What Does The New RORC Requirement Mean For You?
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By 30 June, 2021, every foreign company and limited liability partnership in Singapore must submit its Register of Registrable Controllers (RORC) to ACRA.
An RORC is a record of all the people who receive some benefit from their ownership of your company. So for instance, if your company is owned by a Singaporean company that is actually owned by a Chinese company, you will need to provide the details for the ultimate beneficial owner of the Chinese company.
From 2017 until now this has been something all companies have been required to keep on hand, either in their office or at their filing agent’s office (for example their Corporate Secretary’s office). But as of 30 June, it must be lodged with ACRA as well.
It’s possible for you to lodge this on your own - you simply need to follow the steps outlined in this link. Otherwise, you can authorise your filing agent to do it for you.
This is the information you will need to lodge for each Registrable Controller:
For controllers who are individuals:
Full name
Aliases (if any)
Residential address
Nationality
Identity card number or passport number
Date of birth
Date of becoming a controller
Date of cessation as a controller
For controllers that are corporate entities:
Name
Unique entity number (if applicable)
Address of registered office
Legal form of the corporate controller (if applicable)
Jurisdiction where the corporate controller is formed of incorporated and under which law (if applicable)
Name of authority in which the corporate controller is formed or incorporated, if applicable (if applicable)
Identification number or registration number issued to the corporate controller when it was formed or incorporated (if applicable)
Date of becoming a controller
Date of cessation as a controller
If you need to make any further changes to your RORC after lodging it with ACRA, you should do so within no more than two days of updating your own records.
It’s worth noting that members of the public will not have access to your ACRA information – this information will only be made available to law enforcement agencies if they are investigating you for something illegal like money laundering.
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Still have questions? Get in touch and we’d be happy to see how we can help: [email protected].