Beneficial Ownership: 3 - The Reporting Framework for Beneficial Ownership Applies to What Types of Entities?

1. On March 2020, the Companies Commission of Malaysia (SSM, being its abbreviation in Malay) had brought the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons.

2. Effective from 1 January 2021, all companies and limited liability partnerships are required to comply with the Reporting Framework

3. According to the Reporting Framework, the timeline of the obligation for companies and limited liability partnerships to obtain and keep the BO information updated, transitional period starting from 1 March 2020 to 31 December 2020.

4. However, on 17 December 2020, SSM announced that the transitional period stated in this Reporting Framework ending on 31 December 2020: 

~ has been extended to a later date to be determined by the Registrar to coincide with the enforcement date of the proposed Companies (Amendment) Bill and Limited Liability Partnerships (Amendment) Bill.

5. Today we will cover:

~ Are Sole Proprietor and Partnerships Subjected to Provide BO Information?

~ What are the Responsibilities of a Company as Laid Out in the Reporting Framework?

~ The Reporting Framework for Beneficial Ownership Applies to What Types of Entities?

~ What types of Companies are exempted under The Reporting Framework?

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1. Beneficial Ownership: 1 - Out of the Shadows

https://ccsyourauditor.blogspot.com/2020/12/beneficial-ownership-1-out-of-shadows.html

2. Beneficial Ownership: 2 - Reporting Framework for Beneficial Ownership (BO) of Legal Persons

https://ccsyourauditor.blogspot.com/2020/12/beneficial-ownership-2-reporting.html

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