Singapore introduces a register of nominee shareholders. To this end, the Companies Act 1967 and the Limited Liability Companies Act 2005 were amended on 04.10.22. Under the new rules and regulations, all foreign and local legal entities that are registered in Singapore are required to maintain a closed register “RONS” of nominee shareholders and persons who appoint them, in other words, “controlling persons”. Who is responsible for updating and providing such information? All who fall under the legal entities described below: - Local Singapore companies - Foreign companies registered in Singapore - Limited Liability Partnerships (LLP) These rules do not apply to certain types of companies, namely - Companies that are listed on the Singapore Exchange Securities Trading Limited - Financial institutions - Subsidiaries of foreign legal entities licensed by a Singaporean financial institution.
