Singapore’s Newest ACRA CSP Bill and CLLPMA Bill: What Are They?

On 2nd July 2024, the Singapore Parliament passed the Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill ACRA. These new Bills are part of the Ministry of Finance’s (MOF) and the Accounting and Corporate Regulatory Authority’s (ACRA) regular review of legislation administered by ACRA. In this blog, we explore the details of these Bills and what they mean for corporate service providers in Singapore going forward.

What Are the Key Changes of the Legislative Amendments?

The new rules cover these primary changes:

• All business entities carrying on a business of providing corporate services in and from Singapore must register with ACRA as registered CSPs
• All registered CSPs must adhere to their obligations, including those on anti-money laundering (AML), countering terrorism financing (CFT), and the spread of weapons of mass destruction (PF)
• Implement fines for breaches of AML/CFT/PF obligations by registered CSPs and their senior management
• Individuals cannot act as nominee directors by way of business unless registered CSPs arrange the appointments and have been reviewed and determined to be fit and proper by the registered CSPs
• Nominee directors’ and nominee shareholders’ nominee status and identities of their nominators must be disclosed to ACRA
• Fines will be increased pertaining to the register of registrable controllers, register of nominee directors, and register of nominee shareholders

Choosing InCorp as Your Corporate Services Provider in Singapore

At InCorp, we are committed to fulfilling compliance requirements in Singapore legislation. As a trusted corporate services provider for years, we conduct the necessary due diligence checks and review processes to ensure that our nominees are fit and proper for their roles as nominee directors or shareholders. Our experienced team also assists in maintaining accurate records and filings of any changes, making sure that your company stays compliant with relevant laws and regulations.

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