Singapore's finance ministry has introduced the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill and the Corporate Service Providers Bill to parliament, following a short consultation in March 2024. The first Bill increases the transparency of beneficial ownership of companies and limited liability partnerships (LLPs), requiring companies and LLPs to keep a register of registrable controllers immediately on incorporation or registration.
The second tightens up the regulatory regime for the corporate service providers sector, especially regarding nominee shareholders. It is now clear that intermediate holding companies in a group structure can be regarded as nominee shareholders, although the amendments do not apply retrospectively to existing nominee director appointments made before the bills come into force.