Corporate Service Providers Act 2024

Sections (46)

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• § 1 — Short title and commencement

  1. This Act is the Corporate Service Providers Act 2024 and comes into operation on a date that the Minister appoints by notification in the Gazette.

• § 10 — Registration and renewal of registration of qualified individuals

  10.—(1) An application for the registration, or for renewal of the registration, of a qualified individual must be made to the Registrar —(a) in the form and manner specified by the Registrar; (b) accompanied by the documents and information required by the Registrar; and (c) accompanied by the pr

• § 11 — Criteria for registration or renewal of registration of qualified individuals

  11.—(1) The Registrar must refuse to register, or to renew the registration of, a qualified individual —(a) if the applicant is not or (in the case of an application to renew the registration of a qualified individual) ceases to be a qualified individual, or has not successfully completed a prescrib

• § 12 — Obligation to notify Registrar

  12.—(1) A registered person (other than a deemed corporate service provider or deemed registered qualified individual) must notify the Registrar of each of the following changes within 14 days after the occurrence of the change and in the manner specified by the Registrar:(a) any change in any parti

• § 13 — Modification, etc., of conditions of registration

  13.—(1) The Registrar may at any time modify, remove or add conditions of the registration of a registered person (other than a deemed registered corporate service provider or deemed registered qualified individual) in accordance with this section without compensating the registered person.(2) Befor

• § 14 — General requirement on provision of corporate services

  14.—(1) A registered corporate service provider must ensure that the corporate service which the registered corporate service provider carries on a business in, is provided by —(a) one or more registered qualified individuals; or (b) one or more prescribed persons under the supervision of a registe

• § 15 — Registered qualified individuals of deemed registered corporate service providers

  15.—(1) A deemed registered corporate service provider (X) must provide to the Registrar, in the form and manner specified by the Registrar and by the date mentioned in subsection (2), prescribed particulars of every registered qualified individual employed, engaged or appointed for the purpose of c

• § 16 — Arranging for person to act as nominee director

  16.—(1) A registered corporate service provider for providing the corporate service of acting, or arranging for another person to act, as a director of a corporation must not arrange for a person to act as a nominee director of a company, unless the registered corporate service provider is satisfied

• § 17 — Prevention of money laundering, proliferation financing and terrorism financing

  17.—(1) A registered corporate service provider must perform customer due diligence measures in each of the following circumstances:(a) before providing any corporate service to a customer; (b) where the registered corporate service provider has reason to suspect money laundering, proliferation fin

• § 18 — Cancellation of registration of registered corporate service providers

  18.—(1) The Registrar may cancel the registration of a registered corporate service provider (X) (not being a deemed registered corporate service provider) —(a) if X ceases to meet one of the criteria specified under section 9(1)(a); (b) if the Registrar is satisfied that X or (if X is not an indiv

• § 19 — Regulatory action for contravention of Act, etc., by registered corporate service providers

  19.—(1) This section applies where the Registrar is satisfied that a registered corporate service provider (Z) is contravening or is not complying with, or has contravened or failed to comply with —(a) if Z is not a deemed registered corporate service provider —(i) any of the conditions of Z’s regis

• § 2 — General interpretation

  2.—(1) In this Act —“accounting corporation”, “accounting firm” and “accounting limited liability partnership” have the meanings given by section 2(1) of the Accountants Act 2004; “accounting entity” means —(a) an accounting corporation; (b) an accounting firm; (c) an accounting limited liability

• § 20 — Cancellation of registration of registered qualified individuals

  20.—(1) The Registrar may cancel the registration of a registered qualified individual (X) (not being a deemed registered qualified individual) —(a) if X ceases to be a qualified individual; (b) if the Registrar is satisfied that X is not a fit and proper person; (c) if X’s registration was obtain

• § 21 — Regulatory action for contravention of Act, etc., by registered qualified individuals

  21.—(1) This section applies where the Registrar is satisfied that any of the following circumstances are present in relation to a registered qualified individual (Z):(a) if Z is not a deemed registered qualified individual —(i) Z is contravening or not complying with, or has contravened or failed t

