For businesses operating in Singapore, maintaining a Register of Registrable Controllers (RORC) is a legal requirement under the Singapore Companies Act. Since March 31, 2017, all companies, foreign companies, and Limited Liability Partnerships (LLPs) must maintain an updated register of their controllers. This article will guide you through the process of setting up a controller using BizFile and explore how automated tools, like DTT, streamline this process.
What is the Register of Registrable Controllers (RORC)?
The RORC is an essential document that records the individuals or entities holding significant control over a company or LLP. This register, which may include beneficial owners, helps ensure transparency, trust, and compliance with the law. For instance, controllers, or Registrable Controllers (RCs), are typically individuals or entities that:
- Hold more than 25% of shares in a company;
- Possess more than 25% of voting rights; or
- Exercise significant influence or control over the company or LLP.
Maintaining an updated RORC is a crucial part of operating a legitimate business in Singapore. Failure to update or file RORC information with the Accounting and Corporate Regulatory Authority (ACRA) via BizFile+ can result in penalties of up to S$5,000.
Filing the RORC with BizFile
Companies and LLPs must file their RORC with ACRA through the “Update Register of Registrable Controllers” eService on BizFile+. This is a separate requirement from annual returns or declarations.
Steps to Setting Up and Maintaining the RORC:
- Set up the RORC within 30 days of incorporation or registration.
- Send notices to potential controllers, requesting their confirmation and details.
The required information includes:
- The RC’s name;
- Residential address (or the address of their registered office for corporate controllers);
- Nationality (or place of incorporation for corporate controllers);
- The nature of control they exercise over the company or LLP;
- The date they became a registrable controller.
This detailed recording process ensures that the RORC provides a comprehensive view of the controllers and their influence within the company.
- Maintain the RORC at either the company’s registered office or through an appointed Registered Filing Agent.
Maintaining an accurate RORC is not a one-time task. Companies must update the register regularly to reflect any changes in the details of the registrable controllers or the nature of their control. Updates should be made within two business days of becoming aware of any changes. This could include a change in share ownership, voting rights, or the appointment/removal of directors.
By keeping the register up-to-date, businesses ensure they remain compliant with the legal requirements and demonstrate transparency to regulators and stakeholders.
- File the same RORC information with ACRA using the BizFile+ online portal.
Challenges of Manually Entering Controller Information
For corporate secretaries managing large client bases, manually entering RORC details into BizFile can be a daunting task. For example, if a corporate secretary handles 500 clients, they would need to manually enter details for each one separately—500 entries in total. This process is not only time-consuming but also prone to human error.
Streamlining the Process with DTT
At DTT, we know that managing the complexities of the Register of Registrable Controllers (RORC) can be a time-consuming and overwhelming task for businesses in Singapore. That’s why we’ve developed an innovative, automated service that takes the hassle out of RORC compliance, allowing your business to stay ahead while ensuring full regulatory compliance with ease.
Our automated solution at DTT provides a comprehensive approach to managing your RORC, from registering to updating and maintaining the register in real time. By syncing data directly from BizFile, our platform automatically captures and updates all relevant details for your company’s registrable controllers, significantly reducing manual work, human error, and time spent on compliance.
Don’t let RORC compliance slow you down. With DTT’s automated service, you’ll gain more than just compliance—you’ll streamline your operations, reduce errors, and free up valuable time. Schedule a demo today to see how DTT can simplify your RORC management and empower your business with cutting-edge solutions.
Contact us today to learn more about how DTT can help you achieve seamless compliance and boost your business’s operational efficiency in Singapore’s fast-paced regulatory environment.
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