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Beneficial Owner Agreement

Beneficial Owner Agreement Template for Malaysia

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Key Requirements PROMPT example:

Beneficial Owner Agreement

"I need a Beneficial Owner Agreement under Malaysian law for a tech startup where a Singapore-based investment firm will hold 30% legal ownership while I retain beneficial ownership, with the agreement to take effect from March 1, 2025."

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Document background
The Beneficial Owner Agreement is a crucial document used in Malaysian corporate structures to formally document and establish the relationship between legal and beneficial owners of assets, shares, or property. This agreement is particularly important in light of Malaysia's enhanced corporate transparency requirements under the Companies Act 2016 and anti-money laundering regulations. It is commonly used when there is a separation between legal and beneficial ownership, such as in investment structures, nominee arrangements, or trust relationships. The agreement must comply with Malaysian regulatory requirements, including those set by Bank Negara Malaysia and the Companies Commission of Malaysia. It typically includes detailed provisions for ownership declaration, compliance obligations, reporting requirements, and mechanisms for updating beneficial ownership information.
Suggested Sections

1. Parties: Identification of the legal owner(s) and beneficial owner(s), including full legal names, registration/identification numbers, and addresses

2. Background: Context of the agreement, including the asset or shares subject to beneficial ownership and the relationship between parties

3. Definitions: Key terms used in the agreement, including 'beneficial owner', 'legal owner', 'assets', and relevant regulatory terms

4. Declaration of Beneficial Ownership: Clear statement of beneficial ownership structure and percentages of ownership

5. Rights and Obligations: Specific rights of the beneficial owner and obligations of the legal owner

6. Compliance Requirements: Obligations to comply with Malaysian law, including Companies Act 2016 and AMLATFPUAA requirements

7. Reporting and Disclosure: Requirements for reporting changes in beneficial ownership and making necessary disclosures to authorities

8. Representations and Warranties: Confirmations about the accuracy of ownership information and capacity to enter agreement

9. Duration and Termination: Term of the agreement and circumstances under which it can be terminated

10. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

Optional Sections

1. Nominee Arrangements: Required when there are nominee shareholders or directors involved in the ownership structure

2. Trust Provisions: Needed when the beneficial ownership involves trust arrangements

3. Corporate Actions: Include when specific provisions are needed regarding voting rights and corporate decisions

4. Anti-Money Laundering Provisions: Enhanced AML provisions for high-risk sectors or complex ownership structures

5. Tax Matters: Specific tax-related provisions when beneficial ownership has significant tax implications

6. Dispute Resolution: Alternative dispute resolution mechanisms beyond court jurisdiction

7. Change Control: Detailed procedures for handling changes in beneficial ownership structure

Suggested Schedules

1. Schedule 1 - Details of Beneficial Ownership: Detailed breakdown of beneficial ownership percentages and chain of ownership

2. Schedule 2 - Required Information and Documents: List of documents and information required to verify beneficial ownership

3. Schedule 3 - Reporting Templates: Standard forms for reporting changes in beneficial ownership

4. Schedule 4 - Compliance Procedures: Detailed procedures for maintaining compliance with Malaysian regulations

5. Appendix A - Corporate Structure Chart: Visual representation of the ownership structure

6. Appendix B - Verification Documents: Copies of identification documents and corporate records confirming ownership

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Real Estate

Investment Holdings

Professional Services

Banking

Manufacturing

Trading

Technology

Mining

Oil and Gas

Construction

Healthcare

Telecommunications

Retail

Hospitality

Relevant Teams

Legal

Compliance

Corporate Secretarial

Risk Management

Corporate Governance

Finance

Regulatory Affairs

Investment

Trust Services

Due Diligence

Corporate Services

Relevant Roles

Company Secretary

Compliance Officer

Legal Counsel

Corporate Lawyer

Risk Manager

Company Director

Chief Financial Officer

Corporate Governance Officer

Due Diligence Officer

AML Compliance Manager

Corporate Services Manager

Board Secretary

Regulatory Affairs Manager

Investment Manager

Trust Officer

Industries
Companies Act 2016: Primary legislation governing company operations in Malaysia, including requirements for disclosure of beneficial ownership and maintaining a register of beneficial owners
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA): Provides legal framework for identifying and verifying beneficial owners as part of anti-money laundering compliance
Guidelines on Beneficial Ownership Reporting Framework: Bank Negara Malaysia's guidelines specifying requirements for reporting and maintaining beneficial ownership information
Malaysian Code on Corporate Governance 2021: Sets out best practices for corporate governance including transparency of ownership structures and related party transactions
Companies (Amendment) Act 2019: Updates to the Companies Act implementing enhanced requirements for beneficial ownership reporting and transparency
Capital Markets and Services Act 2007: Relevant for beneficial ownership disclosure requirements in relation to public listed companies and securities trading
Income Tax Act 1967: Contains provisions relevant to beneficial ownership in relation to tax reporting and compliance obligations
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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