• § 22 — Proceedings for regulatory action

  22.—(1) Before exercising any powers under section 18(1) in respect of section 18(1)(a), (b), (c) or (d), section 18(2) in respect of section 18(2)(a), (b) or (c), section 19(2) or (3), section 20(1) in respect of section 20(1)(a), (b) or (c), section 20(2) in respect of section 20(2)(a), (b) or (c)

• § 23 — Appeal to Minister

  23.—(1) A person aggrieved by any of the following decisions may appeal to the Minister within the prescribed period:(a) the Registrar’s refusal to grant or renew the registration of a registered corporate service provider under section 8; (b) the Registrar’s refusal to grant or renew the registrat

• § 24 — Designation of others to hear appeals

  24. The Minister may designate a Second Minister, Minister of State or Parliamentary Secretary for his or her Ministry to hear and determine, in the Minister’s place, any appeals or a specific appeal under section 23; and any reference in that section to the Minister includes a reference to the Seco

• § 25 — Providing false information to Registrar

  25. A person who, in any application for registration or renewal of registration under section 8(1) or 10(1) or in compliance or purported compliance with any requirement under this Act —(a) provides to the Registrar any document or information that the person knows or has reason to believe is mater

• § 26 — Protection from personal liability

  26. No liability shall lie personally against the Registrar, a Deputy Registrar or an Assistant Registrar for anything which is done or purported to be done, or omitted to be done, in good faith and with reasonable care, in the execution or purported execution of this Act.

• § 27 — Composition of offences

  27.—(1) The Registrar may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding the lower of the following:(a) one half of the amount of the maximum fine that is prescribed

• § 28 — Interest for non‑payment and recovery of financial penalty

  28.—(1) A registered corporate service provider or registered qualified individual (X) who fails to pay any amount of a financial penalty imposed under section 19(2) or 21(2) (as the case may be) within the period specified for payment by the Registrar or, where there is an appeal to the Minister un

• § 29 — Offences by corporations

  29.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of a corporation in relation to a particular conduct, evidence that —(a) an officer, employee or agent of the corporation engaged in that conduct within the scope of his or her actual or apparent

• § 3 — Meaning of “accounting service”, etc.

  3.—(1) In this Act —“accounting service” means any of the following services:(a) financial accounting service; (b) internal audit service; (c) management accounting service; (d) taxation service; “financial accounting service” means any of the following services:(a) preparing and maintaining acc

• § 30 — Offences by unincorporated associations or partnerships

  30.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of an unincorporated association or a partnership in relation to a particular conduct, evidence that —(a) an employee or agent of the unincorporated association or partnership engaged in that con

• § 31 — Jurisdiction of courts

  31. Despite the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full punishment for any such offence.

• § 32 — Power to publish or disclose information

  32.—(1) Where the Registrar considers it necessary or expedient in the interest of the public, the Registrar may publish or otherwise disclose information relating to —(a) whether a person is a registered corporate service provider or registered qualified individual; (b) a condition of registration

• § 33 — Service of documents

  33.—(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section.(2) A document permitted or required by this Act to be served on an individual may be served —(a) by giving it to the individual personally; (b) by sending it by prepaid

• § 34 — Exemption

  34. The Minister may, by order in the Gazette, exempt any person or class of persons, or any activity, from all or any provision of this Act, subject to any condition or restriction that may be specified in the order.

• § 35 — Regulations

  35.—(1) The Minister may make regulations for carrying out the purposes and provisions of this Act.(2) Without limiting subsection (1), the Minister may make regulations for all or any of the following matters:(a) the registration of registered corporate service providers; (b) the registration of r

• § 36 — Amendment of ACRA Act

  36. In the ACRA Act —(a) in section 26, delete the definitions of “FATF”, “FATF recommendation”, “filing agent” and “qualified individual”; (b) in section 26, replace the definitions of “registered filing agent” and “registered qualified individual” with —“ “registered corporate service provider” h

• § 37 — Amendment of Business Names Registration Act 2014

  37. In the Business Names Registration Act 2014, in section 6(3) —(a) in the definition of “appropriate person”, in paragraph (f), replace “registered filing agent registered under section 31 of the Accounting and Corporate Regulatory Authority Act 2004” with “registered corporate service provider”;

