Register of Registrable Controllers
Register of Registrable Controllers (RORC)
The Register of Registrable Controllers (RORC) is a mandatory document for businesses in Singapore under the Companies Act. It's essentially a record that companies must maintain to keep track of their significant controllers, also known as beneficial owners.
Key Points about RORC:
Who needs to maintain it: All companies (including foreign companies) and Limited Liability Partnerships (LLPs) in Singapore, unless they are specifically exempted.
What it contains: Information about the entities' controllers, including their names, identifying details, and citizenship or place of registration in the case of legal entities.
Maintenance: Companies can choose to keep the RORC electronically or as a hard-copy document, but it must be maintained at their registered office address or the office of their registered filing agent.
Filing with ACRA: Since April 2020, businesses are required to electronically file the RORC with the Accounting and Corporate Regulatory Authority (ACRA).
Updates: The RORC must be consistently updated to reflect any changes in controllers.
Why is RORC Important?
The RORC plays a crucial role in enhancing transparency and combating financial crimes like money laundering and terrorism financing. By knowing who the true owners of a company are, authorities can better monitor and regulate business activities.
In essence, the RORC is a tool to ensure greater accountability and responsible business practices in Singapore.
The Register of Registrable Controllers (RORC) in Singapore is a crucial document for businesses, particularly in enhancing transparency and combating financial crimes. It ensures that authorities have a clear understanding of a company's true ownership structure, aiding in regulatory oversight and risk assessment.
Here's a deeper dive into the RORC:
Who are Registrable Controllers?
Individuals: Hold more than 25% of the company's shares or voting rights.
Legal Entities: Own more than 25% of the company's shares or voting rights.
Individuals or Entities: Exercise significant influence or control over the company, even if they don't hold a majority stake.
Key Information in the RORC:
Full name, date of birth, and nationality for individuals.
Company name, registration number, and jurisdiction for legal entities.
Residential address and identity card/passport number for individuals.
Registered office address and identification number for legal entities.
Date of becoming a controller and date of cessation (if applicable).
Benefits of the RORC:
Enhanced Transparency: Provides a clearer picture of company ownership, reducing opportunities for illicit activities.
Improved Risk Assessment: Helps authorities identify and mitigate potential risks associated with certain businesses.
Strengthened Regulatory Framework: Supports effective enforcement of laws and regulations related to business activities.
Increased Investor Confidence: Promotes trust and transparency in the business environment, benefiting investors and stakeholders.
Maintaining and Filing the RORC:
Maintenance: Companies must maintain the RORC at their registered office or with their filing agent.
Filing with ACRA: Electronic filing of the RORC with the Accounting and Corporate Regulatory Authority (ACRA) is mandatory.
Updates: The RORC must be updated promptly to reflect any changes in controllers.
Penalties for Non-Compliance:
Fines of up to S$5,000 for individuals and S$10,000 for corporations.
Potential legal consequences, including imprisonment.
In conclusion, the RORC is a vital tool in Singapore's efforts to maintain a transparent and accountable business environment. It plays a significant role in safeguarding the integrity of the financial system and promoting responsible business practices.
How Bestar can Help
Bestar can provide significant assistance with Register of Registrable Controllers (RORC) compliance in Singapore. Here's how:
1. Identifying Registrable Controllers:
Bestar's expertise helps accurately determine who qualifies as a registrable controller based on Singapore's complex criteria. This ensures that no relevant individuals or entities are missed.
2. RORC Preparation and Maintenance:
Bestar can guide businesses in preparing and maintaining the RORC, ensuring it's up-to-date with the latest regulatory requirements. This includes gathering accurate information, completing necessary forms, and maintaining proper documentation.
3. Electronic Filing with ACRA:
Bestar can assist with the electronic filing of the RORC with the Accounting and Corporate Regulatory Authority (ACRA), streamlining the process and minimizing the risk of errors.
4. Ongoing Compliance and Advisory:
Bestar provides ongoing support to ensure continued compliance with RORC regulations. This includes monitoring for changes in control, updating the RORC as needed, and advising on any evolving regulatory requirements.
5. Risk Mitigation:
By ensuring accurate and timely RORC compliance, Bestar helps businesses minimize the risk of penalties and legal consequences associated with non-compliance.
In summary, Bestar's expertise in RORC compliance can save businesses time, effort, and potential legal headaches. We ensure that businesses meet their obligations under Singapore's transparency and anti-money laundering regulations.
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