{"id":5099,"date":"2021-07-06T11:00:21","date_gmt":"2021-07-06T03:00:21","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?p=5099"},"modified":"2021-06-24T13:38:29","modified_gmt":"2021-06-24T05:38:29","slug":"guide-on-register-of-registrable-controllers-rorc","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/guide-on-register-of-registrable-controllers-rorc\/","title":{"rendered":"Guide on Register of Registrable Controllers (RORC)"},"content":{"rendered":"

Effective from 31st March 2017, all companies (foreign companies inclusive) and limited liability partnerships (LLPs) in Singapore must keep a Register of Registrable Controllers (RORC)<\/strong> unless they are otherwise exempted.<\/p>\n

With effect from 30th July 2020, entities are also expected to lodge the exact information in their register of registrable controllers with the central register of Accounting and Corporate Regulatory Authority<\/a> (ACRA) by 29th of September 2020. These requirements are part of the efforts that uphold Singapore\u2019s reputation. Also, these requirements will help entities in Singapore to be in line with international practices.<\/p>\n

Companies<\/a>, foreign companies<\/a> and LLPs<\/a> must keep on maintaining their RORC at the office address they registered. If any change occurs, they must update such change in their RORC and thereafter update the exact information with ACRA within 2 business days.<\/p>\n

Non-compliance may attract a penalty, which involves the payment of a maximum amount of $5,000.<\/p>\n

\ud83d\udccc There are also penalties if you fail to hold AGM for file Annual Returns<\/strong> for your company. Click here to learn more<\/a>.<\/p>\n

Law enforcement agencies will have access to the RORC information lodged with ACRA since they may need to use it while administering or enforcing the laws. Members of the public don\u2019t have any access to the RORC information and they can\u2019t purchase extracts of the lodgements.<\/p>\n

You can refer to the ACRA page on RORC<\/a> for more information on what is expected of Companies, Foreign Companies and LLPs regarding the maintenance of the RORC.<\/p>\n

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What is the Register of Registrable Controllers (RORC)?<\/h2>\n

ACRA introduced the Register of Registrable Controllers (RORC) as a new law that became effective from 31st March 2017. The purpose of RORC is to help you monitor the control and ownership of the corporate entity in order to maintain transparency<\/a>.<\/p>\n

An increase in transparency will greatly reduce the likelihood of misuse of corporate entities. This system further raises the standard of Singapore to be almost the same as international standards. Also, it will boost the country\u2019s ongoing efforts to keep an unbeatable reputation as a trusted financial hub<\/a>.<\/p>\n

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Entities needed to maintain the Register of Registrable Controllers (RORC)<\/h2>\n

All of these entities are needed to maintain RORC unless exempted:<\/p>\n