Singapore has long been a renowned international business hub where thousands of entrepreneurs incorporate companies to reach global markets. This reputation is supported by progressive, business-friendly regulations that keep pace with changing industry needs. Recently, Singapore’s parliament passed the ACRA (Registry and Regulatory Enhancements) Bill, which amends the Accounting and Corporate Regulatory Authority Act 2004 and other key regulations for Singapore companies.
The new law introduces several important updates to strike a balance between corporate transparency and data protection, enhance digital communication between government and businesses, improve filing efficiency, and more. This blog post will walk you through these recent regulatory changes and explain what they mean for companies operating in Singapore.
Shifting to the New Contact Address System
One of the most important changes introduced in the Bill was the introduction of the contact address system, which aims at achieving a better balance between personal privacy and corporate transparency. Traditionally, in its role as Singapore’s national business registry, ACRA has made the residential addresses of company officers publicly accessible. By the end of 2024, however, only a designated contact address — rather than residential information — will be displayed for each officer in ACRA’s public records. Officers can still choose to use their residential address as their contact address, but the existing alternate address regime will be phased out. This shift is designed to improve data protection while meeting regulatory requirements.
New Mechanism for Contact Address
Here’s how the contact address system will operate:
- Existing alternate addresses will automatically be converted into contact addresses in ACRA’s registry.
- For officers without an alternate address, their registered residential address will be converted to serve as the contact address.
- Residential addresses will still need to be filed but will no longer be displayed publicly. This amendment applies to new documents filed after the provision comes into effect and in the public registers managed by ACRA.
- ACRA encourages position holders who have not yet provided an alternate address to consider doing so before the new Contact Address regime takes effect. No action is required for those who choose to use their residential address as their Contact Address.
Who Can Provide a Contact Address
The new contact address option is available to all individuals associated with a company who have data filed in ACRA’s registers, including:
- Shareholders
- Directors
- Alternate Directors
- Managing Directors
- CEOs
- Public Accountant Employees
- Secretaries
Specifics for Individuals Who Are Only Shareholders
Until now, individuals who are shareholders but hold no other position in the entity have not been eligible to file an alternate address. However, they can participate in the Contact Address regime. By the end of 2024, each shareholder’s residential address currently shown in ACRA’s public records will automatically convert to a Contact Address under the new regime. Shareholders wishing to update their addresses can do so through their corporate services provider.
Steps to Provide an Alternate Address
Company position holders can provide a contact address through the BizFile+ platform, using the “Change in Personal Particulars of Company Officers” service.*
* Certain conditions may apply; feel free to contact us for more details.
Digital Mailbox in BizFile: Streamlining Government–Business Communication
To enhance communication with businesses and other stakeholders, ACRA is introducing a digital mailbox within the BizFile+ platform. This new system enables ACRA to securely send documents and information directly to businesses, reducing the need for hard-copy communications and streamlining information access.
- Digital Document Delivery: Under this system, ACRA can send documents and information digitally to a dedicated digital mailbox in BizFile+. Authorized recipients will receive notifications via email or SMS with instructions on accessing documents and information.
- Secure Access: Access to the digital mailbox is restricted to authorized users through Singpass or Corppass, providing a high level of security and protecting sensitive information.
- Exception for Summons: Any summons will continue to be sent in hard copy to the entity’s registered address or the individual’s residential address, to ensure compliance with legal requirements.
Enhancing Filing Efficiency and Data Accuracy
To streamline the filing process and improve data accuracy, ACRA is now able to obtain and use information directly from designated public agencies. This approach reduces the need for individuals and entities to repeatedly submit the same information, making the filing process more convenient and reliable.
- Automatic Data Integration: ACRA can pull required data from selected public agencies. This means that individuals filing transactions with ACRA will no longer need to input certain information, as ACRA will automatically receive and update relevant details, such as a director’s full name, residential address, and nationality.
- Maintaining Accurate Records: By using data from these prescribed agencies, ACRA can also keep its records up-to-date, accurately reflecting any changes in key information without additional input from users.
- Designation of Public Agencies: The Minister has the authority to specify the public agencies that will provide information to ACRA, ensuring collaboration across relevant bodies.
Improving the Accuracy of Directors’ Registers
To ensure that directors’ records are reliable and transparent, the government has clarified that ACRA has authority to display the status of disqualified individuals within its registers. This measure strengthens ACRA’s ability to maintain accurate and up-to-date records for businesses and the public.
- Reflecting Disqualification Status: The Registrar can now formally indicate the disqualification status of individuals disqualified under any section of the Companies Act within ACRA’s public register. This ensures that any restrictions on a director’s eligibility are clearly visible.
- Use of Court Information: To maintain accuracy, the Registrar is authorized to use information directly from court records to update a disqualification status. This allows ACRA to promptly reflect court decisions regarding directors’ disqualification.
Simplifying Financial Reporting for Foreign-Owned Companies
To reduce the administrative burden for foreign-owned companies, ACRA is simplifying financial reporting requirements by tailoring them to the specific circumstances of each foreign entity. This change provides greater clarity on filing obligations while minimizing redundant reporting.
Foreign companies registered under the Companies Act will now be required to submit only the relevant type of financial statements, based on their unique circumstances. This adjustment allows foreign entities to lodge financial statements that they have already prepared, rather than producing additional reports specifically for ACRA.
How We Can Help
At CorporateServices.com, we specialize in supporting businesses through Singapore’s regulatory requirements with ease and efficiency. Our comprehensive services cover every step of the company incorporation and compliance process, ensuring alignment with the latest ACRA regulations, including the new contact address requirements described in this post. We provide reliable compliance support, including ACRA annual return filings, tax filings, bookkeeping, and more. Reach out to us today to see how we can assist with your business needs.
About CorporateServices.com
Headquartered in Singapore, CorporateServices.com, empowers global entrepreneurs with information and tools necessary to discover Singapore as a destination for launching or relocating their startup venture and offers a complete range of company incorporation, immigration, accounting, tax filing, and compliance services in Singapore. The company combines a cutting-edge online platform with an experienced team of industry veterans to offer high-quality and affordable services to its customers. Contact Us if you need assistance with setting up a new Singapore company or if you would like to transfer the administration of your existing company to us.
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