COMPANIES ACT 2016 
“exempt private company” means a private company in the shares of which no beneficial interest is held directly or indirectly by any corporation and which has not more than twenty members none of whom is a corporation;
An exempt private company (EPC) is a special category of private company under the Companies Act 2016 that satisfies specific ownership requirements.
To qualify as an exempt private company:

1. No corporation may hold any beneficial interest in the company's shares, whether directly or indirectly; and
2. The company must have not more than twenty (20) members, and every member must be an individual (natural person). No member may be a corporation.

This definition is intended to identify closely held private companies that are owned entirely by individuals rather than corporate entities. Conditions to Qualify as an Exempt Private Company
A company is an exempt private company only if all of the following conditions are met:

• It is incorporated as a private company;
• It has 20 or fewer members;
• Every member is an individual;
• No member is a corporation;
• No corporation holds a beneficial interest, directly or indirectly, in any of the company's shares.

If any of these conditions cease to be satisfied, the company will no longer qualify as an exempt private company. Key Characteristics
An exempt private company generally:

• Is a private company limited by shares;
• Has a closely held ownership structure;
• Is owned exclusively by individual shareholders;
• Cannot have more than 20 members;
• Does not have any corporate shareholder or corporate beneficial owner; and
• Is subject to the Companies Act 2016 and any provisions specifically applicable to exempt private companies.

Practical Examples
Example 1 – Qualifies as an Exempt Private Company
ABC Sdn. Bhd. has:

• Five shareholders;
• All shareholders are Malaysian individuals;
• No corporate shareholder;
• No corporation has any direct or indirect beneficial interest.

ABC Sdn. Bhd. qualifies as an exempt private company. Example 2 – Corporate Shareholder
XYZ Sdn. Bhd. has:

• Ten shareholders;
• Nine individual shareholders; and
• One shareholder is DEF Holdings Sdn. Bhd.

Because one member is a corporation, XYZ Sdn. Bhd. does not qualify as an exempt private company. Example 3 – Indirect Corporate Beneficial Interest
Company A is owned entirely by individuals. However, one shareholder holds the shares as a nominee for a corporation.
Although the registered shareholder is an individual, the corporation has an indirect beneficial interest in the shares.
Accordingly, the company does not qualify as an exempt private company. Example 4 – More Than Twenty Members
A private company has 25 individual shareholders.
Although no shareholder is a corporation, the company exceeds the maximum limit of 20 members and therefore is not an exempt private company. Loss of Exempt Private Company Status
A company ceases to be an exempt private company if:

• A corporation becomes a shareholder;
• A corporation acquires a direct or indirect beneficial interest in any shares;
• The number of members exceeds twenty; or
• Any other statutory requirement for exempt private company status is no longer satisfied.

Compliance Requirements
An exempt private company should ensure that:

• It continuously satisfies the ownership requirements prescribed by the Companies Act 2016;
• Its Register of Members is accurate and up to date;
• Beneficial ownership information is properly maintained;
• Any change affecting its exempt private company status is appropriately recorded and addressed; and
• It complies with all applicable provisions of the Companies Act 2016.

Importance
The concept of an exempt private company recognises a category of closely held companies that are wholly owned by individuals without any corporate ownership.
The definition promotes transparency in ownership and distinguishes family-owned and privately owned businesses from companies with corporate shareholders. It also determines whether a company may be eligible for certain exemptions or simplified compliance requirements under the Companies Act 2016, where specifically provided by the Act.

