Stay compliant with Singapore’s latest regulatory changes. Our services ensure your business aligns with the new legal requirements under the 2024 legislative updates. These changes include amendments to the ACRA Act, the Corporate Service Providers Bill, and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill.
Why the New Regulations Matter
Singapore’s government has introduced significant changes to enhance data protection, increase transparency, and deter the misuse of corporate structures. These updates are crucial for all Corporate Service Providers (CSPs) operating within Singapore.
The three key bills passed include:
- The ACRA (Registry and Regulatory Enhancements) Bill (“ACRA Bill”): Strengthens data protection by requiring both residential and contact addresses, with only the contact address made public, enhancing privacy for individuals and businesses registered with ACRA.
- The Corporate Service Providers Bill (“CSP Bill”): Expands registration requirements for CSPs, ensuring compliance with AML(Anti-Money Laundering)/CFT(Counter Financing of Terrorism) and PF(Proliferation Financing) regulations, and introduces stricter penalties and fit-and-proper requirements for nominee directors.
- The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill (“CLLP Bill”): Enhances transparency by mandating the disclosure of nominee arrangements to ACRA and increases penalties for inaccurate registers, ensuring accurate control records for companies and LLPs.
Key Legislative Updates
Stay informed about the critical changes affecting Corporate Service Providers (CSPs) in Singapore. Here’s a brief overview of the key legislative updates you need to know:
- Strengthened Data Protection (ACRA Bill)
• The ACRA Bill requires both residential and contact addresses for individuals, with only the contact address made public, protecting personal data from misuse.
- Expanded Registration Requirements for CSPs (CSP Bill)
• The CSP Bill expands registration to all Singapore-based entities providing corporate services, ensuring compliance with AML, CFT, and PF regulations. - Increased Penalties for Non-Compliance (CSP Bill)
• Fines for CSPs failing to meet AML/CFT requirements rise to $100,000 per breach, with potential personal liability for senior management. - Fit and Proper Nominee Directors (CSP Bill)
• CSPs are now responsible for the appointment of a nominee director and the CSP must ensure that nominee directors are fit and proper, reducing the risk of abuse in nominee arrangements. - Transparency in Nominee Arrangements (CLLP Bill)
• The CLLP Bill mandates that companies disclose nominee arrangements to ACRA, improving transparency while keeping full details private.
Why Choose Us?
Our firm is at the forefront of navigating these regulatory changes, providing expert guidance and ensuring that your business remains compliant with Singapore’s evolving legal landscape. The directors appointed by Segovia have always been professionally qualified individuals with extensive experience in providing these services. With a dedicated team of professionals, we offer tailored solutions to meet the specific needs of corporate service providers.
- Expert Knowledge: We stay updated on the latest legislative developments to provide accurate and timely advice.
- Comprehensive Services: From registration to compliance, we cover all aspects of corporate service provision.
- Client-Focused Approach: We work closely with our clients to understand their unique requirements and deliver personalized solutions.
Download Our Guide
To learn more about these regulatory changes and how they may affect your business, download our comprehensive guide. This detailed PDF document provides an in-depth overview of the new legislation, along with practical advice for Corporate Service Providers.
Frequently Asked Questions About Singapore CSP Regulation Updates
The legislative Bills were passed in July 2024 and ACRA will communicate the effective date of commencement of the amendments. It is expected to take effect January 1, 2025 and may happen in stages. Further announcements will be made and transitional guidelines will be circulated.
You should check with your existing CSP on the qualifications and experience of your current nominee director. The company will need to assess whether the nominee director has the skills and qualifications based on the business activities of the company.
Segovia undertakes a thorough review of all new companies and appointments and works with clients to make sure that there is a clear dialogue and understanding of teh business activities and the scope and services of the CSP and any proposed directors. Segovia tailors solutions to navigate Singapore’s regulations, including reporting and AML compliance, ensuring your business stays compliant and competitive.