Companies in Malaysia now have a new tool to streamline their reporting obligations, as the Companies Commission of Malaysia (SSM) launched the Electronic Beneficial Ownership System (e-BOS). This system aims to facilitate the submission and storage of information regarding company beneficial ownership.
Aligned with regulatory requirements outlined in the ‘Guideline for the Reporting Framework for Beneficial Ownership of Companies’, effective April 1, 2024, e-BOS enables companies to identify, obtain, record, update, and submit beneficial ownership information to the Registrar. Accessible through the link ssm4u.com.my, e-BOS provides a convenient platform for companies to fulfill their obligations seamlessly.
The launch of e-BOS also marks the abolition of the transition period introduced on March 1, 2020, under the ‘Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons’. This move is in line with the enforcement of the Companies (Amendment) Act 2024 on April 1, 2024, signaling a new era of compliance and efficiency in corporate reporting.
Among the key services offered through e-BOS are notifications of beneficial ownership information or management, as well as rectification of beneficial ownership information or management. This comprehensive system aims to enhance transparency and accountability in corporate governance.
