Regulations issued to regulate access to beneficial ownership information of companies
The Companies (Amendment) Act 2024 introduced, among others, a beneficial ownership reporting framework¹ to the Companies Act 2016 (“CA 2016”) which is applicable to locally incorporated as well as foreign companies² seeking registration or are registered under the CA 2016. The amendments pertaining to the beneficial ownership reporting framework came into operation on 1 April 2024.
Section 60B(9) of the CA 2016, inter alia, empowers the Minister of Domestic Trade and Cost of Living (“Minister”) to prescribe the persons or class of persons who may be given access to the register of beneficial owners maintained by a company (“BO Register”) and the beneficial ownership information lodged by a company with the Registrar (“BO Information”), the manner and terms of such access as well as the fee payable.
