Company Registration in Singapore Requires Some Help
For businesses that hope to move into Singapore, it is critical to follow several specific steps to allow you to set up a legal business
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From 31 March 2017, companies operating in Singapore are now required to maintain a register of registrable controllers (“RORC”) unless exempted by law.
As part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, beginning July 30th 2020 entities must annually update the ACRA central Register of Registrable Controllers (RORC) and keep the data on file at both the entity end and ACRA’s RORC. This is in addition to the requirements that an existing company or LLP maintains a Register of Registrable Controllers at their registered address.
Companies, foreign companies and LLPs should maintain a Register of Registrable Controllers or RORC at the registered office address. The company should update any changes to the RORC details like name, address or status within 2 business days in both ACRA and Corporate Registry (RORC).
The penalty for non-compliance with the RORC is $5,000.
The information in the register of Registrable Controllers (RORC) registers will be accessed by law enforcement agencies for administration or enforcement of laws under their purview. Members of the general public will not have access to sensitive RORC information or able purchase any extracts from these lodgements.
For more details regarding the Requirement for Companies, Foreign Companies and LLPs to maintain the RORC, please refer to: https://www.acra.gov.sg/legislation/legislative-reform/companies-act-reform/companies-amendment-act-2017/register-of-registrable-controllers
A register that was created by the Accounting and Corporate Regulatory Authority (ACRA) as a new law with effect from March 31, 2017. This register is meant to provide accurate information about who controls and owns your corporate entity so you can maintain transparency in your business dealings.
According to Transparency International, an increase in transparency is necessary for the companies that have been using evasion tactics and it will help minimize such illicit purposes. By introducing this system, Singapore becomes one step closer to international standards. This will help maintain a strong reputation for the country as an international financial hub.
You must first identify the controllers of the company and obtain information about the controllers by sending notices to anyone whom they know or have reasonable grounds to believe to be controllers, or anyone who knows the identity of the controllers or is likely to possess that knowledge.
The notices must be sent and received electronically or in hard copy. The records of the registrable controllers will not be available to the public, as it is only to be kept by the corporate entity. The information contained in the register can only be used by public agencies for administering or enforcing the law under their purview.
All companies and LLPs in Singapore must declare the location of the company’s register with ACRA when filing the company’s annual returns. Companies and LLPs will be able to discharge their duties by sending notices to the relevant parties, recording their particulars and sending further notices to any other parties who may have been revealed as potential controllers. These notices must be sent and replies received, and no liability will be held should the recipients of the notices fail to respond or provide inaccurate information.
The register should be maintain at either the filing agent’s registered office, or the company’s registered office in either electronic or paper format. The records must be made available to the Registrar and public agencies which are administering or enforcing any written law upon request. This includes IRAS, CPIB and CAD.
A legal entity that is known as a Controller of a company must fulfil the following conditions to be eligible:
The following details must be maintained by the registrable individual controllers:
Registrable corporate controllers must maintain the following details:
Any person who is receiving a notice from a company or LLP must provide the following:
For businesses that hope to move into Singapore, it is critical to follow several specific steps to allow you to set up a legal business
You have heard that setting up a business in Singapore is the way to go for any business owners or individuals that has an interest