《2016 年公司法》

“豁免私人公司”（Exempt Private Company，简称 EPC） 是指符合《2016 年公司法》规定特定股权结构要求的私人有限公司（Private Company）。

要符合豁免私人公司的资格，公司必须同时符合以下条件：

1. **任何公司法人（Corporation）不得直接或间接拥有该公司股份的任何实益权益（Beneficial Interest）；**以及
2. 公司的成员（Members）不得超过二十（20）名，且所有成员均必须为自然人（Individual / Natural Person），不得有任何成员为公司法人。

此定义旨在识别由个人全资拥有、股权相对集中的私人有限公司，而非由其他公司持有股权的企业。

成为豁免私人公司的条件（Conditions to Qualify as an Exempt Private Company）

一家公司只有在同时符合以下所有条件时，方可被视为豁免私人公司：

• 公司必须为私人有限公司（Private Company）；
• 成员人数不得超过 20 人；
• 所有成员均必须为自然人（Individual）；
• 不得有任何成员为公司法人（Corporation）；
• 不得有任何公司法人直接或间接拥有公司股份的实益权益（Beneficial Interest）。

如上述任何条件不再符合，公司即丧失豁免私人公司的资格。

主要特点（Key Characteristics）

豁免私人公司一般具有以下特点：

• 属于股份有限公司（Private Company Limited by Shares）；
• 股权结构较集中（Closely Held Ownership Structure）；
• 全部股东均为个人；
• 成员人数不得超过 20 人；
• 不得拥有任何公司股东或公司实益拥有人；以及
• 除适用于所有私人公司的规定外，还须遵守《2016 年公司法》中适用于豁免私人公司的相关条文。

实务示例（Practical Examples）

例子一：符合豁免私人公司资格

ABC Sdn. Bhd. 具有以下情况：

• 五名股东；
• 所有股东均为马来西亚个人；
• 没有任何公司股东；
• 没有任何公司直接或间接拥有股份的实益权益。

因此，ABC Sdn. Bhd. 符合**豁免私人公司（Exempt Private Company）**的资格。

例子二：存在公司股东

XYZ Sdn. Bhd. 拥有：

• 十名股东；
• 九名个人股东；以及
• 一名股东为 DEF Holdings Sdn. Bhd.。

由于其中一名成员属于公司法人，因此 XYZ Sdn. Bhd. 不符合豁免私人公司的资格。

例子三：公司间接拥有实益权益

A 公司全部登记股东均为个人。

然而，其中一名个人股东实际上只是代名人（Nominee），其股份真正代表另一家公司持有。

虽然登记股东为个人，但由于公司对该股份拥有间接实益权益（Indirect Beneficial Interest），因此该公司不符合豁免私人公司的资格。

例子四：成员超过二十人

某私人有限公司共有 25 名个人股东。

虽然所有股东均为个人，没有任何公司股东，但由于成员人数超过法定上限 20 人，因此该公司并非豁免私人公司。

丧失豁免私人公司资格（Loss of Exempt Private Company Status）

公司如发生以下任何情况，将不再属于豁免私人公司：

• 公司法人成为股东；
• 公司法人直接或间接取得任何股份的实益权益；
• 成员人数超过二十人；或
• 不再符合《2016 年公司法》规定的任何豁免私人公司资格条件。

合规要求（Compliance Requirements）

豁免私人公司应确保：

• 持续符合《2016 年公司法》规定的股权结构要求；
• 股东登记册（Register of Members）保持准确及最新；
• 妥善保存及更新实益拥有人（Beneficial Owner）资料；
• 如任何事项影响其豁免私人公司资格，应及时记录及依法处理；以及
• 遵守《2016 年公司法》的所有适用规定。

重要性（Importance）

豁免私人公司（Exempt Private Company） 是《2016 年公司法》下的一种特殊私人公司类别，其特点为完全由个人持有股权，不涉及任何公司法人持股或公司法人实益拥有权益。

该定义有助于：

• 提高公司股权透明度；
• 清楚区分家族企业及个人拥有企业与公司持股企业；
• 协助监管机构识别真正由个人控制的私人有限公司；以及
• 在《2016 年公司法》规定的范围内，决定公司是否符合享有特定法定豁免或简化合规要求的资格。

豁免私人公司的制度体现了马来西亚公司法对小型、家族式及个人持有企业的特别安排，同时兼顾企业便利与公司治理的透明度