Changes to Corporate Service Providers Act 2024 and Companies and LLP (Miscellaneous Amendments) Act 2024
As part of the Ministry of Finance’s (MOF) and ACRA’s regular review of legislation administered by ACRA, the above Act were passed by Parliament on 2 July 2024. The effective date is expected to be around Q1-2025.
The key legislative amendments include the following:
- Require all business entities carrying on a business of providing corporate services in and from Singapore to register with ACRA as registered CSPs
- Require all registered CSPs to comply with obligations, including those on anti-money laundering, countering the financing of terrorism and the proliferation of weapons of mass destruction (AML/ CFT/ PF obligations);
- Prohibit persons from acting as nominee directors by way of business unless the appointments are arranged by registered CSPs and they have been assessed as fit and proper by the registered CSPs;
- Require nominee directors’ and nominee shareholders’ nominee status and the identities of their nominators to be disclosed to ACRA; and
- Increase fines pertaining to the register of registrable controllers, register of nominee directors and register of nominee shareholders.
ACRA will provide sufficient lead time for the implementation of the proposed amendments.
For details of the proposed amendments, please refer to ACRA website:
https://www.acra.gov.sg/legislation/legislative-reform/corporate-service-providers-bill-and-companies-and-limited-liability-partnerships-(miscellaneous-amendments)-bill
If you have any concern and wish to understand how the amendments affect your Company, please contact us HERE.