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Ensure the Privacy of Shareholders and Officers of a Singapore Company

This article will provide all information necessary to ensure the privacy of Shareholders and Officers of a Singapore Company and the privacy rights of officers and shareholders.

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Ensure the Privacy of Shareholders and Officers of a Singapore Company

Overview: Ensure the Privacy of Shareholders and Officers of a Singapore Company

A few years ago, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) made changes to a controversial provision of The Companies Act. These changes enabled Singapore’s companies to register an alternate address for their CEOs, secretaries, and directors.

Although some business owners took full advantage of this opportunity to their advantage, many businesses are not aware of these amendments and do not make use of them. 

This article will provide all information necessary to ensure the privacy of Shareholders and Officers of a Singapore Company and the privacy rights of officers and shareholders.

Privacy of officers and shareholders of a Singapore company

The Singapore Corporate Regulatory (ACRA), maintains a public registry of all companies that have been incorporated in the country. Anyone can purchase the company profile information from this register for a small fee. 

The company profile data also includes the addresses of shareholders, officers, directors, and other company information. This open approach promotes transparency within Singapore’s corporate landscape.

However, ACRA has been criticized for revealing the residential addresses of individuals just because they are associated with a company.

ACRA has introduced new regulations three years ago to address these concerns. Individuals can now provide an alternate address to their residential address.  This address will be used in the company profile within the ACRA register. This option isn’t well-known so not many people make use of it.

Both Singaporeans and foreigners affiliated with a Singapore company are subject to the same address rules. Firms who buy bulk company profile information can sell the residential address to bulk marketers if the address isn’t protected. 

The residential address can also be misused by unhappy customers, business competitors, employees, or adversarial attorneys.

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Protecting your Residential Address

Directors, CEOs, and company secretaries can give an alternate address to ACRA and request that ACRA use it in any public disclosures about the company profile. The public will have access to the alternate address.

 However, the residential address must remain registered with ACRA. This address will remain confidential and will only be listed on ACRA’s internal records.

These requirements must be met by the alternate address:

  • Only one address can be registered by an individual.
  • The alternate address cannot be the residence address of the individual.
  • The alternate address must be reached by the person. This is an important requirement that can lead to penalties.
  • An alternate address must not be a postal box number.
  • Alternate addresses must be in the same area as the residential address. If you are a French citizen, the alternate address must be located in France.

Results of violation

ACRA will consider it a serious offense if you cannot be reached at your alternative address. These are the consequences:

  • Fines up to S$10,000
  • Maximum two-year imprisonment
  • Or both

ACRA may also make your property information public. You will not be able to sign up for an additional location with ACRA for the following three years.

If you intend to register a Singapore company but don’t wish your home address to be made public for privacy reasons and you still want to be able to reach you at it, your corporate service provider can list an alternate address.

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Conclusion

Odint Consultancy can help you register an alternate address if you’re looking for Singapore company registration. You must ensure that you can reach the alternate address. Otherwise, you could face a penalty.

FAQ’s

If the company is publicly traded, you will not likely be able to find the names of shareholders.

All Indian companies must file financial statements and details of shareholders to the Ministry of Corporate Affairs 21.

Six rights are granted to common shareholders: voting power and ownership; the right of transferring ownership; dividends; the right to inspect corporate documents; the right to legal action for wrongful acts.

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