Register of Registrable Controllers (RORC)

Understanding the Register of Registrable Controllers (RORC) in Singapore 

In recent years, Singapore has strengthened its corporate transparency framework to combat money laundering, corruption, and other illicit activities. One of the key regulatory developments is the introduction of the Register of Registrable Controllers (RORC). If you're a business owner or directo

r operating in Singapore, understanding the RORC is crucial to ensure compliance with the latest legal requirements. 

What is the Register of Registrable Controllers (RORC)? 

The RORC is a mandated corporate register that records information about the controlling parties—also known as registrable controllers—of a Singapore company. It helps authorities identify individuals or entities that ultimately control or influence the company, even if they are not listed as directors or shareholders officially. 

Who are Registrable Controllers? 

A registrable controller is typically an individual or entity that: 

• Exercises significant influence or control over the company, directly or indirectly. 

• Holds a substantial ownership stake or voting rights. 

• Has the right to appoint or remove the majority of directors. 

• Or, in cases where no individual directly exercises control, is a person who otherwise exercises control through arrangements or other means. 

  
  

Key Features of the RORC 

• Mandatory Registration: All registered Singapore companies are required to maintain an up-to-date RORC and submit it to the Accounting and Corporate Regulatory Authority (ACRA). 

• Accessible Information: The RORC is accessible to regulatory authorities and, in certain cases, to law enforcement agencies, ensuring transparency. 

• Ongoing Compliance: Companies must keep their RORC updated whenever there are changes in controllers or relevant circumstances. 

  
  

Why Was the RORC Introduced? 

The implementation of the RORC aims to: 

• Increase transparency of company ownership. 

• Prevent illegal activities such as money laundering, tax evasion, and terrorism financing. 

• Enhance Singapore’s reputation as a clean and transparent financial hub. 

  
  

What Are Your Responsibilities as a Company Owner? 

• Identify Controllers: Conduct due diligence to identify all registrable controllers and their details. 

• Maintain Accurate Records: Keep the RORC current with accurate and comprehensive information. 

• Report Changes Promptly: Update the register and submit changes to ACRA within the stipulated timeframes. 

  
  

Consequences of Non-Compliance 

Failure to comply with the RORC requirements can lead to severe penalties, including hefty fines and possible restrictions on business operations. It’s essential for companies to prioritize compliance and maintain an accurate and current RORC. 

Conclusion

The Register of Registrable Controllers is a vital component of Singapore’s efforts to promote transparency and integrity in business. As regulatory standards evolve, companies must stay vigilant and ensure their RORC is accurate and up-to-date. Engaging with experienced legal and corporate service providers can simplify this process and help maintain compliance with Singapore’s comprehensive regulatory environment.