Firms, LLPs to lodge RORC information in new Central Register of Controllers

This will take effect from 30 July.

Companies, foreign companies and limited liability partnerships (LLPs) will be required to file the information that they presently maintain in their Register of Registrable Controllers (RORC), with the Accounting and Corporate Regulatory Authority’s (ACRA) Central Register of Controllers.

According to a press release announcement, this will take effect from 30 July. The RORC information in ACRA’s Central Register of Controllers will only be made available to law enforcement agencies for the purpose of administering or enforcing the laws under their purview, such as investigation of money laundering offences.

Therefore, ACRA clarified that members of the public will not have access to the RORC information.

Since 31 March 2017, all companies, foreign companies and LLPs unless exempted, are required to set up and maintain a RORC at the registered office address or the registered office address of their appointed Registered Filing Agents (RFAs), and update any change in the controllers’ information to the RORC within two business days.

RORC contains information of individuals and legal entities that have significant interest, or significant control over the company, foreign company or LLP. Please see Annex A for the prescribed information to be maintained in a RORC.

Under the law, all companies, foreign companies and LLPs are required to file the information in their existing RORC with ACRA’s Central Register of Controllers, within 30 days from 30 July.

In view that Singapore has just exited the Circuit Breaker and to assist business entities to ease into the resumption of normal business activities, ACRA will allow entities to file their RORC information with ACRA by 29 September. Firms will upload the RORC information at BizFile+, ACRA’s online filing portal.

Further, any change to the controllers’ information must be updated in the entities’ RORC and similarly filed with ACRA’s Central Register of Controllers within two business days thereafter. The information can be lodged by the directors, secretaries, or partners, or by their appointed RFAs.

Failure to do so can attract a fine of up to $5,000 upon conviction.