Here is the rewritten article in markdown format:
Singapore Tightens Screws on Beneficial Ownership Requirements
In a bid to curb illicit financial activities, the Singapore government has introduced stricter regulations on beneficial ownership requirements for private companies, private partnerships, and non-profit organizations.
What’s Required?
All entities must verify their beneficial owners against government registries, which include:
- Company Name
- Entity Type
- Business Registration Number (UEN)
- For each beneficial owner:
- Name
- Date of Birth
- Singapore ID number (NRIC) or Passport
- Alias
- Designation/Title
- Residential Address
Which Government Registry to Use?
The verification process differs depending on the entity type:
- Private companies and partnerships: Business Filing Portal of ACRA (Accounting and Corporate Regulatory Authority)
- Non-profit organizations: Charity Portal, Registry of Societies
Ensuring Compliance
To avoid restrictions on accepting payments or receiving payouts, it’s essential to ensure that information on your Stripe account matches the registries. Update your details with the relevant registry board or update your Stripe account as needed.
What Documentation is Required?
To complete ultimate beneficial ownership verification, you’ll need to provide:
- Private companies and partnerships: A Bizfile document containing shareholder information, or an ultimate beneficial owner attestation
- Non-profit organizations: A recent annual return or constitution document
Special Considerations
- Partnerships: must verify the relationship between the business and all partners and managers.
- Non-profit organizations: must consider all key executives and office bearers as beneficial owners.
What Happens if Verification Fails?
If Stripe cannot verify business ownership, you’ll need to collect proof of registration documents from the business and any holding companies owning 25% or more shares. If no such shareholders exist, directorship verification will be performed instead.