What is the Register of Registrable Controllers?
Singapore corporate entities like local and overseas firms and limited liability partnerships (LLPs) use the register of registrable controllers (RORC) to upgrade as well as maintain information of beneficial owners. They have to keep the RORC at their office or their registered workplace address.
The authorities have created a new law that requires these businesses to record the information in their RORC with ACRA, the Company Registrar of Singapore in effect since 30 July 2020.
The information in RORC discloses the ownership and control framework of corporate and also is anticipated to reduce the misuse of the company for conducting unlawful activities like money laundering or terrorist funding.
Who is the Controller of a Company?
A controller in a corporate can be an individual investor or a corporate that,
- Directly or indirectly holds more than 25% of the company shares or has more than 25% of voting rights in the company or is eligible for sharing more than 25% of capital or profit of the company
- Directly or indirectly has the power to appoint or remove company directors or has the power to exercise or exerts control or influence over the decisions of the company.
When is the Timeline to lodge RORC information with ACRA?
All companies, foreign companies, and LLPs, unless exempted, are required to file the information in their existing RORC with ACRA via BizFile+ by 30 June 2021. Entities that fail to lodge RORC information with ACRA by this date may face a fine of up to $5,000.
Source from ACRA
Kindly fill up the below form and we will get back to you within the next business working day. Let SGCN Link be the partner for your compliance requirements so you will have more time to focus on what is important for your business.
By submitting the form, you give your consent for us to collect, use and disclose your personal data for the purpose of the above registration