• § 38 — Amendment of Companies Act 1967

  38. In the Companies Act 1967 —(a) in section 4(1), replace the definition of “registered qualified individual” with —“ “registered corporate service provider” and “registered qualified individual” have the meanings given by section 2(1) of the Corporate Service Providers Act 2024;”; (b) after sect

• § 39 — Amendment of Limited Liability Partnerships Act 2005

  39. In the Limited Liability Partnerships Act 2005 —(a) in section 43, replace the definition of “registered filing agent” with —“ “registered corporate service provider” has the meaning given by section 2(1) of the Corporate Service Providers Act 2024;”; and (b) in the following provisions, replac

• § 4 — Purpose of Act

  4. The purpose of this Act is to regulate corporate service providers, and qualified individuals who provide, or supervise the provision of, corporate services, and to impose requirements on those persons so as to detect or prevent money laundering, proliferation financing and terrorism financing.

• § 40 — Amendment of Variable Capital Companies Act 2018

  40. In the Variable Capital Companies Act 2018, in section 2(1), replace the definition of “registered qualified individual” with —“ “registered qualified individual” has the meaning given by section 2(1) of the Corporate Service Providers Act 2024;”.

• § 41 — Interpretation of this Part

  41. In this Part —“ACRA RQI” means a qualified individual registered by the Chief Executive under section 32 of the old ACRA Act; “Chief Executive” has the meaning given by section 2(1) of the ACRA Act; “old ACRA Act” means the ACRA Act as in force immediately before the section 36 commencement da

• § 42 — Saving and transitional provisions for carrying on business of providing corporate services

  42.—(1) Despite anything in this Act, every person who —(a) immediately before the section 7 commencement date, was carrying on a business of providing any corporate service; (b) was not required to be registered as a registered filing agent under section 31 of the ACRA Act as in force immediately

• § 43 — Saving and transitional provisions for regulatory action against registered filing agents, etc.

  43.—(1) Where —(a) before the section 36 commencement date, the Chief Executive gave notice under section 31(15) of the old ACRA Act to a registered filing agent of the Chief Executive’s intention to take any action under section 31(10)(a), (b) or (c), (13) or (14) of that Act in respect of the regi

• § 44 — Saving and transitional provisions for registered qualified individuals

  44.—(1) Despite anything in this Act, a person who, immediately before the section 10 commencement date, was an ACRA RQI under section 32 of the ACRA Act as in force immediately before that date (called in this section the old section 32) is, on or after that date, treated as registered under sectio

• § 45 — Saving and transitional provisions for regulatory action against ACRA RQIs, etc.

  45.—(1) Where —(a) before the section 36 commencement date, the Chief Executive gave notice under section 32(15) of the old ACRA Act to an ACRA RQI of the Chief Executive’s intention to take any action under section 32(10)(a) or (b), (12), (13) or (14) of that Act in respect of the ACRA RQI; and (b

• § 46 — Saving and transitional provisions

  46.—(1) For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.(2)

• § 5 — Administration of Act and appointment of Registrar of Corporate Service Providers, etc.

  5.—(1) The Authority is responsible for the administration of this Act, subject to the general or special directions of the Minister.(2) The Minister may, after consultation with the Authority, and for the proper administration of this Act —(a) appoint an officer of the Authority to be the Registrar

• § 6 — Registers

  6. The Registrar must keep and maintain —(a) a register of registered corporate service providers; and (b) a register of registered qualified individuals.

• § 7 — No carrying on business of providing corporate services without registration

  7.—(1) A person must not carry on a business in Singapore of providing any corporate service unless the person is a registered corporate service provider for that type of corporate service.(2) An accounting entity that carries on a business in Singapore of the corporate service of carrying out any d

• § 8 — Registration and renewal of registration of corporate service providers

  8.—(1) An application for the registration, or for renewal of the registration, of a registered corporate service provider must be —(a) made to the Registrar in the form and manner specified by the Registrar; (b) accompanied by the documents and information required by the Registrar; and (c) accom

• § 9 — Criteria for registration or renewal of registration of corporate service providers

  9.—(1) The Registrar must refuse to register, or to renew the registration of, a corporate service provider —(a) unless the applicant is one of the following:(i) an individual, or a partnership, registered under the Business Names Registration Act 2014; (ii) a company; (iii) a limited liability pa