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.
How can disclosing your residence's address might compromise your privacy?
Serious concerns could result from the public revelation of personal details, such as a residential address.
Your residential address is accessible to:
- A business rival
- Unhappy or dissatisfied consumers
- Former employees
- Adversarial attorneys
All of the aforementioned individuals have the potential to take advantage of your residential address. Firms who buy bulk company profile information can sell the residential address to bulk marketers if the address isn’t protected.
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
- Both penalties and imprisonment
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.
Conclusion
We have shown in the article how revealing the residential address may jeopardize your privacy. As a result of the latest changes made by ACRA, businesses may now include an alternative address in place of their residential address as part of their company profile information. The alternate address will be rendered public as a result, and the residential address will only be kept on internal records. As a result, businesses can reduce risks and protect the confidentiality of its officers. To register an alternative address with ACRA, a few requirements and conditions must be satisfied.
With the help of our professionals at Odint Consultancy, you can register an alternate address with ACRA and ensure that you meet all requirements. Contact us today.
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.
ACRA has made new changes by enabling people to enter an alternate address in addition to their residential address. If you choose a different address, it will appear in all public reports for the business’s profile. As such, the residential address will be kept private and recorded in ACRA’s internal documents.
