The Accounting and Corporate Regulatory Authority (ACRA) of Singapore has recently sent reminder emails to company executives (such as directors, secretaries, and CEOs) through the registered email addresses in ACRA. These reminders contain important updates regarding changes to their alternative addresses held by ACRA.
Starting from 23 August 2024, the SGD 40 fee for submitting an alternate address for company directors, business owners, and public accountants has been waived. It will be waived until the commencement of the Contact Address regime in end of 2024.
From year 2025, the Contact Address regime will replace the existing Alternate Address regime.
To make the transition easier, all existing Alternate Addresses filed with ACRA will be automatically converted to Contact Addresses by end of 2024.
This amendment aims to balance the need for corporate transparency with the demand for enhanced personal data protection, addressing public concerns regarding the protection of personal data.
If you do not wish to have your residential address made public, please submit a separate contact address to us by December 2024, and our secretary will assist you in completing the submission to ACRA.
For individuals who intend to continue using their current residential address or wish to use their residential address as the official contact address, no action is required.
If you do not wish to make your residential address public, please submit a contact address to us before end of 2024. Our secretary will assist you with the submission to ACRA.
For those who plan to continue using their current residential address or wish to designate it as the official contact address, no action is required.
You can refer to the ACRA website for more detailed information and check out the eServices where you can provide your Alternate address.
FAQs on Contact Address regime
Q: Can an individual provide different Contact Addresses for different entities?
A: No, every individual can only provide one Contact Address for all associated entities. This is similar to the Alternate Address concept in current BizFile+.
Q: Can an individual residing overseas provide a Contact Address in Singapore?
A: No, the Contact Address must be in the same jurisdiction as the residential address.
For example, if your client’s residential address is in Malaysia, they cannot provide a Contact Address in Singapore, and vice versa. This is similar to the Alternate Address concept in current BizFile+.
Q: My client is associated with multiple entities. Do I have to file Contact Address for each entity?
A: You only need to file Contact Address for one of the entities. The same Contact Address will be updated for all associated entities. This is similar to the Alternate Address concept in current BizFile+.
Q: Do I need to provide Contact Address for corporate shareholders?
A: No, Contact Address serves as protection for individuals’ residential addresses and does not apply to corporate shareholders.
Q: Does Contact Address apply to Variable Capital Companies (VCCs)?
A: The Contact Address regime will apply to VCCs at a later stage. The fee waiver for filing of alternate addresses in VCCs will be made known later.
FAQs on Transition to Contact Address
Q: Should an individual file an Alternate Address or Contact Address in current BizFile+?
A: Individuals can only file an Alternate Address in current BizFile+ now. No action is required if your clients are satisfied with their residential address or existing Alternate Address becoming their Contact Address when the regime commences in the new Bizfile system in end 2024.
Q: What address will be converted to Contact Address in the new system?
A: When the new regime commences in the new Bizfile system at the end of 2024, existing Alternate Address will be automatically converted to Contact Address. If no Alternate Address is provided, the Residential Address will be converted to Contact Address.
Q: How do shareholders provide Alternate Address?
A: Shareholders without other positions in an entity cannot provide Alternate Address. However, they can now provide a new address to be displayed in ACRA’s public records via “Change in Particulars of Shareholders” eService that will take effect immediately. This address will become the Contact Address when the regime commences in the new Bizfile system in end 2024.
