04 June 2024
Editor: ET
Maintaining accurate and up-to-date company registers is a critical responsibility for businesses in Singapore. One of the essential registers is the Register of Registrable Controllers (RORC). This register enhances corporate transparency by identifying individuals or entities with significant control over the company.
Further Reading: How to Use Accounting Software: A Beginner’s Guide
Here’s everything you need to know about maintaining your company’s RORC, with insights from Expede.com.sg.
What is the Register of Registrable Controllers (RORC)?
The RORC is a legal requirement for all companies incorporated in Singapore, unless exempted. It must be set up and maintained within 30 days from the date of incorporation. A controller, often referred to as the beneficial owner, is an individual or entity that has significant interest or control over a company. This transparency measure helps provide clarity on the ownership and control structure of companies.
Importance of the RORC
The RORC is crucial for several reasons:
Transparency: It reveals the ultimate beneficial owners of the company, enhancing transparency.
Compliance: Adhering to RORC requirements ensures compliance with Singapore’s regulatory framework.
Trust: Improves trust and credibility with stakeholders, including banks, investors, and business partners.
Setting Up and Maintaining the RORC
To set up and maintain your company’s RORC, follow these steps:
Identify Controllers: Determine who has significant interest or control over your company. This could be individuals or legal entities with substantial shares, voting rights, or significant influence over decisions.
Create the Register: Document the details of these controllers. This includes their name, identification number, address, date of becoming a controller, and the nature of their control or interest.
Location of the Register: You can keep the RORC at your company’s registered office address or at the office of your authorised corporate service provider.
Regular Updates: Update the RORC within 30 days whenever there are changes in the particulars of the controllers. This ensures the register remains current and accurate.
Expede.com.sg Insight: Using a corporate service provider can help ensure that your RORC is maintained accurately and in compliance with legal requirements.
Compliance and Penalties
Non-compliance with RORC requirements can lead to severe penalties. Companies and their officers may be fined or face other legal consequences if they fail to maintain the RORC or provide false information. It’s crucial to understand these obligations and adhere strictly to avoid any legal issues.
Benefits of Maintaining the RORC
Regulatory Compliance: Ensures your company complies with Singapore’s legal requirements.
Enhanced Corporate Governance: Promotes better corporate governance by clarifying the ownership and control structure.
Risk Management: Helps in identifying and managing risks associated with beneficial ownership.
Further Reading: Maintaining Company Registers: A Guide for Singapore Businesses
Maintaining the Register of Registrable Controllers is not just a legal obligation but also a best practice for enhancing corporate transparency and governance. By following the steps outlined and leveraging professional services, you can ensure compliance and foster trust with your stakeholders.
For more detailed guidance on setting up and maintaining your RORC, visit Expede.com.sg.
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