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Extension of Deadline for Beneficial Ownership Submission in Malaysia: What You Need to Know

In the ever-evolving landscape of corporate compliance, staying abreast of regulatory changes is crucial for businesses operating in Malaysia. One significant update that has garnered attention recently is the extension of the deadline for the submission of beneficial ownership information. This blog post will provide an overview of what beneficial ownership is, the original and new deadlines, and how companies can navigate this change effectively.

What is Beneficial Ownership?

Beneficial ownership refers to the individuals who ultimately own, control, or benefit from a company, even if the ownership is exercised indirectly through a chain of ownership or through other means. The identification of beneficial owners is crucial for enhancing corporate transparency and combating illicit activities such as money laundering, terrorism financing, and tax evasion. Essentially, beneficial ownership ensures that the real owners of a company are disclosed, providing clarity and accountability in business operations.

Original Deadline vs. New Deadline

Initially, the deadline for companies to submit their beneficial ownership information was set for 30th June, 2024.

However, acknowledging the challenges faced by companies in meeting this requirement, the SSM has extended the deadline. The new deadline for the submission of beneficial ownership information is now 30th September, 2024 . This extension provides companies with an additional three months to ensure compliance, gather the necessary information, and make the appropriate submissions.

Navigating the Extended Deadline

While the extension provides some breathing room, it is imperative for companies to take proactive steps to meet the new deadline. Delaying action could result in last-minute scrambles, increasing the risk of errors and potential non-compliance. Here are some steps to consider:

1. Review and Update Records: Companies should review their current ownership records and ensure that all beneficial owners are correctly identified and documented.

2. Internal Coordination: Engage with internal stakeholders, including directors and shareholders, to verify and confirm the beneficial ownership information.

3. Professional Guidance: Seek assistance from corporate secretaries or legal advisors who are well-versed in compliance matters to ensure all documentation is accurate and complete.

The Role of a Company Secretary

A company secretary plays a pivotal role in ensuring that a company meets its compliance obligations. With the extended deadline for beneficial ownership submission, a company secretary can assist in several ways:

Expert Guidance: We provide expert advice on regulatory requirements and ensure that the company remains compliant with all applicable laws.

Documentation and Filing: Company secretaries handle the preparation and submission of necessary documentation, ensuring that all information is accurately reported to the SSM.

Ongoing Compliance Monitoring: We continuously monitor the company’s compliance status and keep abreast of any regulatory changes that may affect the business.

Navigating regulatory changes can be complex and time-consuming. At Ashton Corporate Services, we specialize in helping businesses stay compliant with all corporate governance requirements. Our team of experienced company secretaries is here to assist you with the submission of beneficial ownership information and other compliance matters.

Don’t wait until the last minute. Reach out to us at 016 324 0990 or via WhatsApp to schedule a consultation and learn more about how we can support your business.

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