SINGAPORE (THE BUSINESS TIMES) - The Accounting and Corporate Regulatory Authority (Acra) has set up a new Central Register of Controllers, as part of efforts to make the ownership and control of corporate entities more transparent and uphold Singapore's reputation as a trusted financial hub.
From July 30, all companies, foreign companies and limited liability partnerships (LLPs) will be required to file the information presently maintained in their Register of Registrable Controllers (RORC) with the new central register, unless exempted.
They must do this by Sept 29, Acra said.
The information in the new central register will only be made available to law enforcement agencies for the purpose of administering or enforcing the laws under their purview, such as the investigation of money laundering offences, it added. Members of the public will not have access to the information.
Since March 31, 2017, all companies, foreign companies and LLPs are required to set up and maintain a RORC at their registered office address or the address of their appointed registered filing agents, unless exempted.
Exempted companies include Singapore-listed companies, Singapore financial institutions, and any company that is wholly owned by the government.
Information in the RORC includes, among other details, the names and addresses of individuals and legal entities that have significant interest or significant control over the company, foreign company or LLP.
Any change to the controllers' information must be updated in the entities' RORC and similarly filed with Acra's new central register within two business days thereafter, the authority said. Failure to do so is an offence that can attract a fine of up to $5,000 upon conviction.