The Corporate Service Providers Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments Bill) was passed by Parliament in July 2024. When effective at a date to be announced:
• the provision of providing corporate services in and from Singapore to register with ACRA as registered as corporate service providers (CSPs);
• CSPs would have to comply with prevailing rules on anti-money laundering, countering the financing of terrorism and the proliferation of weapons of mass destruction (AML/ CFT/ PF obligations);
• CSPs would be subject to fines for breaches of AML/ CFT/ PF obligations;
• persons acting as nominee directors by way of business may not do so unless the appointments are arranged by registered CSPs who have assessed the individual as fit and proper;
• nominee directors’ and nominee shareholders’ nominee status and the identities of their nominators must be disclosed to ACRA;
• fines relating to the keeping and maintenance of the register of registrable controllers, register of nominee directors and register of nominee shareholders will be increased.