Summary of Responses to Consultation Feedback on Corporate Service Providers Bill and Proposed Amendments to Companies Act and Limited Liability Partnerships Act

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) are responding to the consultation feedback on (i) the proposed Corporate Service Providers (CSP) Bill; and (ii) the proposed legislative amendments to the Companies Act 1967 and Limited Liability Partnerships (LLP) Act 2005.

2. The CSP Bill will enhance the regulatory regime for the CSP sector. The Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill will enhance the transparency of beneficial ownership of companies and LLPs. These Bills seek to ensure that Singapore's regime for the CSP sector and beneficial ownership are in line with the standards of the Financial Action Task Force (FATF).

3. The feedback received was generally supportive of both the CSP Bill and the CLLPMA Bill. Responses from MOF and ACRA are in Annex A. Feedback received on areas outside the scope of the Bills will be considered by MOF and ACRA in future reviews.

4. The Bills will be presented in Parliament in May 2024.

5. MOF and ACRA would like to thank all respondents who provided feedback during the public consultation 1 .