PDPA amendments take effect from February 2021
Most significant changes to the PDPA since its inception come into effect in phases as of February 1, necessitating mandatory data breach notifications among other requirements The Personal Data Protection (Amendment) Act 2020 (the PDPA Amendments) will come into effect in phases from February 1, 2021. The amendments seek to strengthen organisational accountability and consumer protection, while encouraging companies to optimise the use of personal data for innovation. The amendments taking effect on February 1 include: Mandatory data breach notification – the Personal Data Protection Commission (PDPC) must be notified by organisations who suffer from a data breach if that breach is likely to result in significant harm to the […]
Singapore to simplify their penalty framework for late annual fillings effective 30 April 2021
The Accounting and Corporate Regulatory Authority (ACRA) is due to implement a revised penalty framework for late annual lodgements with a simplified 2-tier penalty, to take effect from 30 April 2021. Currently, Singapore incorporated companies and Variable Capital Companies (VCC) that file late annual returns and declarations must pay a late lodgement fee of a flat rate of SG$300. For foreign companies and Limited Liability Partnerships (LLP), there is an 8-tier range of penalties from SG$50 to SG$350. Under the revised penalty framework, all Singapore incorporated companies, VCCs and LLPs will be imposed with a late lodgment penalty of SG$300 if the annual return or annual declaration is filed within 3 months after the filing due date, […]
Why it is important to be familiar with the recent amendments to the PDPA
The new Personal Data Protection (Amendment) Bill 2020 (Bill) was passed on November 2, 2020. With this Bill, Singapore is seeking to strengthen the accountability of organisations by introducing mandatory notification requirements for data breaches, as well as stiffer penalties for organisations and personal liability for certain offences relating to the mishandling of personal data. But the same time, this Bill will also give organisations more leverage in the use of personal data in the fast growing digital economy by expanding the instances where personal data can be used without consent, and introducing data portability. Accountability is here to stay It will be compulsory for organisations to report breaches of […]
How VCCs will help Singapore become the ‘Luxembourg of Asia’
Alpadis Group CEO Alain Esseiva’s latest article in Singapore’s Business Times newspaper, outlining the role the latest Variable Capital Company (VCC) framework will play in growing Singapore’s asset management industry Read the full article here.
Interview in Robb Report: The Finish Line
Alpadis Group CEO Alain Esseiva was recently interviewed by Robb Report, where he discusses the role ultramarathons play in developing his leadership skills and keeping him grounded
Singapore companies to file with new Central Register of Controllers
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 […]
Registers of company controllers and nominators set up by Singapore regulator
Plans for a central non-public register of controllers announced by Singapore’s Accounting and Corporate Regulatory Authority (ACRA) A non-public register of controllers will be set up, according to ACRA, in addition to legislation aimed at requiring the disclosure of the particulars of nominators of nominee shareholders. The new requirements will be put in place in order to tackle the increasing complexity of money laundering, the need to keep up to date with international transparency efforts and making sure beneficial ownership information is available to law enforcement. Entities in Singapore will be required to maintain their registers of controllers and ensure they are updated. Entities include local companies, foreign companies and […]
Alpadis Group bolsters Swiss team and opens branch in Neuchâtel
Alpadis Group hires Michel Frutiger and Jacques Oguey as Senior Trust Officers Alpadis Group today announces the opening of its branch in Neuchâtel, Switzerland, and the hiring of Michel Frutiger and Jacques Oguey who will provide trust and company administration as well as Family Office services from Alpadis Group’s new office. “Both Michel and Jacques are a highly-respected senior executives and we are delighted that they have become part of Alpadis Group” says Ewald J. Scherrer, Managing Director of Alpadis Group in Switzerland, adding “The expertise that Michel and Jacques bring in the field of international trust management and Family Office services will allow us to further expand our suite […]
What to watch out for in the Singapore Budget 2020
The Singapore Budget 2020 is due to be announced today. Aside from some measures to help companies affected by the ongoing coronavirus situation, there will be a number of initiatives that could affect local companies. Below are five areas that we could see addressed in this year’s Singapore Budget: Digitisation Like last year, the government may continue to introduce and implement measures that will encourage and support Singapore firms’ efforts to go digital. This means providing grants and tax breaks for those investing in new technology as well as support for companies to upskill their employees. Furthermore, a key goal will be to improve cyber defences and so, we can […]
Singapore introduces grant scheme to drive Variable Capital Company (VCC) adoption
On January 15, 2020, the Variable Capital Companies Act 2018 (“VCC Act”) and its subsidiary legislation came into force to introduce a new legal framework for variable capital companies (VCCs). VCCs allow funds to be set up as a standalone, or as an umbrella entity with one or more sub-funds with different investment objectives, assets, debts and investors. VCCs should bolster the City State’s position as a fund management hub, encouraging fund managers to domicile their investment funds in Singapore. In order to drive adoption, the Monetary Authority of Singapore (MAS) has launched a Variable Capital Companies Grant Scheme that will help defray the costs involved in registering or incorporating […]