New Features in WealthWorks+ 4.11.0

  1. Generate statutory company forms for the Companies Commission of Malaysia. 
  2. Contact fields for Company Secretaries in Malaysia, and Directors Identification Number in India.
  3. Family relationships between individuals can now be recorded and displayed within the relationships tab
  4. New 'Shares Held' display for all contacts and entities, calculating direct and indirect ownership percentages.
  5. New calculation of substantial ownership % of companies for close family members.
  6. Principle Activity and Nature of Business description fields added.


Statutory Company Forms for Companies Commission of Malaysia.

New statutory company forms can now be generated for Malaysian companies.  To access these forms, a new API needs to be enabled from the System Administration, API Configuration page.  Select 'Active Docs' from the list of available APIs and click Activate.  For company entities with the Jurisdiction of Malaysia (ISO Code must be set to MYS),12 additional forms will be available to select. Specific information about each form and its requirements are listed below.  

  • All of these forms use a 'Signing Secretary' contact to populate the form 'Lodger' information.
  • Blank forms cannot currently be generated for Malaysia.
  • Forms that use passport details require valid passport records.  A valid passport record must have a passport number, country of issue, issue date and expiry date populated.
  • Form Lodger details of all forms will be completed by selecting a Secretary register entry.  The lodger address is selected from the secretary 'Form' address type.
  • Secretaries License numbers and SSM Cert No are new field accessed from the contact record (see below).


Form 48A               (201) Declaration by person before appointment Director

This form requires the Director contact to be assigned the potential role of Director.  The contact doesn't need to be assigned to the Directors Register for the form to be generated.  This form cannot be used to respond to questions 4, 5 and 6 regarding bankruptcy and these sections will be struck out.


Form 76                 Notice of approval for allotment of shares or grant of rights

This form requires a secretary to sign, and if approval is subject to conditions, select the checkbox to input the conditions before generating the form.


Form 48F               236(3) Declaration by person before appointment Secretary

This form requires the Secretary contact to be assigned the potential role of Secretary.  The contact doesn't need to be assigned to the Secretary Register for the form to be generated.  The signing secretary must be selected from the current register of Secretaries.  Telephone number of the secretary is the Primary phone number. The email is the selected default email address.  


Form 48E               237(2) Notice of intention to vacate the office of Secretary

This form requires two secretaries to be selected.  One will be the secretary vacating and the signing secretary will be newly appointed.  Note, these can't be the same two secretaries.  The company address is taken from the Registered Office address type. Telephone number of the secretary is the Primary phone number. The email is the selected default email address. The Company Address is the Registered Office address type and the secretary Vacating residential address is the private address type.  


Form 268 & 272    Application to request Registrar to appoint Auditor

This form requires a current member or director to be selected from the company registers.  A signing secretary is required along with a reason for the appointment and application date. The Company Address is the Registered Office address type and the Director or Shareholder residential address is the private address type.  Enter the reasons to appoint the auditor when generating the form.


Form 282               Notice of resignation of Auditor to the Registrar

Select an Auditor from the Register of Advisors and Officers with the sub-type 'Auditor'.  Enter the Date of Notice. A signing secretary is required along with the date of the signature.  


Form 284               Cessation of office by Auditor

A signing secretary is required along with the date of the signature. Enter the Firm details, approval number and date signed. Select if the copy submitted was a written representation or statement of circumstances.  


Form 32A               (105) Instrument of transfer of shares

The form is not dated with the 'As at Date' to allow for the form to be generated, witnessed and signed at a later date.
For the transferee and transferor, if the ID card number exists for the contact this will be generated on the form. If it doesn't, then the passport number is used instead. The transferee address is populated from the private address type for an individual.


Form 340(1)           Extension of time for holding of AGM

Enter the proposed period for extension and the reason for applying for the extension. A signing secretary is required along with the date of the signature.   The Company Address is the Registered Office address type and the email is the selected default email address.   The Year End, Last AGM and Date of Incorporation are populated from the company administration details.


