ACRA to implement new requirement to lodge information on register of registrable controllers via BizFile+ from May 2020

29 April 2020

From May 2020, the Accounting and Corporate Regulatory Authority (“ACRA”) will require all companies, foreign companies and limited liability partnerships (“LLPs”), unless exempted, to lodge information on their registers of registrable controllers (“RORC”) with ACRA via BizFile+. The information required to be lodged is the same as that under the existing RORC requirements.

RORC information to be lodged with ACRA

On 23 March 2020, ACRA announced that as part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, ACRA will be implementing a new requirement for all companies, foreign companies and LLPs, unless exempted, to lodge information on their RORCs with ACRA via BizFile+ from May 2020. This is in addition to the existing requirements for these entities to maintain an RORC at the registered office address.

Public agencies in Singapore such as law enforcement agencies will have access to the RORC information lodged with ACRA. Members of the public will not be able to access the RORC information or purchase any extracts of these lodgements.

Companies, foreign companies and LLPs are required to continue to maintain an RORC at the registered office address, and update any changes to the RORC information before updating the same information with ACRA within two business days. Alternatively, a registered filing agent (“RFA”) may be engaged to lodge the RORC information with ACRA on behalf of the entity.

RFAs lodging RORC information on behalf of their clients

RFAs can only perform transactions, including lodging of RORC information, for entities which are in the client list submitted to ACRA. RFAs must ensure that they have been authorised by their clients to lodge and update the RORC information on their behalf.

RFAs maintaining the RORC information of their clients at their registered office must update the RORC maintained at the registered office before updating the same information with ACRA within two business days.

A bulk upload feature for uploading the RORC information of more than one entity is available on the ACRA website. This allows RFAs to upload the RORC information of their clients collectively.

Prescribed particulars

The required information is the same as that under the existing RORC requirements in Part 2 of the Companies (Register of Controllers and Nominee Directors) Regulations 2017 and paragraph 3 of the Limited Liability Partnerships (Register of Controllers) Regulations 2017.

For controllers who are individuals, the prescribed particulars include:

  1. full name;
  2. aliases, if any;
  3. residential address;
  4. nationality;
  5. identity card number or passport number;
  6. date of birth;
  7. date on which the registrable individual controller became an individual controller of the company, foreign company or LLP (as the case may be); and
  8. date on which the registrable individual controller ceased to be an individual controller of the company, foreign company or LLP (as the case may be), if applicable.

For controllers that are corporate entities, the prescribed particulars include:

  1. name;
  2. unique entity number issued by the Registrar, if any;
  3. address of registered office;
  4. legal form of the registrable corporate controller;
  5. jurisdiction where, and statute under which, the registrable controller is formed or incorporated;
  6. the name of the corporate entity register of the jurisdiction in which the registrable corporate controller is formed or incorporated, if applicable;
  7. identification number or registration number of the registrable corporate controller on the corporate entity register of the jurisdiction where the registrable corporate controller is formed or incorporated, if applicable;
  8. date on which the registrable corporate controller became a corporate controller of the company, foreign company or LLP (as the case may be); and
  9. date on which the registrable corporate controller ceased to be a corporate controller of the company, foreign company or LLP (as the case may be), if applicable.

There are no fees payable for lodging RORC information with ACRA.

Reference materials

The announcement is available on the ACRA website www.acra.gov.sg by clicking here. The bulk upload template is accessible by clicking here.

 

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