KUALA LUMPUR: A total of 340,637 companies have submitted their beneficial ownership information to the Companies Commission of Malaysia (SSM) up to Sunday (July 14), says Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.
He said the submission was in line with amendments to the Companies Act 2016 (Act 777), which took effect on April 1 and specified the new requirements to submit beneficial ownership information to SSM.
"The law requires every company to identify its beneficial owners—those who control the company by owning at least 20 per cent of the shares or having significant influence over board decisions.
"These individuals must report their status to the company, which in turn, must submit the information to SSM.
"SSM has announced a submission period for beneficial ownership information under the amended Companies Act from April 1 to Sep 30, during which no late submission or rectification fees will be charged," he said in a statement today.
He added that the grace period had allowed companies to comply using the Electronic Beneficial Ownership System (e-BOS).
He said the new legal framework reflected the ministry and SSM's commitment to support governance reforms and enhance corporate transparency.
"It aligns with international efforts to combat money laundering, terrorism financing, corruption and tax evasion, and Malaysia's compliance will be assessed by international bodies like the Financial Action Task Force (FATF) from this year through the next."
Armizan said the Domestic Trade and Cost of Living Ministry had begun a series of dialogues with key players in the retail sector.
He said this was following the directive from Prime Minister Datuk Seri Anwar Ibrahim during the cabinet meeting for all ministries to hold dialogues for input on the 2025 Budget.
"Discussions focused on stimulating the growth of the retail sector and enhancing its contribution to the Madani Economy Agenda.
"Participants addressed various issues faced by the industry and reiterated their commitment to strengthening corporate governance," he said.
The session, held at Menara SSM in Kuala Lumpur, involved the Malaysia Retailers Association (MRA), Malaysia Retail Chain Association (MRCA), Bumiputera Retailers Organisation (BRO), and the Malaysian Muslim Retailers and Wholesalers Association of (Mawar).