News

Singapore, 4 October 2022

The Accounting and Corporate Regulatory Authority (ACRA) has implemented new requirements to bolster Singapore’s corporate governance regime, and reiterate Singapore’s dedication to combating money laundering, terrorism financing, and other threats to the integrity of the global financial system. The following requirements will go into effect from 4 October 2022 of signing, after Parliament passed the Corporate Registers (Miscellaneous Amendments) Act on 10 January 2022.

Maintaining Registers of Nominee Shareholders

Companies (including foreign companies) will need to have a Register of Nominee Shareholders (RONS) at their registered office or the registered office of their appointed Registered Filing Agent. The RONS must contain the prescribed particulars of the nominator(s) of the company’s nominee shareholder(s). Companies need to set up their RONS by 5 December 2022.

To help companies with the setup and upkeep of their RONS, ACRA has created and published a new guidance document for the RONS. This document will go over what a RONS is, how to set one up, and how to keep it running smoothly.

Identification of Registrable Controllers

If a company or LLP is unable to identify a registrable controller who has a significant interest in or significant control over the company/LLP, they are required to identify individuals with executive control as their registrable controller(s) instead.

• For companies, directors with executive control and the Chief Executive Officer must be identified as its registrable controller(s).
• For LLPs, partner(s) with executive control must be identified as its registrable controller(s).

Companies and LLPs that couldn’t previously identify a registrable controller now have until December 5, 2022, to add the mandated information about people who have executive control to their current Register of Registrable Controllers (RORC). After any updates to their own RORC, the same information must be submitted to the ACRA central registry (ACRA central RORC) within 2 business days.

For more information on the requirements, please refer to the updated guidances.

To learn more about Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at aceglobalacct@gmail.com. Alternatively, you may leave us a reply using our contact form below.

• Share:

PREVIOUS ARTICLE

NEXT ARTICLE