In a significant move to protect the privacy of business owners, directors, and shareholders, the Accounting and Corporate Regulatory Authority (ACRA) of Singapore is set to implement a new Contact Address regime by the end of 2024. This change comes following the passing of the ACRA (Registry and Regulatory Enhancements) Bill on July 2, 2024.
Key Points of the New Regime:
- Enhanced Privacy Protection The primary goal of this new regime is to safeguard individuals’ residential addresses. Instead of displaying residential addresses in public records, ACRA will now use Contact Addresses for all business-related communications and public displays.
- Replacement of Alternate Address System The current Alternate Address system, which allows individuals to display a different address for a fee of $40, will be phased out and replaced by the Contact Address regime.
- Automatic Conversion Existing Alternate Addresses in ACRA’s records will be automatically converted to Contact Addresses by the end of 2024.
- Fee Waiver From August 23, 2024, the $40 fee for filing an Alternate Address will be waived, encouraging more individuals to update their information before the new regime takes effect.
Who Does This Affect?
- Position Holders (e.g., company directors, business owners)
- Public Accountants
- Shareholders
Action Steps for Different Groups:
- For Position Holders and Public Accountants:
- If you haven’t provided an Alternate Address, consider doing so before the end of 2024.
- Use ACRA’s BizFile+ eServices to update your address.
- New position holders should provide an Alternate Address during registration.
- For Shareholders:
- Contact your company secretary or Corporate Service Provider to check and update your registered address if needed.
- For Corporate Service Providers:
- Review clients’ preferred addresses and update ACRA accordingly.
Important Note: If you’re comfortable using your residential address as your Contact Address, no action is required.
Conclusion:
This new Contact Address regime represents a significant step towards enhancing privacy protection for individuals involved in business activities in Singapore. By providing a separate contact address for public display, ACRA aims to strike a balance between maintaining transparency in business records and protecting personal information.
As the deadline approaches, all affected parties are encouraged to review their current address information with ACRA and make necessary updates. Stay informed and take advantage of this opportunity to enhance your privacy protection in business dealings.
For more detailed information on how to update your address or if you have any questions about the new regime, please contact us here to find out more.