Proposed Disclosure of Beneficial Owners of Private Limited Companies, Limited Liability Partnerships and Foreign Branches
The Accounting And Corporate Regulatory Authority (ACRA) recently announced proposals for a second round of changes to the Companies Act (CA). One of the changes to be introduced by the proposed amendments to the CA and the Limited Liability Partnership Act will be the requirement for the following entities (reporting entities) to maintain a register of controllers:
- Singapore-incorporated companies
- Singapore-registered limited liability partnerships (LLPs)
- Singapore-registered branches of foreign corporations
This requirement will ensure that Singapore's business transparency regime meets the international standards set by the Financial Action Task Force (FATF) and the Global Forum on Transparency and Exchange of Information for Tax Purposes.