Frequently Asked Question
Is it mandatory to update shareholder's particulars?
Under the Malaysian Company Act 2016 (MCA 2016), it is mandatory for a company to update its shareholders’ particulars within 30 days of any change in their particulars.
A change in a shareholder’s particulars includes, but is not limited to, the following:
- Shareholding percentage.
If a company fails to update its shareholders’ particulars as required under the MCA 2016, it may be subject to penalties, including a fine of up to RM100,000 or imprisonment for up to 2 years.
How to update the shareholder's details with CCM?
Normally, a company secretary updates the information of a shareholder with the CCM. The company secretary is responsible for ensuring that all changes to the company’s shareholder register are recorded accurately and in a timely manner. This involves entering the new information into the CCM system.
In order to make updates to the shareholder register, the shareholder has to provide certain documents (such as a copy of your NRIC or passport) and complete an update form. The company secretary can assist with this process, and can also advise on how to change your contact details if necessary.
What is the information needed to update the shareholder's particulars?
Under the Malaysian Company Act 2016, the shareholders of a company must be registered with the Companies Commission of Malaysia (CCM) within 28 days of their appointment. To update the shareholders’ details with CCM, you will need to provide the following information:
- Full name
- Date of birth
- National ID number or passport number
- Email address
- Telephone number
If any of the shareholders’ details have changed, you must also provide updated information for each shareholder. The deadline for submitting this information is 28 days from the date of change. Failure to do so may result in penalties such as fines and imprisonment.
What are the procedures to add a new shareholder in a company?
Adding a new shareholder to a company requires compliance with the Malaysian Company Act 2016. The first step is to have the Board of Directors pass a resolution authorizing the issuance of new shares. Once that is done, the company must then file an application with the Registrar of Companies along with the necessary documents.
These include a copy of the board resolution, a list of current shareholders, and information on the new shareholder(s). After reviewing and approving the application, the Registrar will issue a certificate of incorporation which will officially add the new shareholder (or shareholders) to the company.
Can I update my details as a shareholder?
Yes, you can update your details as a shareholder, but you may need to seek assistance from the company secretary to prepare all documents including resolutions. According to Companies Act 2016, shareholders have the right to inspect and correct the register of members. If you need to change any particulars of a shareholder, you can send a notice to the company requesting for the change.
The notice must be signed by the shareholder and must state the shareholder’s name, shares held, address and new particulars. The company will then update its register of members accordingly.
How long does it take to update shareholder's details with CCM?
It typically takes around two weeks to update shareholder’s details with the Companies Commission of Malaysia (CCM). This includes ensuring that all the necessary documentation is correctly filed and processed. The Companies Act Malaysia 2016 requires companies to keep updated records of their shareholders, so it is in everyone’s best interests to ensure that these updates are made in a timely manner.
What is the penalty if shareholder's details are not updated with CCM?
If a shareholder’s details are not updated with the Companies Commission of Malaysia (CCM), the company may be liable to a fine of up to RM1,000. Under section 177 of the Company Act 2016, companies are required to keep a register of shareholders which must be updated within 14 days of any changes.