COMMENCEMENT OF NEW REQUIREMENTS OF THE CORPORATE REGISTERS (MISCELLANEOUS AMENDMENTS) ACT
Maintaining Registers of Nominee Shareholders
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).
Besides maintaining Register of Registrable Controller (RORC), they are now required to maintain a Register of Nominee Shareholders (RONS) at their registered office or at the registered office of their appointed Registered Filing Agent and must set up by 5 December 2022.
To simplify who are the Registrable Controllers, individuals with executive control:
• 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.
To simplify who are Nominee Shareholders,
• Individuals who are holding shares on behalf of another person’s.
Failure to update this new requirement by 5 December 2022 may lead to prosecution and a fine of up to $5,000.
