Beneficial Ownership Declaration (Malaysia)
DECLARATION OF BENEFICIAL OWNERSHIP
Companies Act 2016 (Section 60B) | Companies (Beneficial Ownership Information) Regulations 2020
Date: [Declaration Date]
COMPANY:
Name: [Company Name]
SSM Registration No.: [SSM Registration Number]
Registered Office: [Company Address]
Principal Business: [Nature of Business]
1. BENEFICIAL OWNER IDENTIFICATION
1.1 In accordance with Section 60B of the Companies Act 2016 and the Companies (Beneficial Ownership Information) Regulations 2020, the following natural person(s) are identified as the ultimate beneficial owner(s) of [Company Name]:
Beneficial Owner 1:
Full Name: [UBO Name]
NRIC / Passport: [UBO NRIC/Passport]
Nationality: [UBO Nationality]
Date of Birth: [UBO Date of Birth]
Residential Address: [UBO Address]
Basis of Beneficial Ownership: [Ownership Basis]
Percentage of Shares / Voting Rights: [Ownership Percentage]
Date of Becoming Beneficial Owner: [Date Became Beneficial Owner]
Additional Beneficial Owners: [Additional UBOs]
2. DECLARATION BY BENEFICIAL OWNER
2.1 I, [UBO Name], hereby declare that:
(a) The information provided above is true, accurate, and complete to the best of my knowledge;
(b) I am the ultimate beneficial owner of [Company Name] as described above and hold the ownership or control interest as specified;
(c) I will promptly notify [Company Name] within 14 days of any change to the information provided in this Declaration, so that the company may update its beneficial ownership register and notify SSM as required under the Companies (Beneficial Ownership Information) Regulations 2020.
3. ACKNOWLEDGEMENT OF OBLIGATIONS AND PENALTIES
3.1 I acknowledge that under Section 60B of the Companies Act 2016, [Company Name] is required to maintain an internal register of beneficial owners and to notify SSM of this information.
3.2 I acknowledge that providing false or misleading information in this Declaration may constitute an offence under the Companies Act 2016 (punishable by a fine of up to RM 50,000) and may also constitute an offence under Section 28 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA 2001) and the Penal Code (Act 574).
Declared by: [UBO Name]
Date: [Declaration Date]
Beneficial Owner
________________
Signature
Company Representative
________________
Signature
What Is a Beneficial Ownership Declaration (Malaysia)?
A Beneficial Ownership Declaration in Malaysia puts on record the entitlement or interest the party seeks to protect or relinquish.
Under the Companies Act 2016 and the BOI Regulations 2020, every company incorporated in Malaysia must identify its beneficial owners and maintain an internal register of beneficial owners. A beneficial owner is defined as a natural person who ultimately owns or controls 20% or more of shares or voting rights in the company, or who exercises ultimate effective control over the management of the company regardless of ownership threshold. The definition aligns with the threshold adopted in the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA 2001) framework.
SSM's Guideline on Beneficial Ownership (Guideline No. 6, 2020) provides detailed instructions for companies on how to identify, verify, and record beneficial ownership information. Companies must notify SSM of changes to beneficial ownership within 14 days of the change occurring, using the prescribed forms. SSM may share beneficial ownership information with Bank Negara Malaysia, the Securities Commission Malaysia, the Royal Malaysia Police (PDRM), the Malaysian Anti-Corruption Commission (MACC), and other competent authorities for law enforcement and financial intelligence purposes.
A Beneficial Ownership Declaration is distinct from the SSM internal register — it is the written declaration by the beneficial owner confirming their ownership and control status, and is provided to the company, financial institutions, and regulators as evidence of disclosure compliance. Failure to maintain accurate beneficial ownership records or to disclose beneficial owners constitutes an offence under the Companies Act 2016, punishable by a fine of up to RM 50,000 for the company and each officer in default.
The legal framework governing the Beneficial Ownership Declaration (Malaysia) in Malaysia draws on several key statutes and regulatory bodies. Under Malaysian law, the Contracts Act 1950 (Act 136) governs contractual obligations. The Companies Act 2016 (Act 777) regulates corporate entities through the Companies Commission of Malaysia (SSM). The Employment Act 1955 (Act 265) and the Department of Labour govern employment matters. The Personal Data Protection Act 2010 (Act 709) and the Personal Data Protection Department protect personal data. The Inland Revenue Board of Malaysia (LHDN) administers tax obligations. The Industrial Court adjudicates employment disputes under the Industrial Relations Act 1967 (Act 177). Parties executing a Beneficial Ownership Declaration (Malaysia) in Malaysia should confirm the document reflects current law, including any amendments enacted since the original drafting date. The Federal Constitution of Malaysia sets the foundational requirements.
