How To Set Up A Register of Controllers

In our previous article, we have introduced the registers of registrable controllers with ACRA and its requirements. How do you set up this register of controllers properly? We summarise for you in this article:

Identification

First, you have to reasonably identify and obtain the relevant information on the controllers with these 2 notices:

1.  Notice for Controllers
   – Send to the persons whom you know, or you believe, to be registrable controllers of the company.
   – Ensure the addressee state whether he or she is a registrable controller of the company.
   – Ensure the addressee state whether he or she knows or believe that any other person is a registrable controller of the company, or likely to have that
   knowledge. If so, provide the particulars of that other person.
2.  Notice for Persons who may know controllers
   – Send to persons whom you know, or you believe, that they know or are likely to know the identities of the company’s registrable controllers.
   – Ensure the addressee state if he or she knows or believe that any other person is a registrable controller of the company.
   – Ensure the addressee provides the particulars of that person(s) who are within his or her knowledge.

Documentation

Second, list down in a Word or Excel document the particulars of the persons who are likely to be registrable controllers of the company. This document will be the Register of Controller. You can keep this in either hard or soft copy.

Most often, the shareholders from the ACRA business profile are the first to be included in the Register of Controller. However, the criteria to qualify as a registrable controller still applies. You can read more about the criteria to qualify here.

Based on the replies from the 2 notices, make the necessary amendments as required.

If the company is confirmed to have no registrable controllers, ensure the Register of Controller is documented with, “As of [date], the company knows or has reasonable cause to believe that there are no registrable controllers in relation to the company.”

Maintenance

Third, ensure that the information in the Register of Controllers is current and accurate thereafter.

We advise performing an annual review of the register. This is to check if there is any relevant change to the particulars of each controller. It is also good to reaffirm if any of the particulars are incorrect. Any communication trail of this review process should be documented to provide evidence of work done.

In the event, there are grounds to believe of a relevant change to the controllers’ particulars, or that the controllers’ particulars are incorrect, you need to send either a

1.  Notice for Change in Particulars
   – Ensure the addressee confirms if the relevant change has occurred.
   – Ensure the addressee provides the date and details of the change.
2.  Notice for Incorrect Particulars
   – Ensure the addressee confirms if all particulars are correct.
   – Ensure the addressee provides the correct particulars if any are incorrect.

Finally. do note that each of these notices follows a standard format and phrasing. Speak to us if you are unsure of how to start.

Companies and LLPs that do not comply shall be liable up to a fine not exceeding $5,000.

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