意味着什么

一、并购尽职调查多了一项必备审查

任何马来西亚公司的收购方，如今必须在法律尽职调查阶段审查标的之 BO 合规情况：是否正确识别受益所有人、内部登记册是否依规维护、向 SSM 的申报是否最新、是否未提交虚假或具误导性的信息。收购方应取得标的之 BO 授权，以进行信用及背景核查，并要求公司秘书在交易完成的先决条件下提交相关 SSM 申报记录。

违规罚则

一般违反受益所有权申报义务者，公司及每位失职高级人员最高可被处以 20,000 令吉罚款；持续违规者，每日最高再加罚 500 令吉。明知而提交虚假或具误导性的 BO 信息，则处理更为严厉，最高可处 300 万令吉罚款及／或最长 10 年监禁。

下一步该做什么

  • 若您尚未依据全部六项标准识别受益所有人，请立即着手，切勿只关注 20% 持股人。
  • 核对内部的"受益所有人登记册"是否已建立、是否保存于注册办事处、是否与通过 e-BOS 申报予 SSM 的内容一致。
  • 若您的架构涉及代持、控股链条或行业持股限制，请重新评估当最终控制人被记录在案后，原有的商业目的是否仍然成立。
  • 若您正在进行或筹划任何收购，请将 BO 合规作为尽职调查中的"硬项目"，而非走过场。

如需我们协助梳理现有 BO 立场，或在申报前进行重组，欢迎与我们联系。