An ordinance to improve the translucency of company possession and control structures, the Singapore Companies Act (CA) has been modified to compel all companies incorporated in Singapore (unless exempted) to conserve a Registered of Controllers from the date of 31 March 2017 onwards.
The Register of Controllers is the Filing of Registrable Controller of the firm.
The Singapore Accounting and Corporate Regulatory Authority (ACRA) and additional public agents are permitted to impose any company to generate its Register of Controllers for inquiry and/or examination, so your firm’s Register of Controllers must be erected accurately and conveniently.
What Is a Controller?
A controller is a person who has a duty for all accounting-related actions, including high-level accounting, managerial accounting, and finance actions, within a corporation. A financial controller commonly reports to a company’s principal financial officer (CFO), although these two roles may be incorporated in minor businesses. The responsibilities of a controller encompass helping with the preparation of operating budgets, governing monetary reporting, and conducting crucial responsibilities associated with payroll.
Which details have to be documented in the Register of Controllers?
If the registrable controller is an individual, the following of his or her attributes will have to be listed in the Register of Controllers:-
- Full name
- Aliases, if any
- Residential address
- Nationality
- ID card number/Passport digit
- Date of birth
- The date on which the registrable personal controller became a personal controller of the firm; and
- The date on which the registrable personal controller discontinued being a personal controller of the firm, if applicable.
If however, the registrable controller is a legal being, the subsequent details are needed:-
- Name;
- Unique entity number handed out by the Registrar if any;
- The registered company address
- Legitimate form of the registrable corporate controller;
- The jurisdiction where, and statute under which, the registrable corporate controller is constructed or encompassed;
- Name of the corporate entity register of the jurisdiction in which the registrable corporate controller is constructed or integrated, if applicable;
- Identification number or enrollment number of the registrable corporate controller on the corporate entity account of the jurisdiction where the registrable corporate controller is constructed or incorporated, if applicable;
- The date on which the registrable corporate controller came to be a corporate controller of the firm; and
- The date on which the registrable corporate controller discontinued to be a corporate controller of the firm, if applicable.
Which Entities are Freed from Having to Set up an RRC?
The following locally incorporated corporations are exempted:-
(1) A public corporation whose lots are documented for citation on an approved exchange in
Singapore;
(2) A corporation that is a Singapore economic institution;
(3) A corporation that is wholly-owned by the Government of Singapore;
(4) A corporation that is wholly-owned by a statutory core organized by or under a Public Act for a public objective;
(5) A corporation that is the wholly-owned assistant of a company spoken of in (1), (2), (3) or (4);
(6) A firm whose shares are documented on a safeties exchange in a nation or territory external
Singapore is accountable to regulatory exposure provisions and provisions associated with reasonable clarity in respect of its profitable owners, assessed through stock exchange rules, laws or other enforceable standards.
Corporations that are withstanding winding up, receivership, judicial management, or striking off are not freed unless they permit under one of the sectors in (1) to (6).
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