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Companies and LLPs Required to Enhance Controller Information
In a bid to improve transparency and accuracy, companies and limited liability partnerships (LLPs) in Singapore are now required to update their registers of controllers with additional information.
Background
Under the Companies (Register of Controllers and Nominee Directors) Regulations 2017 and Limited Liability Partnerships (Register of Controllers) Regulations 2017, entities must enter or update particulars of their controllers within a specified timeframe. The proposed amendments aim to enhance the accuracy and completeness of the information kept in these registers by requiring controllers to personally endorse the veracity of the particulars provided.
New Requirements
From now on, companies and LLPs will be required to:
- Obtain dated signatures from controllers confirming the accuracy of their particulars
- Amend notice forms to include a statement requiring controllers to confirm that the information provided is true and accurate
- Include a column for remarks in the prescribed form of the register of controllers to facilitate explanations or additional information
Enhancements
The proposed amendments also introduce two new particulars that entities must keep:
- Email address(es)
- Telephone contact number(s)
This will enable the Registrar and public agencies to communicate more efficiently with controllers and nominators of nominee directors.
Extension of Timeframe
In addition, the prescribed time for entities to enter or update controller particulars has been increased from 2 business days to 7 calendar days. This is expected to address feedback that the current timeframe is insufficient, particularly where controllers are based overseas.
The changes aim to promote transparency and accuracy in the registers of controllers, making it easier for authorities to verify information during inspections.
Compliance
Companies and LLPs must comply with the new requirements by [insert date]. Failure to do so may result in penalties or fines.