New requirements form part of efforts to maintain transparency and Singapore’s reputation as a financial hub
All companies in Singapore are required to file information on a new Central Register of Controllers, Singapore’s Accounting and Corporate Regulatory Authority (ACRA) announced last week.
Unless exempted, local, foreign companies and limited liability partnerships (LLPs) will need to file information, including the names and addresses of individuals and legal entities that have significant interest or significant control over the company, foreign company or LLP among other details, onto the new Register by September 29, 2020.
This information is currently maintained in the Register of Registrable Controllers (RORC), a document maintained privately by corporate entities with information on their controllers. Once updated onto the new Central Register of Controllers, the information will only be made available to law enforcement agencies as and when required, such as when investigating money laundering offences. Members of the public will not have access to the RORC information in the Central Register of Controllers.
Should there be any changes to the information, updates must be made within two business days of the changes on both the RORC and the new Central Register of Controllers, failure to do so may result in a fine of up to SGD$5,000. For more information, please contact Alpadis Group