2024 04 07 – SERVICE PROVIDERS ADVOCATE STRICT RULES FOR FOREIGN FIRM REGISTRATIONS IN SINGAPORE

Executive Summary:

Corporate service providers in Singapore support clear guidelines and strict checks for foreigners registering companies in the country.

They act as middlemen and set varying standards for themselves when verifying information about directors and shareholders.

These providers help clients incorporate companies, provide business services, and ensure compliance with local laws.

However, there have been cases of improper registrations, leading to increased scrutiny and proposed legislation with steeper penalties for non-compliance, aimed at preventing money laundering and financing of terrorism.