The Accounting and Corporate Regulatory Authority (ACRA) implemented new requirements to strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combatting money laundering, terrorism financing and other threats to the integrity of the international financial system.
With reference to this matter, ACRA latest requirement for companies is to maintain a Register of Nominee Shareholders (RONS) by 5 December 2022.
Please note that together with the RONS, all records of such information received from the shareholders must be kept by the company and only made available for inspection when approached by Government agencies such as ACRA, Singapore Police Force, Commercial Affairs Department; Corrupt Practices Investigation Bureau; the Inland Revenue Authority of Singapore.
Definition of "nominee shareholders"
A shareholder is a nominee if the shareholder:
(a) is accustomed or under an obligation (whether formal or informal) to vote, in respect of shares in the company of which the shareholder is the registered holder, in accordance with the directions, instructions or wishes of any other person; and
(b) receives dividends, in respect of shares in the company of which the shareholder is the registered holder, on behalf of any other person.
Fidinam can help
If you have any questions about the RONS, please reach out to our Fidinam Singapore experts.
Contact us via the form below or email info@fidinamgw.com.
