ACRA launches RONS requirements
Last updated on 25 October 2022
To enhance Singapore’s corporate governance regime, the Accounting and Corporate Regulatory Authority (ACRA) recently implemented new regulations regarding the control of corporate entities.
The new regulations require all companies to maintain a Register of Nominee Shareholders (RONS) at their registered office, or the registered office of their appointed Registered Filing Agent. The RONS must contain all the particulars of the company’s nominee shareholders and be set up by 5 December 2022. The new requirements complement previous legislation on the maintenance of the Register of Registrable Controller (RORC) and Register of Nominee Directors (ROND).
Under the new legislation, a company’s RORC must also identify a registrable controller. Previously, companies that could not identify a registrable controller (e.g. a publicly listed company) were allowed to omit the information. However, under the new regime, such companies must identify individuals with executive control as their registrable controllers. These individuals include company directors with executive control and the Chief Executive Officers. Similarly, LLPs’ partners with executive control are identified as the registrable controllers. The new requirements for the RORC must also be rectified by 5 December 2022.
To ensure compliance with the new requirements and avoid mistakes in filing, companies should engage service providers offering corporate secretarial services to assist them in fulfilling the company’s obligations for RONS, ROND and RORC.