SINGAPORE- Commencement of New Requirements under the Corporate Registers (Miscellaneous Amendments) Act
The Accounting and Corporate Regulatory Authority (ACRA) implemented new requirements to strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combatting money laundering, terrorism financing and other threats to the integrity of the international financial system. The following requirements will take effect from 4 October 2022, following the passing of the Corporate Registers (Miscellaneous Amendments) Act by Parliament on 10 January 2022.
Maintaining Registers of Nominee Shareholders
Companies (including foreign companies) are required to maintain a Register of Nominee Shareholders (RONS) at their registered office or at the registered office of their appointed Registered Filing Agent. The RONS will need to contain prescribed particulars of the nominator(s) of the company’s nominee shareholder(s). Companies must set up their RONS by 5 December 2022.
To assist companies in the setting up and maintenance of the RONS, ACRA has developed and published a new guidance document for the RONS.
Identification of Registrable Controllers
Companies and Limited Liability Partnerships (LLPs) which are unable to identify a registrable controller who has a significant interest in or significant control, are required to identify individuals with executive control as their registrable controller(s).
- 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 which were previously unable to identify a registrable controller are now required to record the prescribed particulars of individuals with executive control in their existing Register of Registrable Controllers (RORC) by 5 December 2022. The same information must also be lodged with the ACRA central register (ACRA central RORC) within 2 business days after any update(s) to their own RORC.
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