The Introduction of Contact Address Regime by ACRA: A Quick Update
The Singapore Parliament passed the ACRA (Registry and Regulatory Enhancements) Bill on 2 July 2024. As a result, the Accounting and Corporate Regulatory Authority (ACRA) will introduce the Contact Address regime by the end of 2024. This regime will replace residential addresses in ACRA’s public registers with a Contact Address to boost privacy. In this blog, we provide a quick and informative update on this change.
Who Will the Change Affect?
The following stakeholders and entities will be affected by the change:
| Stakeholders and Entities | What to Expect |
|---|---|
| For Position Holders and Public Accountants | Presently, there is an option to provide an Alternate Address charged at S$40. This address will be displayed in ACRA’s public records instead of the residential address. By end-2024, the Alternate Address regime will be replaced by the Contact Address regime. To facilitate this change, all existing Alternate Addresses filed with ACRA will automatically be converted to Contact Addresses by end-2024. Individuals who have previously not opted for an Alternate Address are strongly advised to consider providing one to ACRA before the new regime starts by the end of the year. The S$40 fee for filing an Alternate Address has been waived since 23 August 2024. |
| Shareholders | Shareholders may want to engage their company secretaries or corporate service providers to check the address currently registered with ACRA. If it is a residential address, they can decide whether they want to provide another address to ACRA. |
| Corporate Service Providers (CSPs) | CSPs are advised to check their clients’ preferred addresses and update ACRA accordingly. |
Updating the Alternate Address for Position Holders or Public Accountants
Existing position holders or public accountants can use the various e-services in BizFile+ to provide an Alternate Address. New position holders and public accountants must provide this address during registration.
Updating the Alternate Address for Individuals Who Are Both Position Holders and Shareholders
Individuals who are both position holders and shareholders can only provide or update their Alternate Addresses as position holders through the respective e-services when filing changes to personal particulars.
Updating the Contact Address for Individuals Who Are Only Shareholders
Those who are only shareholders cannot file an Alternate Address. However, they are eligible for the Contact Address regime; hence, a shareholder’s address presently displayed in ACRA’s public records will be automatically converted to a Contact Address once the Contact Address regime takes effect by end-2024.
Other Commonly Asked Questions About ACRA’s Contact Address Regime
Here are some popular questions asked about the upcoming regime:
| Question | Answer |
|---|---|
| Will ACRA issue refunds for fees paid for Alternate Address applications lodged before 23 August 2024? | No, the application fees paid are non-refundable for applications submitted before 23 August 2024. |
| Is it compulsory to provide a Contact Address? | Yes, providing a Contact Address is mandatory for all position holders, public accountants, and shareholders. |
| When do I need to provide a Contact Address? | You are required to provide a Contact Address when the Contact Address regime commences at the end of 2024. |
Conclusion
The introduction of the Contact Address regime by ACRA will replace residential addresses in ACRA’s public registers with a Contact Address to boost privacy. This change will affect position holders, public accountants, and shareholders. It is essential to understand the update and take necessary steps to comply with the new regime.
Frequently Asked Questions
- Q: Will ACRA issue refunds for fees paid for Alternate Address applications lodged before 23 August 2024?
A: No, the application fees paid are non-refundable for applications submitted before 23 August 2024. - Q: Is it compulsory to provide a Contact Address?
A: Yes, providing a Contact Address is mandatory for all position holders, public accountants, and shareholders. - Q: When do I need to provide a Contact Address?
A: You are required to provide a Contact Address when the Contact Address regime commences at the end of 2024.
InCorp is Here to Help With Your Contact Address Replacement
At InCorp, our trusted professionals can seamlessly assist with the Contact Address replacement for your Alternate Address. We provide valuable advice to help you manage this change with ease. Get in touch with us today to find out more!
