With effect from 31 March 2017, a new law was introduced to require companies, foreign companies and LLPs (unless exempted) in Singapore to maintain a Register of Registrable Controllers. The aim of this law is to make ownership and control of corporate entities more transparent and to reduce opportunities for the misuse of corporate entities for illicit purposes.
Among the key points of the law are as follows:
- It is to be maintained at prescribed places such as at the registered office address or the registered office of the registered filing agent.
- The register can be maintained in paper or electronic format.
- Entities will have to declare the location of the company’s register of registrable controllers when filing the annual returns or annual declaration .
- Entities can discharge their duties by sending notices to the relevant parties and recording their particulars, as well as sending further notices to any other parties that have been revealed as potential controllers. Notices can be sent and replies may be received, in electronic or hard copy format. Entities will not be liable should recipients of these notices fail to respond or provide inaccurate responses.
- A controller is required to provide and update information to the entities.