In May of 2019, the Accounting and Corporate Regulatory Authority (ACRA) revised the ACRA Guidance on Register of Controllers for companies, foreign companies and Limited Liability Partnerships (LLP).
By way of background, unless exempted, all the mentioned entities are required to identify and maintain an up-to-date register of registrable controllers (Individual who has a significant interest in, or significant control over the company). The aim of this Register is to increase the transparency of business entities in Singapore, and while it is not disclosed to the public, it must be made available to the Registrar or public agencies such as ACRA.
The updates of the Guidance concern the location of the register to be kept by any of these entities. As of May 2019, if a company, foreign company or LLP appoints a registered filing agent (RFA) and he resigns, the RFA should hand over the register to the company, foreign company or LLP, who may then appoint another RFA for the purpose of keeping the register.
Companies in breach of their duties in relation to the Register can be subject to significant fines. It is therefore important to comply with the requirements to create and maintain a Register of Controllers.
For more information and guidance on setting up and keeping your company compliant with Singapore’s regulations, please contact our Singapore office here