Form 34                 (352) Statement of particulars to be lodged with charge

The form requires a selection to be made from the register of charges for the company.  The information from the register must be supplemented with the type of charge, nature of liability, who the liability was secured for the benefit of and other details.  A signing secretary is required.


Form 618(8) or (9) Notice of share capital

A secretary or director must be selected from the registers along with a signing secretary.  The form requires a selection to be made if there share premium acc. and/or capital redemption acc. become part of share capital.  Which accounts came part of share capital is also required. 

Known issue - When selecting the statement 'I hereby confirm that there is no share premium account and/or capital redemption reserve in the share capital of the company', additional words 'Share Premium' are added to the first statement in error.


Form 49                 (58) Notification of change in Register of Directors, Managers and Secretaries

  • The form is divided into an edition of the form for each section (A through to I); new position, cessation and change in particulars.  Only one register entry can be reported on a form at a time.
  • 'Manager' changes should be recorded in the Register of Advisors and Officers, with the sub-type 'Manager'.  The "Manager”, in relation to a company, means the principal executive officer of the company for the time being by whatever name called and whether or not they are a director.  
  • The form 'As at date' will display register holders that are current as at this date.  The date defaults to today and updating this date will remove any ceased register holders at the new date entered.  Details of the contacts reported on the form, will be those that are displayed today as their current details.
  • Passport numbers will be reported where a single current passport can be determined for the contact.  Passport records must have an issue date set, and expiry for historic passports.  Where multiple passports are current, the passport number will need to be manually entered on to the form.
  • A signing secretary must be selected to complete the form lodger details.
  • Other Directorships will be populated in a future release.


Change of Particulars of a register holder

  • Changes to the particulars of directors, managers and secretaries are the most recent record changes between today and the date entered in the field 'Records Currently Registered to'.  The default period between today and the date records currently register to is 12 months but this date can be changed to search for earlier changes.  If multiple changes have occurred with the date range, only the most recent change can be reported on.
  • Where a change to particulars have occurred, the form will display all the relevant current details for the selected contact but only insert a 'Date of Change' for fields that have changed.  The change date will be set as the audit date from the record and not the effective date entered by the user where this exists.
  • Residential address changes will report changes to 'private' address types, and Service address changes will report changes to the 'form' address types.
  • Reporting of changes to addresses, are where a change to the address assignment has been made, and not edits to the selected address.  In this release, new addresses assigned to the contact will be reported as a change. For a change of address to be reported a new address should be selected from the address library.  Edits within an existing address for corrections to spelling will not be reported.
  • Edition 49.D Change in the particulars of Manager report the change of passport number date and not the NRIC number.


Contact fields for Company Secretaries in Malaysia, and Directors Identification Number in India

New fields for the SSM Practicing Certificate Number and Company Secretary License Number are available for individual contact types where either the Residence, Primary Tax Residence or Domicile is set to Malaysia (with country ISO Code MYS).  The fields are displayed in the ID References portlet and are used to populate statutory company forms for the Companies Commission of Malaysia.  The SSM Practicing Certificate Number requires 9 characters and Company Secretary License Number requires 12 digits to be valid.  Duplicate checks are performed to ensure the references are unique.  


A new field for the Indian Directors Identification Number us available for individual contact types where either the Residence, Primary Tax Residence or Domicile is set to India (with country ISO Code IND).  The fields accepts 8 digits for a valid DIN number and duplicate checks are performed to ensure the number is unique.    Access to the new fields are dependent on existing role permissions for the ID references portlet.

Family Relationships for contacts

For individual contacts, a new portlet allows family relationships to be maintained.  From the Relationships tab for a selected contact, select the tab Family Relationships.  Click on the add button, and select the 'relationship to' for the selected contact. Next select the contact name by typing some characters, and then save. The table will display all family relationships and allow them to be deleted if required.  The family relationships and 'reverse of' are also displayed in the relationship tab tree view.  Family relationships are used to report substantial interests in company shares (see below).  


