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On 2nd July 2024, the ������ý Parliament passed the Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill ACRA.

These new Bills are part of the Ministry of Finance’s (MOF) and the Accounting and Corporate Regulatory Authority’s (ACRA) regular review of legislation administered by ACRA.

In this blog, we explore the details of these Bills and what they mean for corporate service providers in ������ý going forward.

What Are the Key Changes of the Legislative Amendments?

The new rules cover these primary changes:

• All business entities carrying on a business of providing corporate services in and from ������ý must register with ACRA as registered CSPs
• All registered CSPs must adhere to their obligations, including those on anti-money laundering (AML), countering terrorism financing (CFT), and the spread of weapons of mass destruction (PF)
• Implement fines for breaches of AML/CFT/PF obligations by registered CSPs and their senior management
• Individuals cannot act as nominee directors by way of business unless registered CSPs arrange the appointments and have been reviewed and determined to be fit and proper by the registered CSPs
• Nominee directors’ and nominee shareholders’ nominee status and identities of their nominators must be disclosed to ACRA
• Fines will be increased pertaining to the register of registrable controllers, register of nominee directors, and register of nominee shareholders

Choosing InCorp as Your Corporate Services Provider in ������ý

At InCorp, we are committed to fulfilling compliance requirements in ������ý legislation. As a trusted corporate services provider for years, we conduct the necessary due diligence checks and review processes to ensure that our nominees are fit and proper for their roles as nominee directors or shareholders.

Our experienced team also assists in maintaining accurate records and filings of any changes, making sure that your company stays compliant with relevant laws and regulations.

About the Author

Jessica Liew

As the Director of Business Development at InCorp ������ý, Jessica is pivotal in driving the company's growth and shaping its strategic direction. She supports key decision-making processes through comprehensive financial analysis, market insights, and effective cross-functional leadership. Her expertise is essential for navigating complex market dynamics. By collaborating closely with the executive team, Jessica identifies new growth opportunities, optimizes operational processes, and ensures the successful implementation of various business initiatives.

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