New Corporate Service Providers (CSP) Bill Passed in July

1. The new Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill were passed by Parliament on 2 July.

2. This new was introduced to better guard against the misuse of business entities and uphold Singapore’s reputation as a trusted place for business.

3. The key changes to the law includes mandating Registered Corporate Service Providers to comply with all obligations related to anti-money laundering, countering the financing of terrorism, and preventing the proliferation of weapons of mass destruction. Breaches of this obligations by Registered Corporate Service Providers or their senior management will result in fines.

4. The bill also introduce the new requirement for individuals who wish to act as nominee directors. They can only be appointed by Registered Corporate Service Providers who have deemed them fit and proper. In addition, the nominee status of directors and shareholders, and the identities of their nominators, must be disclosed to ACRA.

5. This changes will enhance the regulatory regime for the Corporate Service Providers sector. ACRA takes a serious view on the Corporate Service Providers who breach their obligations, whether negligently or otherwise.

6. This new bill will also enhance transparency around nominee directors and shareholders. It require companies to provide the full information on nominee arrangements to the ACRA.

7. PL Biz Consulting Pte Ltd is an ACRA Registered Filing Agent and Registered Qualified Individual since 2016.

8. We always uphold and maintain ACRA’s stringent compliance standards when performing corporate services for our clients. This includes verifying the identity of individuals, checking whether individuals are deemed fit and proper to be appointed as director of a company and disclose full information to ACRA.

9. Please come and talk to us if you need help to fulfil obligations under Singapore Companies Act. PL Biz Consulting Pte Ltd have the knowledge and experience to ensure that you discharge your ACRA filing obligations and comply with Singapore Companies Act.

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