On the 10th of January 2022, the Singapore parliament passed the Corporate Registers (Miscellaneous Amendments) Act. This act amends the Companies Act and the Limited Liability Partnerships Act.
This act adds the requirement for Companies registered in Singapore to keep registers of nominee shareholders and their nominees. This requirement will plug the gap regarding the lack of transparency on the identities of individuals who control the shares of companies. This will bring requirements in Singapore in line with international standards. This increase in compliance requirement is necessary for the ongoing fight to combat money laundering and terrorism financing and other related threats to the global financial system.
With the new changes, both local and foreign companies registered in Singapore will be required to keep a non-public register of nominee shareholders and their nominees. They will also need to update their registers within seven days if there are changes to any details.
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
Yours Sincerely,
The editorial team at Singapore Secretary Services
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