To strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combating laundering, terrorism financing and other threats to the integrity of the international financial system, the Accounting and Corporate Regulatory Authority (ACRA) has introduced a new requirement for companies, including foreign companies, and Limited Liability Partnerships (LLPs).
Maintaining Registers of Nominee Shareholders
2 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 and foreign companies must set up their RONS by 5 December 2022.
3 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
4 Companies and LLPs who had previously been unable to identify a registrable controller who has a significant interest in or significant control over them will now be required to identify individuals with executive control over them as their registrable controller(s).
- For companies, this would be each director with executive control and each Chief Executive Officer.
- For LLPs, this would be each partner with executive control.
You may also refer to the updated Register of Registrable Controllers’ Guidance for more information.
5 Registered Filing Agents (RFAs) who have been appointed by their customers to maintain their RORCs are encouraged to remind your customer(s) of this new requirement and to update their RORC by 5 December 2022. Failure to update the RORC may lead to prosecution and a fine of up to $5,000.
Lodging RORC information with ACRA
6 For your convenience, the steps to be taken for the lodgment of updated RORC information with ACRA are set out below:
a) Log in to BizFile+ portal.
b) Click on “e-Services” > “Others” > “Update Register of Registrable Controllers”.
c) Select “No controllers identified” and complete the new section by updating the particulars of the individual(s) with executive control before submitting the information.
7 Should you require assistance, please contact ACRA Helpdesk at 6248 6028 or send your enquiries to us via www.acra.gov.sg/feedback. For more information, please visit our website at www.acra.gov.sg/registers-of-
Accounting and Corporate Regulatory Authority