Singapore Companies & LLPs Now Need to Lodge Controllers' Details with ACRA

Singapore continues to attract foreign investors and entrepreneurs for company incorporation in Singapore. It is one of the favored destinations for direct foreign investment in Asia. Singapore is one of the trusted financial hubs.

The authorities here are very conscious of Singapore's image in the global financial world. And, they want to uphold it by denying malignant elements any chance of perpetuating money laundering or terrorist financing activities on their soil.

Company Register

As per the current requirements that came into play since March 2017, companies and limited liability partnerships, unless exempted, must set up and maintain a Register of Registrable Controllers (RORC) at their own or agents' registered office address.

What is Register of Registrable Controllers (RORC)?

The local and foreign companies and LLPs need to maintain RORC, a register. It is a document that contains info of entities having controlling interests in the corporate entities.

The register includes individual controllers names, address from the native place, identifying details, and nationality, in the case of a corporate shareholder, the register stores the place or the country of its registration.

The local authorities have further tightened compliance rules related to company formation in Singapore.

Changes in Requirement

With effect from 30 July 2020, all local and foreign companies and limited liability partnerships, unless exempted, must lodge the information in their RORC with the ACRA, the Company Registrar of Singapore. The authority, here, want the business owners to come clean about the real ownership and control of corporate entities.

Ask your company secretary to take steps to set up RORC, if required, and share it with ACRA too.

For Individuals

·         Full name and Aliases (if any)

·         Residential address

·         Nationality

·         Passport number (or Singapore identity card number)

·         Date of birth

·         Date of becoming a controller

·         Date of cessation as a controller (if applicable)

For Corporate Entities

·         Company Name

·         Unique entity number

·         Registered office address

·         Legal form of the corporate controller

·         Country of incorporation of corporate controller

·         Authority in which the corporate controller is incorporated

·         Corporate entity's identification or registration number

·         Date of becoming a controller

·         Date of cessation as a controller, (if applicable)

If you are contemplating company incorporation in Singapore, you should not be unduly worried about the security of your sensitive info.

The information lodged with ACRA will not be made public. Only law enforcement agencies will be able to access it for administering or enforcing the laws.

If you need any assistance in setting up a Register of Registrable Controllers (RORC) for your business or for filing the required details with ACRA, call us on +65-6536 0036 or email us at info@sbsgroup.com.sg for further information.