Legal Templates
Beneficial Ownership Declaration

Beneficial Ownership Declaration for Malaysia

Beneficial Ownership Declaration Template for Malaysia

A formal declaration document required under Malaysian law, specifically the Companies Act 2016 and related regulations, that identifies and details the natural persons who ultimately own or control a legal entity. The declaration includes comprehensive information about beneficial owners, including their personal details, the nature and extent of their ownership or control, and the structure through which such ownership or control is exercised. This document forms a crucial part of Malaysia's corporate transparency framework and anti-money laundering regime, requiring regular updates when changes in beneficial ownership occur.

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What is a Beneficial Ownership Declaration?

The Beneficial Ownership Declaration is a mandatory compliance requirement under Malaysian law, introduced through the Companies Act 2016 and reinforced by subsequent regulations and guidelines from the Companies Commission of Malaysia (SSM). This declaration must be filed by all companies registered in Malaysia to promote transparency and combat financial crimes such as money laundering and tax evasion. The document must include detailed information about individuals who ultimately own or control 20% or more of the company's shares or voting rights, whether directly or indirectly. Regular updates are required when changes occur in beneficial ownership, and the information must be maintained in the company's register. Failure to comply with these requirements can result in significant penalties under Malaysian law.

What sections should be included in a Beneficial Ownership Declaration?

1. Declaration Details: Information about the declaring entity including company name, registration number, and registered address

2. Purpose of Declaration: Statement explaining the purpose and basis for making the beneficial ownership declaration

3. Definitions: Key terms used in the declaration, including the definition of 'beneficial owner' as per Malaysian law

4. Beneficial Owner Information: Detailed information about each beneficial owner including full name, nationality, residential address, identification/passport number, and nature of interest

5. Nature and Extent of Interest: Description of how the beneficial interest is held (direct/indirect shareholding, voting rights, control) and the percentage of ownership

6. Declaration of Truth: Formal statement confirming the accuracy of the information provided

7. Execution: Signature section for authorized representative making the declaration

What sections are optional to include in a Beneficial Ownership Declaration?

1. Intermediate Entities: Details of any intermediate entities through which indirect beneficial ownership is held - required when ownership structure involves multiple layers

2. Change in Beneficial Ownership: Section detailing any recent changes in beneficial ownership - required when declaration is updating previous information

3. Foreign Ownership Details: Additional details required for foreign beneficial owners, including jurisdiction of residence and tax information

4. Trust Structure Details: Required when beneficial ownership is held through trust arrangements, including details of trustees and beneficiaries

What schedules should be included in a Beneficial Ownership Declaration?

1. Schedule 1 - Ownership Structure Chart: Visual representation of the ownership structure showing relationships between entities and beneficial owners

2. Schedule 2 - Supporting Documents: List of documents provided as evidence of beneficial ownership (e.g., share certificates, trust deeds)

3. Schedule 3 - Previous Declarations: Reference to any previous beneficial ownership declarations made by the entity

4. Appendix A - Identification Documents: Copies of identification documents of beneficial owners (passport copies, national ID)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

Malaysia

Publisher

Genie AI

Document Type

Declaration Form

Sector

Compliance

Cost

Free to use
Relevant Industries

Financial Services

Banking

Real Estate

Manufacturing

Trading

Technology

Construction

Healthcare

Retail

Professional Services

Energy

Mining

Agriculture

Telecommunications

Transportation

Relevant Teams

Legal

Compliance

Corporate Secretarial

Risk Management

Corporate Governance

Regulatory Affairs

Corporate Services

Due Diligence

Board Support

Corporate Administration

Relevant Roles

Company Secretary

Legal Counsel

Compliance Officer

Corporate Governance Officer

Risk Manager

Chief Legal Officer

Company Director

Board Secretary

Chief Compliance Officer

Corporate Affairs Manager

Legal Manager

Regulatory Compliance Manager

Due Diligence Officer

AML Compliance Officer

Corporate Services Manager

Industries
Companies Act 2016: Primary legislation governing corporate entities in Malaysia, particularly Section 56 which defines beneficial ownership and requires companies to identify and report beneficial owners
Guidelines for the Reporting Framework for Beneficial Ownership of Legal Persons: Issued by the Companies Commission of Malaysia (SSM), provides detailed requirements for beneficial ownership reporting and maintenance of beneficial ownership information
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Establishes requirements for identifying and verifying beneficial owners as part of anti-money laundering compliance
Practice Directive 1/2020: SSM directive that provides specific guidance on beneficial ownership reporting requirements and timeline for submission
Companies (Amendment) Act 2019: Introduces amendments to strengthen beneficial ownership reporting requirements and enhance transparency
Malaysian Code on Corporate Governance: Provides principles and best practices for corporate governance, including transparency in ownership structures
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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