E-BOS System and Reporting Timelines Under Malaysia’s Companies Act 2016

As of April 1, 2024, amendments to the Companies Act 2016 (CA 2016) through the Companies (Amendment) Act 2024 have come into effect. These changes introduce significant updates to beneficial ownership reporting, implemented by the Companies Commission of Malaysia (CCM). With the launch of the Electronic Beneficial Ownership System (e-BOS System) and updated Guidelines for the Reporting Framework for Beneficial Ownership of Companies (Revised Guidelines), companies in Malaysia must adhere to new regulations to enhance transparency and combat financial crimes. The following provide explanation on the beneficial owners and E-BOS system.

Expanded Definition of Beneficial Owner

Section 60A of the CA 2016 now provides a broader definition of “beneficial owner” as a natural person who ultimately owns or controls a company, including those exercising ultimate effective control. The Revised Guidelines clarify that “ultimate effective control” encompasses situations where an individual with less than 20% of shares or voting rights exerts significant influence or control over the company’s directors or management.

E-BOS System and Reporting Timelines

The e-BOS System is an online platform for notifying CCM of beneficial ownership information, updates, and corrections, accessible via the SSM4U Portal. According to CCM’s FAQ, companies have three months from the enforcement date to lodge beneficial ownership information in the e-BOS System. Further details on submission deadlines are expected from CCM.

For new companies, the Revised Guidelines allow 60 days from appointing the company secretary to obtain and record beneficial ownership information, with a 14-day notification period to CCM upon recording this information.

Access to Beneficial Ownership Information

Paragraph 59 of the Revised Guidelines states that beneficial ownership information is not publicly accessible. However, the Minister may grant access to certain persons or classes via a Gazette order under section 60B(9) of the CA 2016. Companies must also provide access to specific entities, including Bank Negara Malaysia, law enforcement agencies, the beneficial owner, and any authorized person.


The amendments to the Companies Act 2016 require companies to actively identify and verify beneficial owners, maintain updated registers, and inform CCM via the e-BOS System. These changes align Malaysia’s standards with global efforts to combat financial crimes and improve the efficiency of know-your-customer processes.

By complying with these new regulations, companies can ensure transparency and contribute to a more secure financial environment.