Register for Registrable Controllers 2020 Update

Register for Registrable Controllers Must Be Submitted to ACRA by April 2020

 

New Rules for Company Register’s by April 2020

By April 2020, business in Singapore will be required to report the ownership of their business to the Register for Registrable Controllers.  

Currently, the Accounting and Corporate Regulatory Authority (ACRA) is yet to release the guidelines on how this process will be implemented. Prior to this new rule, companies only had to update the Register regularly.

 

Why the New Rules?

Prior to the new requirement, a company in Singapore only had to maintain their company records internally. Although ACRA or the relevant authorities could request for the Register if needed, that rarely ever happened. However, with the new ruling, it is now mandatory for companies to submit their details to the Register for Registrable Controllers directly to ACRA.

 

What Is the Register for Registrable Controllers?

Essentially, the Register is a document. In this document, all the Controllers as well as the Beneficial Owners are listed for a specific company. A Controller is defined as either an entity or a person who has a “significant interest” or has “significant control” in a company. All Controllers are obliged to provide their details to ACRA for the purpose of the Register.

All local, foreign, and Limited Liability Partnerships will be required to keep a record of this.

The details that must be included for the Controllers are (if they are a person):

• The full names
• Any aliases if applicable
• Residential address
• ID specifications (Identity card or passport number)
• Citizenship information
• Nationality
• Date they became a Controller in the company
• Date they ceased to be a Controller in the company (if applicable)
• Entity registration details.

 

The details that must be included for the Controllers are (if they are a business entity):

• Name
• Unique Identity Number
• Name of the registering authority
• Registered office address
• Date they became a Controller in the company
• Date they ceased to be a Controller in the company (if applicable)
• Location of the company registration
• Laws applicable under which the company was registered
• Any ID that was given to the company by the relevant registering authority

 

Updating the Register for Registrable Controllers

The Register must be prepared within 30 days of the incorporation process. Should the business require any change of details from the Controllers, you must request these details. Once received, you have 2 days to update the Register with the new information.

The details of your records will not be made public. Only the relevant government agencies and ACRA will have access to the information in your Register. If you don’t have details of your Controllers, you will need to take the necessary “reasonable steps” to identify who these controllers are. This requirement is per the Companies Act.