Singapore’s national regulator of business entities, Accounting and Corporate Regulatory Authority (ACRA) have introduced a number of legal changes and new legislation regarding how companies are required to file their annual returns, which will impact Corporate Service Providers (CSPs) in Singapore.
It is hoped to improve the entire annual returns filing process, namely the general filing requirements and the directions available for filing returns, as an operating or dormant company, as well as filing returns with or without holding an Annual General Meeting (AGM).
1. ACRA is due to make an announcement about the enhanced regulatory framework for CSPs and the implementation date from when this will take effect. These changes are regarding:
2. The new legislation will also impose terms & conditions on Filing Agents (“FAs”) and Qualified Individuals (“QIs”), and a number of sanctions for CSPs who breach these terms and conditions.
3. A number of terms and conditions will impose the Financial Action Task Force (“FATF”) recommendations on FAs, including the requirements to implement internal policies, procedures and controls in order to:
The criterion for qualification is as follows:
New Regulations seem to be toughening requirements for CSPs in Singapore; however this will ultimately increase the quality of services provided, as a result of qualification requirements and therefore improving client’s assurance in Singapore.
Going forward, Eltoma can assist with all your Singapore company filing requirements, via the ACRA bizfile electronic system online.
Please email us at info@eltoma-global for any enquiries.
Or alternatively contact us to learn more about the corporate compliance requirements in Singapore.