Procedures to Transfer of Shares of Malaysian Company
- All transfer of shares are subject to approval from the Board of Directors
- The Share Transfer Form (Form 32A) need to be witnessed by someone (not wife or husband)
- The shareholders need to pay stamp duty for the shares transfer ( The stamping on Form 32A will be done at any LHDN office)
Important to know regarding Shares Transfer of a Malaysian Company
The whole process of Share Transfer does not involve Companies Commission of Malaysia (SSM) and none of the documents will be submitted to SSM! Thus, Companies Commission of Malaysia will not update your Company’s profile with new share transfer detail.
The old shareholders’ names will still be appeared in SSM System even though the transfer of shares have been completely executed by the directors or the company secretary.
When will SSM update the new shareholders’ names in SSM system?
SSM will only update the latest list of shareholders of the Company once the Annual Return of the Company has been received by the Companies Commission of Malaysia (SSM). The Companies Commission of Malaysia (SSM) will update the Company’s profile based on the list of shareholders stated in the Annual Return.
Only then the new shareholders’ names will appear in SSM system!
Is there any way to update shareholders’ list without submitting the Annual Return?
NO! There is no other alternative way to update the new shareholders’ list except for the submission of latest Annual Return by the Malaysian Company.