New laws ‘level playing field’ for corporate service providers, but could lead to industry consolidation
Bar will be raised as a robust system of screening checks and compliance will be required; smaller players may be priced out, say industry observers
NEW rules for corporate service providers will raise the bar for the industry as a whole, but may lead to smaller players being priced out, said industry observers.
This comes as a new Bill, passed in Parliament on Jul 2, will be tightening regulations for these providers, who offer crucial services for company incorporation, in a bid to stem money laundering-related activities in Singapore.
Among the changes, lawyers who spoke to The Business Times highlighted the new requirement for entities or persons providing corporate secretarial services to register with the Accounting and Corporate Regulatory Authority (Acra) as registered corporate service providers.
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