The Chartered Secretaries Institute of Singapore had organized update sessions for the Accounting and Corporate Regulatory Authority (ACRA) to announce new initiatives such as the amendment to the Companies Act to require the particulars of nominators of nominee shareholders to be disclosed and the implementation of a centralized register of controllers.
Companies registered in Singapore will be required to update their register of controllers and provide this information to ACRA and update the authorities thereafter if there are changes.
ACRA endeavors to commence notifying companies and their registered filing entities to provide the necessary information to ACRA in mid-April 2020. By mid-May 2020, Section386N(1) which will provide for and regulate this initiative will be gazetted.
ACRA will also require companies to disclose the particulars of the nominators of nominee shareholders in a register.
The upcoming changes reflect on ACRA’s efforts in keeping up with international standards of transparency of ownership and control of corporate entities.