05 June 2024
Editor: ET
In Singapore, maintaining accurate and up-to-date company registers is a crucial aspect of corporate governance. One key component of this is the Central Register of Registrable Controllers (RORC) managed by the Accounting and Corporate Regulatory Authority (ACRA).
Further Reading: The Role of an Accountant in Business Growth and Success
This article provides insights into the importance of the RORC and how companies in Singapore can ensure compliance.
What is the Central Register of Registrable Controllers?
The Central Register of Registrable Controllers (RORC) is a database maintained by ACRA that contains information about the individuals or legal entities (controllers) who have significant control or interest in a company.
This register is essential for enhancing corporate transparency and ensuring that law enforcement agencies have access to necessary information.
Key Requirements for Maintaining the RORC
Timely Lodgement of Information
Lodge Information via BizFile+: Companies must lodge information about their controllers via BizFile+ within two business days of any change. This includes details about new controllers or changes in the particulars of existing controllers.
Continuous Updates: Ensure that the RORC is updated continuously to reflect any changes in the company's control structure.
Access Restrictions
Limited Access: Information in the central RORC is only available to law enforcement agencies. This restriction ensures that sensitive information about controllers is protected and not accessible to the general public.
Compliance with Regulations: Adhering to these access restrictions is crucial for compliance with Singapore's regulatory framework.
Steps to Set Up and Maintain Your RORC
Identify Registrable Controllers
Definition of Controllers: Identify individuals or entities that have significant interest or control over the company. This includes those who own more than 25% of the shares or voting rights or have significant influence over the company.
Documentation: Collect and document the necessary details of these controllers, including their name, address, and nature of control.
Lodge Information via BizFile+
Use ACRA’s BizFile+: Submit the required information through ACRA's BizFile+ system. Ensure that all details are accurate and complete to avoid any compliance issues.
Monitor Changes: Regularly monitor and update the RORC whenever there are changes in the control structure of the company.
Maintain Internal Records
Internal Register: Keep an internal register of registrable controllers at your registered office address or at the office of your authorized corporate service provider.
Regular Audits: Conduct regular audits to ensure that the internal register matches the information lodged with ACRA.
Benefits of Maintaining the RORC
Enhanced Transparency: Maintaining an accurate RORC enhances corporate transparency, which can build trust with stakeholders and regulatory bodies.
Regulatory Compliance: Ensuring that your company complies with ACRA’s requirements helps avoid penalties and legal issues.
Support for Law Enforcement: Providing accurate information in the RORC supports law enforcement agencies in their efforts to combat financial crimes and enhance corporate governance.
Further Reading: The Role of an Accountant in Business Growth and Success
Maintaining the Central Register of Registrable Controllers is a critical responsibility for companies in Singapore. By ensuring timely lodgement of information via BizFile+ and maintaining accurate internal records, companies can enhance transparency and comply with regulatory requirements.
For more detailed guidance on setting up and maintaining your RORC, visit Expede.com.sg.
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