Corporate Service Providers (CSP) Bill

26/08/2022

A new Corporate Service Providers (CSP) Bill is going to be implemented soon.

With the introduction of the new CSP Bill, the Government will require nominee directors and shareholders to disclose their nominee status and the identity of their nominators to ACRA and for ACRA to maintain such information. Upon disclosure to ACRA, the nominee status of the director/shareholder will be made publicly available.

The new CSP Bill will also require CSP to ensure that individuals they appoint to act as nominee directors are fit and proper; and satisfy prescribed training requirements, if they hold more than a legally prescribed number of nominee directorships by way of business (unless they are qualified persons).

The proposed amendments are intended to address these risks and prevent the misuse of nominee directorship arrangements by way of business, and to improve the quality of individuals who act as nominee directors by way of business.

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