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The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) are proposing a new Corporate Service Providers (CSP) Bill. This bill aims to strengthen the regulatory framework for the CSP sector. Additionally, amendments are proposed to the Companies Act 1967 and the Limited Liability Partnerships Act 2005 to enhance transparency of beneficial ownership for companies and limited liability partnerships. Public feedback on these proposals is welcome from March 12 to 25, 2024.

1. The key proposals aim to achieve the following:

• Strengthen the Regulatory Framework for Corporate Service Providers (CSPs):
  • All entities offering corporate services in Singapore will be required to register with the Accounting and Corporate Regulatory Authority (ACRA).
  • Registered CSPs and their senior management face fines of up to S$100,000 for non-compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) obligations.
• Combat Misuse of Nominee Directors: Individuals can no longer act as nominee directors commercially unless their appointments are arranged and assessed as suitable by registered CSPs.
• Enhance Corporate Transparency:
  • Nominee directors and shareholders will be required to disclose their nominee status and nominator identities to ACRA.
  • Penalties for breaches related to the Register of Registrable Controllers, Nominee Directors, and Nominee Shareholders will be increased.

2. The public consultation documents for the new Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill can be found on the following websites:

• Reach consultation portal: https://www.reach.gov.sg/
• Ministry of Finance (MOF) website: https://www.mof.gov.sg/

3. Public feedback is welcome through FormSG. 

[1] This provider offers business formation, nominee director/shareholder services, registered addresses, and support with accounting and ACRA filings.

If your company needs help filing taxes for the year 2024, or requires assistance with 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.

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