Singapore Entities Must Record ‘Nominee Shareholders' And Identify ‘Executive Controllers'

The Accounting & Corporate Regulatory Authority (ACRA) implemented new requirements on 4 October which make it mandatory for both local and foreign companies in Singapore to keep a non-public register of nominee shareholders and their nominators.

The new requirements also make it mandatory for companies and Limited Liability Partnerships (LLPs) that are unable to identify a registrable controller who has a significant interest in or significant control in them to identify, all individuals with executive control over the company or LLP as registrable controllers by the same date.

The compliance deadline for both is 5 December 2022. Fines for non-compliance are up to SGD5,000 per offence.