|
Q：
|
What is meant by a beneficial owner (“BO”) of Malaysia Companies?
|
|
A：
|
A Beneficial Owner refers to an individual who ultimately owns, controls, or has effective influence over a company, whether such ownership or control is exercised directly or indirectly, pursuant to Section 60A(1) of the Companies (Amendment) Act 2024. The concept of beneficial ownership is not limited to registered shareholders and may also include individuals who are not shareholders or directors but are nevertheless able to influence the company’s management or strategic decision-making.
|
|
Q：
|
What is the percentage threshold for identifying BO of Malaysia companies?
|
|
A：
|
An individual may be identified as a BO where he or she directly or indirectly owns no less than 20% of the shares or voting rights in a company. Nonetheless, BO is assessed based on the overall degree of ownership and control, and not solely by reference to shareholding percentage.
|
|
Q：
|
What constitutes “control” in the context of BO?
|
|
A：
|
Control generally refers to the capacity to influence or direct important decisions relating to the company’s operations, management, or governance. This may include having the authority to appoint or remove a majority of the directors, or the ability to exercise substantial influence through contractual arrangements, understandings, or other mechanisms. An individual may be considered to exercise control even without holding shares or occupying an official position within the company.
|
|
Q：
|
Is a nominee shareholder considered a BO?
|
|
A：
|
No. A nominee shareholder merely holds shares on behalf of another person and does not possess the ultimate beneficial interest or actual control over those shares. In such cases, the BO would be the individual for whom the shares are being held, namely the person who ultimately enjoys the economic benefit of, or exercises effective control over, the shares.
|
|
Q：
|
Is BO information publicly accessible?
|
|
A：
|
No. Information relating to BO is treated as confidential and is not available for public inspection. However, access may be granted to competent authorities, enforcement agencies, regulatory bodies, reporting institutions, and any other persons authorised by the Minister, as permitted under the applicable laws and regulations. The beneficial owner and authorised representatives may also be granted access to the relevant information where appropriate.
|
FAQ
