Corporate Service Providers Act 2024 Effective 9 June 2025

The Accounting and Corporate Regulatory Authority (“ACRA”) has informed that the Corporate Service Providers Act 2024 ('CSP Act') and the accompanying Corporate Service Providers Regulations 2025 ('CSP Regulations'), detailing the CSP Act's requirements, effective 9 June 2025.

For entities which perform corporate services by way of business but are not currently registered with ACRA as a Registered Filing Agent, they will be given a 6-month period until 9 Dec 2025 to register as a Corporate Service Provider (“CSP”).

The legislative amendments introduced the following key changes: 

1. Requires all business entities carrying on a business of providing corporate services in or from Singapore to register with ACRA as registered corporate service providers ('CSPs').

2. Requires all registered CSPs to comply with obligations, including AML/CFT/PF obligations.

3. Introduce fines for breaches of AML/CFT/PF obligations by registered CSPs and their senior management.

4. Prohibit persons from acting as nominee directors by way of business unless the appointments are arranged by registered CSPs and they have been assessed as fit and proper by the registered CSPs.

5. Requires nominee directors’ and nominee shareholders’ nominee status and the identities of their nominators to be disclosed with ACRA.

6. Increase fines pertaining to the register of registrable controllers, register of nominee directors, and register of nominee shareholders.

For guidance on CSP Act compliance, contact us today.