OVER 340,000 COMPANIES HAVE FILED BENEFICIAL OWNERSHIP INFORMATION SINCE APRIL 1

KUALA LUMPUR, July 16 (Bernama) -- A total of 340,637 companies have submitted beneficial ownership information between April 1 and July 14, said Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.

He said companies are allowed to file beneficial ownership information under the Companies (Amendment) Act 2024 from April 1 to Sept 30, during which late submission and rectification fees will not be charged, and no enforcement actions will be taken. 

"This period is intended to ensure that all companies have sufficient time to comply with the requirements through the Electronic Beneficial Ownership System (e-BOS).

"All companies are reminded to comply with this legal provision and are encouraged to submit their beneficial ownership information before Sept 30, 2024," he said in a statement here today.

Companies and each officer who violate Section 60B(6) of the Companies Act 2016 by failing to comply with this responsibility, if convicted, can be fined not more than RM20,000, and in the case of a continuing offence, can be further fined not more than RM500 for each day the offence continues after conviction. 

Armizan reminded companies in the retail sector to always comply with laws and regulations, including submitting beneficial ownership information to the Companies Commission of Malaysia. 

He said this reminder was conveyed through a meeting today attended by four associations - the Malaysia Retailers Association, Malaysia Retail Chain Association, Bumiputera Retailers Organisation and Malaysian Muslim Wholesalers and Retailers Association.

-- BERNAMA