The Singapore Accounting and Corporate Regulatory Authority (ACRA) has advised that as of 1 May 2020, all companies, foreign companies and limited liability partnerships incorporated or registered in Singapore must ensure to lodge information on their Register of Registrable Controllers (RORCs) with ACRA via the ACRA’s business filing portal, Bizfile. The maximum penalty for non-compliance of the RORC requirement is SGD5,000.
ACRA has also introduced a new and rather onerous requirement that it be notified of any changes to its register of persons with significant control within 48 hours.
Please be mindful that for companies with share capital, an individual or entity is considered to have significant control if any of the following criteria are met:
- that individual or entity directly or indirectly holds 25% or more of the shares in the company, both local and foreign; or
- that individual or entity directly or indirectly holds shares with 25% or more of the total voting power in the company.
For more information on any aspect of this briefing please contact any member of the Marbury team or email@example.com.