【Malaysia Company Registration Tips】 Understanding SSM's new online application, the e-BOS system-FOZL

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【Malaysia Company Registration Tips】 Understanding SSM's new online application, the e-BOS system

With the development of the global economy and the continuous advancement of digitalization, governments worldwide are actively seeking ways to improve corporate governance and transparency. On April 1, 2024, the Companies Commission of Malaysia (SSM) officially launched a new system, the Electronic Beneficial Ownership System (e-BOS), aimed at simplifying the submission process for company beneficial ownership information. With the launch of e-BOS, the "Beneficial Ownership Reporting Framework Guidelines" passed on March 1, 2020, was subsequently repealed and is consistent with the "Companies Act (Amendment) 2024" which came into effect on April 1, 2024. Through e-BOS, companies can more conveniently handle matters related to beneficial ownership, thereby improving the transparency and compliance of corporate governance. Next, the FOZL editor will introduce the detailed functions and operation methods of the e-BOS system to help companies better understand and utilize this new tool.

Image source: Companies Commission of Malaysia (SSM) website

Image source: Companies Commission of Malaysia (SSM) website

What is e-BOS (Electronic Beneficial Ownership System)?

e-BOS is an online application provided by SSM under the Companies Act 2016 for updating information and correcting beneficial ownership information. Submission of this information will be automatically approved, except for submissions involving modifications to beneficial ownership information.

Through the e-BOS system, companies can easily notify and correct beneficial ownership information. Specifically, this includes:

Notification of beneficial owner information

Adding new beneficial owners/senior management
Updating beneficial owners/senior management
Terminating beneficial owners/senior management

Correction of beneficial ownership information

In addition, SSM also provides an e-BOS transition period. The e-BOS transition period refers to the deadline for companies to update beneficial owner information through e-BOS. Companies must update beneficial ownership information through e-BOS within three months (April 1, 2024 to June 30, 2024). Update beneficial ownership information via e-BOS.

Here are some frequently asked questions about e-BOS:

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