The Companies Commission of Malaysia (SSM) has issued the
. This guideline has already come into force. Companies, limited liability partnerships and businesses have up to 31 December 2020 to obtain and update their beneficial ownership information. Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons
about the global trends on disclosure of beneficial ownership and also the existing Malaysian position in the Companies Act 2016 (CA 2016). I had also made some earlier written on the proposed beneficial ownership guidelines. comments on the consultation document
I now write on 10 things on the beneficial ownership framework to Malaysian companies and the responsibilities that follow.
This post is a part of a series based on my
workshop at MaGIC in September 2015. It’s a basic introduction to legalities for startup founders. You can Law for Startups . access the slides here
Read the earlier posts for context:
Law for startups in Malaysia — building on the best foundations. The legal landscape in Malaysia for startups — a hybrid of traditional corporate practices and Silicon Valley models.
One of the earliest decisions that a startup or small business founder will have to make is choosing the right business vehicle through which the business/idea will be carried out.
Business vehicle options
The most common business vehicle options in Malaysia are —
; sole proprietorships / partnerships (Companies / Sdn Bhd); and private limited liability companies most recently, the (LLP). limited liability partnership Unfortunately, Elon hasn’t made this vehicle available in Malaysia yet.