When Do You Need a Beneficial Ownership Declaration (Malaysia)?
A Beneficial Ownership Declaration in Malaysia is needed whenever a company, financial institution, or regulator requires formal identification of the natural persons who ultimately own or control an entity.
A Beneficial Ownership Declaration is required upon incorporation of a new company with SSM under the Companies Act 2016, when the founders and initial shareholders must identify all beneficial owners for the company's internal register as required by the BOI Regulations 2020.
A Beneficial Ownership Declaration is needed when a change in beneficial ownership occurs — for example, when shares are transferred to a new ultimate owner, when a trust structure is amended, or when a foreign investor acquires a controlling interest — and the company must notify SSM within 14 days of the change.
A Beneficial Ownership Declaration is required when a bank or financial institution licensed by Bank Negara Malaysia opens or reviews a corporate account, as part of Know Your Business (KYB) and customer due diligence under the AMLA 2001 and BNM's CDD Guidelines (BNM/RH/STD 032-3).
A Beneficial Ownership Declaration is needed when a company applies for a licence from a regulatory authority — such as the Securities Commission Malaysia under the Capital Markets and Services Act 2007, or Bank Negara Malaysia for money services businesses under the Money Services Business Act 2011 — that requires disclosure of ultimate beneficial owners as a licensing condition.
A Beneficial Ownership Declaration is required in merger and acquisition transactions governed by the Companies Act 2016, where the target company's buyer requires confirmation of who ultimately controls the target before completing due diligence.
A Beneficial Ownership Declaration is needed when a legal firm or accounting practice must verify the beneficial owners of a corporate client pursuant to the firm's obligations as a designated non-financial business and profession (DNFBP) under the AMLA 2001.
What to Include in Your Beneficial Ownership Declaration (Malaysia)
A complete Beneficial Ownership Declaration for Malaysia under the Companies Act 2016 and BOI Regulations 2020 must contain the following essential elements.
Company Information: The full name, SSM registration number, registered office address, and nature of business of the company whose beneficial ownership is being declared. This identifies the legal entity to which the beneficial ownership relates.
Beneficial Owner Identity: The full legal name, NRIC or passport number, nationality, date of birth, and residential address of each beneficial owner — the natural person who ultimately owns or controls the company. For foreign beneficial owners, passport details and country of residence are required.
Nature and Extent of Ownership or Control: The declaration must specify the basis on which each person is a beneficial owner — whether through direct shareholding of 20% or more, indirect shareholding through a chain of entities, or exercise of ultimate effective control over management irrespective of formal shareholding. The percentage of shares or voting rights held must be stated.
Date of Becoming a Beneficial Owner: The date on which each beneficial owner acquired their ownership or control interest in the company, consistent with the BOI Regulations 2020 requirement to record the date beneficial ownership commenced.
Declaration of Accuracy: A confirmation by the beneficial owner that all information provided is accurate and complete to the best of their knowledge, and an undertaking to notify the company promptly of any changes.
Acknowledgement of Obligations: An acknowledgement that failure to disclose accurate beneficial ownership information to SSM constitutes an offence under the Companies Act 2016, and that false declarations may also constitute an offence under the AMLA 2001 and the Penal Code (Act 574).
Signature and Date: The declaration must be signed and dated by each beneficial owner. For foreign beneficial owners, the signature may require notarisation or apostille certification to be accepted by SSM.
Additional compliance elements for a Beneficial Ownership Declaration (Malaysia) used in Malaysia include: Under Malaysian law, the Contracts Act 1950 (Act 136) governs contractual obligations. The Companies Act 2016 (Act 777) regulates corporate entities through the Companies Commission of Malaysia (SSM). The Employment Act 1955 (Act 265) and the Department of Labour govern employment matters. The Personal Data Protection Act 2010 (Act 709) and the Personal Data Protection Department protect personal data. The Inland Revenue Board of Malaysia (LHDN) administers tax obligations. The Industrial Court adjudicates employment disputes under the Industrial Relations Act 1967 (Act 177). Forms-legal.com provides this template as a starting point for Malaysia-compliant documentation.
