The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has implemented the Register of Registrable Controllers (RORC) to enhance the transparency of ownership and control of corporate entities. This initiative is part of ACRA's ongoing efforts to uphold Singapore's reputation as a trusted financial hub.

Potential Risks: Non-compliance with this legislation can lead to serious consequences for company owners, including penalties and damage to the company's reputation. It is, therefore, crucial to understand and comply with these requirements.

What is RORC?

Since 31 March 2017, companies, foreign companies, and limited liability partnerships in Singapore have been required to keep a RORC. This register contains information about the beneficial owners of the entities, also known as registrable controllers. The RORC must be held either at the entity's registered office address or at the office of their authorised filing agent.

Lodging RORC information with ACRA

From 30 July 2020, entities are required to maintain a RORC and lodge the same information with ACRA's central register within two business days after the RORC has been set up or updated. Entities can either install the information themselves or authorise their filing agent to do so.

ACRA Central RORC

The ACRA central RORC is a centralised database of all RORC information. However, the information in this central register is only available to law enforcement agencies to administer or enforce laws under their purview, such as investigating money laundering offences. The general public needs access to this information.

Eltoma Corporate Services: Your trusted partner for RORC compliance

Navigating the regulatory landscape can be complex and time-consuming. It is where Eltoma Corporate Services comes in. As a licensed service provider in Singapore, we offer a comprehensive suite of services to ensure your compliance with RORC requirements:

1. RORC Setup and Maintenance: We assist in setting up your RORC, ensuring all necessary information is accurately recorded. We also help maintain your RORC, updating it as required by changes in your company's registrable controllers.

2. Lodging RORC Information with ACRA: We act as your authorised filing agent, lodging your RORC information with ACRA's central register. We ensure all information is lodged within two business days after the RORC has been set up or updated.

3. Compliance Advisory: We advise on compliance with RORC requirements, helping you understand your obligations and the potential risks of non-compliance.

4. Regular Updates: We keep you informed of any changes in the regulatory landscape that may affect your RORC obligations, ensuring you are always up to date.

5. Peace of Mind: With Eltoma Corporate Services handling your RORC compliance, you can focus on your core business activities, knowing that you fully comply with Singapore's regulatory requirements.

By entrusting your RORC compliance to Eltoma Corporate Services, you benefit from our expertise and experience, ensuring your company remains in good standing with ACRA. Contact us today to learn more about our RORC services.

Entities Exempted from Maintaining RORC

While the RORC is a requirement for most companies, foreign companies, and limited liability partnerships in Singapore, certain entities are exempted from maintaining a RORC. These include:

1. Public Companies: Public companies listed in Singapore are exempted from maintaining a RORC. This is because these companies are subject to rigorous disclosure requirements under the Securities and Futures Act, ensuring ownership and control transparency.

2. Financial Institutions: Certain financial institutions are also exempted from maintaining a RORC. This is due to the strict regulatory oversight and robust anti-money laundering and counter-terrorism financing controls these institutions are subject to.

3. Companies Limited by Guarantee: Companies limited by guarantee and foreign companies limited by guarantee are exempted from maintaining a RORC.

4. Government Companies: Government companies and foreign government companies are exempted from maintaining a RORC.

It's important to note that while these entities are exempted from maintaining a RORC, they are still subject to other regulatory requirements and obligations under Singapore law. If you are still determining whether your entity is required to maintain a RORC, it's advisable to seek professional advice.

At Eltoma Corporate Services, we can guide RORC requirements and help you understand whether your entity is exempted. Contact us today for more information.