New regulations came into force on 1 May compelling all Singapore-based companies to register all persons with significant control to the city state's corporate regulator.
The Accounting and Corporate Regulatory Authority (ACRA) has said that, as of this month all companies, foreign companies and limited liability partnerships incorporated or registered in Singapore must ensure their register of persons with significant control is submitted. Henceforce, ACRA must be notified of any changes to that register within 48 hours.
ACRA says the information will not be made publicly available, but it will be shared with Singaporean public agencies and government departments.
The move comes as Singapore steps up efforts to maintain its status in the vanguard of international regulation, particularly for financial services."
The 2017 Singapore Companies Act granted ACRA the power to maintain a central register of controllers of companies and foreign companies operating in Singapore.
International Investment reported in March that, as part of the new requirements, ACRA will require a "nominee shareholder" - someone who legally holds shares in the company on behalf of another person.
The move comes as Singapore steps up efforts to maintain its status in the vanguard of international regulation, particularly for financial services.
The information will be accessible online by all of Singapore's public agencies without the need to notify the company concerned. The register must be kept updated within two business days of any changes.