Register of controllers in Singapore
5 minute read
Maintaining a register of controllers is a new requirement that was implemented by the Accounting and Corporate Regulatory Authority (ACRA) from 31 March 2017 onwards. How does this register help you? It aims to help make the control and ownership of corporate entities more transparent.
The need to increase transparency is necessary to reduce the potential misuse of corporate entities for illicit purposes. By doing so, Singapore is more in line with the international standards and can maintain a strong reputation as a financial hub.
Who is required to register for registrable controllers?
The following entities are required to register for registrable controllers in Singapore:
The following entities are exempted from registering for registrable controllers in Singapore:
Take note: Exemption only applies to the requirements on keeping a register of registrable controllers and not to the registrable controller’s duty to provide information.
When should you set up your register for registrable controllers by?
For existing companies, foreign companies and limited liability partnerships, you will be required to set it up in 60 days from 31 March 2017. The registration can be done by your company secretary.
(Need a company secretary? Click here to find out more.)
For newly incorporated companies and registered limited liability partnerships, you will be required to set it up within 30 days from the incorporation or registration date of your company.
Take note: Companies who were previously exempted at or after 31 March 2017 but are subsequently required to do so, are required to register within 60 days from the date they have been notified to do so.
Who can be a “controller” of a company?
A controller of a company must fulfil at least one of the following criteria to be eligible:
How to set up a register for registrable controllers?
Companies are required to take reasonable steps to identify their controllers and gather information on the controllers by sending out notices to the following:
All notices must be sent and received electronically or in hard copy. The records are classified and will not be available to the public. The information contained in the register can only be used by public agencies for enforcing the law under their knowledge.
(The notices can be sent out by your company secretary as well. Find out more here.)
If the recipient of a notice does not reply, the company does not have to worry about a reply and must enter into its register the particulars of the recipient that it has in its possession with a note that particulars have not been confirmed by the controllers.
Take note: This must be done within 2 business days after the end of 30 days (after the date on which the notice is sent by the company to the controller).
To avoid duplication, companies are allowed to stop the tracing of the controllers once it reaches a locally incorporated/registered company or limited liability that will also be maintaining registers in their registered offices.
The register of controllers should be maintained at either 2 places – the company’s registered office or the registered filing agent’s registered office. It is also important to know that the registers of controllers have to be made available to the Registrar and public agencies (including CAD, CPIB and IRAS) administering any written law upon their request.
What particulars need to be recorded and maintained in the register of registrable controllers?
If the controller is an individual, the following particulars will have to be recorded in the register of controllers:
If the controller is corporate, the following particulars will have to be recorded in the register of controllers:
Any person who is receiving a notice from a company or limited liability partnership needs to provide the following information:
Registering of a controller is a mandatory requirement. It is important to make sure this step is done within 30 days of your incorporation date. At Sleek we can help you with this process seamlessly. Contact us to find out more.