On 9 December 2024, the ACRA (Registry and Regulatory Enhancements) Act 2024 (“ACRA Enhancements Act“) partially took effect. The ACRA Enhancements Act aims to bolster data protection, facilitate digital communications between the Government and businesses, and to enhance the regulatory framework for entities under the purview of the Accounting and Corporate Regulatory Authority (“ACRA“). Key aspects include:
- Striking a balance between corporate transparency and data protection with a new framework to calibrate the disclosure of data that is filed with or collected by ACRA. This framework protects confidentiality of personal information by limiting public access, while still allowing selected, specified parties to access the information to fulfil their legal obligations. For instance, the residential address will not be made publicly available by default; however, certain parties (e.g. financial institutions) may still require the information to conduct customer due diligence checks on business entities.
- Digitalisation of communications. ACRA is able to send documents and information (other than court summons) via a secure digital mailbox in BizFile+.
- Enhanced accuracy of the register of directors. The Registrar is empowered to: (i) reflect the disqualification status of individuals disqualified under any section of the Companies Act; and (ii) use information obtained from the courts to reflect the disqualification status of individuals disqualified under any section of the Companies Act in ACRA’s register.
- Improved filing convenience and data accuracy. ACRA is empowered to obtain and use data from prescribed government agencies or prescribed entities for filing transactions and maintaining information on ACRA’s register.
- Financial reporting requirements for foreign companies are streamlined and foreign companies are required to lodge with the Registrar different types of financial statements, depending on the circumstances of the company.
Part 8 of the ACRA Enhancements Act will come into effect on a date to be appointed by the Minister by notification in the Gazette. For more information on the ACRA Enhancements Act when it was passed, please see our July 2024 Legal Update titled “ACRA Enhances Corporate Compliance Regime to Combat Money Laundering“.
Click on the following links for more information:
- ACRA (Registry and Regulatory Enhancements) Act 2024 available on the Singapore Statutes Online (“SSO“) website at agc.gov.sg)
- ACRA (Registry and Regulatory Enhancements) Act 2024 (Commencement) Notification 2024 (available on the SSO website at agc.gov.sg)
- Second Reading Speech by Indranee Rajah, Second Minister for Finance, on the ACRA (Registry and Regulatory Enhancements) Bill on 2 July 2024 (available on the ACRA website at acra.gov.sg)
Disclaimer
Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
The contents of this publication are owned by Rajah & Tann Asia together with each of its member firms and are subject to all relevant protection (including but not limited to copyright protection) under the laws of each of the countries where the member firm operates and, through international treaties, other countries. No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann Asia or its respective member firms.
Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
