What should companies do since SSM extend the period to report the Beneficiary Ownership?
Malaysia have introduced measures to identify individual persons ... another company, to disclose the REAL BOSS BEHIND THE CURTAIN
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Beneficial ownership refers to individuals who invest in, control, or reap gains from an asset, such as a bank account, real estate, company, or trust, but who are not listed publicly as legal owners.
SSM said companies which fail to reveal their owners are liable to a compound fine of up to RM50,000.
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How to identify the Criteria for Beneficial Owner of Companies ? 51%? 30% or 20%.
You will be surprised 😢 with the threshold for BO