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Reference this free template in an article, syllabus, or research note:
Forms Legal. (2026). Beneficial Ownership Declaration (Malaysia) (Malaysia) [Legal document template]. Forms Legal. https://forms-legal.com/malaysia/government/declarations/beneficial-ownership-declaration-malaysia
"Beneficial Ownership Declaration (Malaysia) (Malaysia)." Forms Legal, 2026, https://forms-legal.com/malaysia/government/declarations/beneficial-ownership-declaration-malaysia.
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year = {2026},
howpublished = {\url{https://forms-legal.com/malaysia/government/declarations/beneficial-ownership-declaration-malaysia}},
note = {Free legal document template. Based on Federal Constitution of Malaysia}
}Also available for these jurisdictions:
Frequently Asked Questions
In Malaysia, the threshold for identifying a beneficial owner under the Companies (Beneficial Ownership Information) Regulations 2020 and SSM's Guideline on Beneficial Ownership (Guideline No. 6, 2020) is ownership or control of 20% or more of shares or voting rights in a company, or the exercise of ultimate effective control over the management of the company regardless of ownership percentage. This 20% threshold applies to the SSM corporate register framework. For Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA 2001) purposes and Bank Negara Malaysia's Customer Due Diligence Guidelines, reporting institutions typically apply a 25% threshold for identifying controlling beneficial owners of corporate customers. Companies must identify all natural persons meeting either threshold and record them in the internal beneficial ownership register maintained under Section 60B of the Companies Act 2016.
Under the Companies (Beneficial Ownership Information) Regulations 2020 and Section 60B of the Companies Act 2016, a company in Malaysia must update its internal beneficial ownership register within 14 days of any change in beneficial ownership information. Triggering changes include: a transfer of shares resulting in a new person meeting the 20% ownership threshold; a change in the voting rights or control structure of the company; a change in the residential address, name, or NRIC/passport details of an existing beneficial owner; and a change in the corporate structure that alters who exercises ultimate effective control. The company must also notify SSM of changes to beneficial ownership information using the prescribed SSM notification forms within the same 14-day period. Failure to update the register or notify SSM within the required period is an offence under the Companies Act 2016, carrying a fine of up to RM 50,000.
Beneficial ownership information in Malaysia under the Companies Act 2016 framework is not fully publicly accessible. The internal beneficial ownership register maintained by each company is available for inspection by the company's directors, shareholders, and authorised persons, and must be provided to SSM and competent authorities — including Bank Negara Malaysia, the Securities Commission Malaysia, MACC, and PDRM — upon request for law enforcement or regulatory purposes. SSM's central beneficial ownership database is accessible to competent authorities but is not open to general public inspection, unlike the company register itself. This approach aligns with Malaysia's implementation of FATF Recommendation 24 on beneficial ownership transparency for legal persons, following Malaysia's FATF Mutual Evaluation in 2015 and subsequent follow-up assessments.
Failure to maintain accurate beneficial ownership records or to disclose beneficial owners as required under the Companies Act 2016 and the Companies (Beneficial Ownership Information) Regulations 2020 is an offence in Malaysia. The Companies Act 2016 provides for a fine of up to RM 50,000 for the company and each officer in default who knowingly and wilfully fails to comply with beneficial ownership obligations. Providing false or misleading beneficial ownership information to SSM may also constitute an offence under the Companies Act 2016. In addition, deliberate concealment of beneficial ownership for the purpose of facilitating money laundering or terrorism financing constitutes a separate serious offence under the AMLA 2001, carrying imprisonment of up to 15 years and a fine of not less than five times the value of the proceeds of unlawful activity or RM 5 million under Section 4 of the AMLA 2001.
Foreign companies registered in Malaysia under Part XI of the Companies Act 2016 are subject to beneficial ownership disclosure requirements under the Companies (Beneficial Ownership Information) Regulations 2020. A foreign company registered with SSM must identify and record the beneficial owners of its Malaysian operations — the natural persons who ultimately own or control the foreign company — in its internal register. The foreign company must submit beneficial ownership information to SSM using prescribed forms and update the information within 14 days of any change. Foreign companies may face additional beneficial ownership disclosure requirements from Bank Negara Malaysia, the Securities Commission Malaysia, or other regulators depending on the nature of their business activities in Malaysia. Branches and subsidiaries of foreign companies are separately subject to the full beneficial ownership regime of the Companies Act 2016.
This template is provided for informational purposes only and does not constitute legal advice. Laws vary by jurisdiction and change over time. Consult a qualified attorney for advice specific to your situation.Full disclaimer
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