Out-Law News | 09 Feb 2021 | 2:38 am |
Singapore has reopened the system through which it requires companies to identify their beneficial owners to a regulator. They must do this by June or face $5,000 fines.
Companies and limited liability partnerships (LLPs) have been required to keep a list of their beneficial owners in a Register of Registrable Controllers (RORC) since 2017. Last July a new requirement was introduced that meant they had to send a copy of that list to the Accounting and Corporate Regulatory Authority (ACRA).
That process was suspended in September but the digital system for filing RORC information was reopened on 1 February.
Registrable controllers are commonly known as the beneficial owners of entities. The deadline for submitting the relevant information to the e-service portal is 30 June 2021. Companies fail to do this will face a fine of up to $5,000 unless they are exempted from this requirement.
Mayumi Soh of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “The introduction of this new requirement is part of ACRA’s efforts to uphold Singapore’s reputation as a trusted financial hub, and to further enhance the transparency of ownership and control of corporate entities.”
“It should be noted however that the information in the central RORC will continue to only be made available to law enforcement agencies for the purpose of administering or enforcing the laws under their purview. Members of the public will not have access to this information,” she said.