Applicable to all Singapore companies and LLPs - new filing requirements for Register of Controllers

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Register of Controllers

As part of ongoing efforts to uphold Singapore’s reputation as a trusted financial hub, and in line with international practices, the Accounting and Corporate Regulatory Authority (ACRA) will be implementing a new filing requirement from May 2020.
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Cost saving measures

With effect from 12 March 2020, employers must notify the Ministry of Manpower (MOM) if they implement any cost-saving measures that will impact employees’ salaries. This new policy is in place to ensure companies manage excess manpower responsibly.

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Work pass requirements

The MOM announced changes to Singapore work pass requirements on 3 March 2020. Businesses employing foreigners in Singapore should be aware of the following changes:

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All companies, foreign companies and Limited Liability Partnerships (LLP), unless exempted, will be required to lodge information on their Registers of Registrable Controllers (RORC) with ACRA via BizFile+. This is in addition to the existing requirements for companies and LLPs to maintain a RORC at their registered office address.

The RORC information lodged with ACRA will be accessible to public agencies in Singapore such as law enforcement agencies. 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 a RORC at their registered office address. Any changes made to the RORC must be updated with ACRA within two business days. Alternatively, a Registered Filing Agent (RFA) like Mazars, may be engaged to lodge the RORC information with ACRA on behalf of the entities.

The information in this article was accurate as of 20/03/2020. Contact us if you require any advice or corporate secretarial support to stay compliant with the Singapore Companies Act.  

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Forvis Mazars Group (Forvis Mazars Group SC) is an independent member of Forvis Mazars Global, a leading professional services network. Forvis Mazars Group SC is a cooperative company based in Belgium and organised as one integrated partnership, operating in over 100 countries and territories. Forvis Mazars Group SC does not provide any services to clients.

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Outsourcing

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