Share Allotment transaction is created when you first incorporate an Entity. Then you will do Share Allotment transaction again if there is new shareholders joining the Entity and new shares is issued to them. Or if there is fresh capital injected into the company.
Follow these steps to do Share Allotment transactions;
- Click New Transaction button. A modal will pop up on your screen.
- Click Allot from the choices presented in the modal.
- In Share Allotment modal, you will see the following fields;
- Allotment Number - this is like the index number of the transaction. It does not need to be unique as per transaction because sometimes you will need to create multiple allotment transactions in one go (especially during the incorporation) and all of them share the same Allotment Number to indicate the event happens at the same time.
- Shareholder - you start typing the name of the shareholder in this field. It will automatically filter and search based on the existing active Shareholder in this Entity.
- Class (optional)
- Transaction Date
- Total Unit of Shares
- Value per Shares
- Type of Shares
- You click button Save to complete this Allotment transaction.
What is Return on Allotment of Shares?
Return on Allotment of Shares is a document to inform SSM that allotment of share has happened. Previously Company Secretary must fill in form 24 under the Companies Act 1965. However, after the introduction of the Companies Act 2016, according to SSM, any allotment of shares occurs after 31 Jan 2017 must be lodged online via MyCOID system.
Hence that explains why Officio does not have that form in the system.