Shares Held tab calculating Direct ownership and Indirect ownership

A new 'Shares Held' tab has been enabled for all contact types.  Access to view this information relies on the View attribute being granted to the existing permission Entity Details > Shares > Share Summary.  For all contact types, where the selected contact is a member of another company within WealthWorks+, a percentage direct and indirect ownership of shares is calculated.  


To enable the calculation for a company share class, edit the share capital record and check the option 'Include Direct and Indirect ownership’ calculations.


The percentage of directly held shares are reported where this contact is a current member of a company whose active and fully paid share classes are set to be included in ‘Direct and Indirect ownership’ calculations. The percentage of indirectly held shares are reported where simple, single-path indirect ownership is recorded and when one entity directly holds shares of another entity that owns shares of a further but different entity.  The shares must be fully paid or No Par Value, held in active share classes and set to be included in ‘Direct and Indirect ownership’ calculations.  The percentage of shares held are calculated at today’s date and are rounded down to 2 decimal places, to the right of the decimal point


Where there are Joint Members, the direct ownership percentages for the joint holding is only being reporting via first member.  For Nominee shareholders the direct ownership reporting is via nominee as member. The nominor is not used in these calculations currently.  


Optional 'Additional details' columns can be added to the shares held display (via the Columns button) to summaries key register information and summary share capital data for each share class.  


Known Issue: - For No Par Value shares, the share capital details optional column are not currently using the nominal paid from the share issue record.  This will be amended in the next release.


Shares Held tab calculating Substantial Interests

The percentage Substantial Interest in entities are reported for individual contacts who has a spouse, parents, siblings and children who also have directly held shares.  The shares must be fully paid, held in active share classes and set to be included in ‘Direct and Indirect ownership’ calculations.  The percentage of shares held are calculated at today’s date and are rounded down to 2 decimal places, to the right of the decimal point.


Principal Activity and Nature of Business description fields 

New fields have been added for the Principal Activity description and Nature of Business description on the Company Details portlet for managed entities to record detailed memo text.  Access to the new fields is dependent on existing role permissions for the company details portlet.



Other Changes


5315    A new Security Groups permission to control access and configuration of the WW+ Security Groups has been added and enabled.  Include this permission in roles for users who need to amend security groups.

6658    The send feedback feature on the support widget can now be disabled on request.

7459    A Default 'Manager' sub-type added to register of Advisors and Officers for MYS statutory records.

4102    To maintain the list of Individuals titles in the Options > Data Configuration > Maintain lists, the sundry type permission is also required (System > Administration Data > Maintain all sundry types.

3834    New statutory register reports are available in the 'Reporting' page. 

  • Register of Allotments
  • Register of Beneficial Owners
  • Register of Directors    
  • Register of Professional Officers
  • Register of Secretaries
  • Register of Transfers


Fixes


4785    The Delete user button has been removed.  Inactive users should now be deactivated rather than deleted.

5778    Fix to entity search for not including read-only entities in results.

5795    The page Actions > Forms > Company Share Certificate option wasn't selecting the the form correctly.

5810    The trusts Units Transactions ledger has the transferee column added correctly.

6469    Bank Payment / Bank Receipt transaction not recording reporting amounts correctly where no GBP:GBP rate exists.

6539    Multiple documents being uploaded into the document store failing has been corrected.

6791    Employers and Employees Start and End dates are being displayed in the incorrect columns.

5975    The labels for fields Entity File Name, Entity Reference and Your Reference are now used consistently in onboarding and the entity listing page.  


Known Issues


7300    Shares Held - Capital Details calculation column for No Par Value shares (where the nominal is zero) isn't reporting the paid up capital correctly.  This will be corrected in the next release.