Singapore’s new requirements under the Corporate Registers Act
Following the Corporate Registers (Miscellaneous Amendments) Act 2022 passed by Parliament on the 10th of January 2022, the Singapore Accounting and Corporate Regulatory Authority (ACRA) released a new set of requirements aimed at furtherly strengthening Singapore’s corporate governance regime and beneficial ownership transparency.
Companies are now required to set up and maintain a Register of Nominee Shareholders (RONS). Although there is no requirement for registration with ACRA yet, the register is compulsory.
The other significant change relates to the Register of Registrable Controllers (RORC). Companies and LLPs unable to identify a registrable controller must identify the individuals with executive control over the entity and record them accordingly.