Legal Templates
Beneficial Ownership Declaration

Beneficial Ownership Declaration for Singapore

Beneficial Ownership Declaration Template for Singapore

A Beneficial Ownership Declaration is a formal document required under Singapore law that identifies and declares the ultimate beneficial owners of a company. This document complies with Singapore's Companies Act requirements and ACRA regulations, requiring disclosure of individuals or entities holding significant control or ownership (typically >25%) in a Singapore-registered company. The declaration forms part of the company's Register of Registrable Controllers and supports Singapore's commitment to corporate transparency and anti-money laundering efforts.

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What is a Beneficial Ownership Declaration?

The Beneficial Ownership Declaration is a mandatory requirement for Singapore-registered companies under the Companies Act (Chapter 50). Introduced tHRough 2017 amendments, this document must be maintained as part of the company's Register of Registrable Controllers. The declaration captures detailed information about individuals or entities with significant control or ownership, including their personal details, nature of control, and percentage of ownership. It supports Singapore's commitment to preventing money laundering and maintaining corporate transparency. Companies must update this declaration within 2 business days of any changes in beneficial ownership.

What sections should be included in a Beneficial Ownership Declaration?

1. Declaration Details: Date, place, and declarant information including identification details and capacity in which declaration is made

2. Company Information: Full details of the company including registration number, registered address, and incorporation details

3. Beneficial Owner Information: Comprehensive details of all beneficial owners including full name, identification/passport number, nationality, residential address, and date of birth

4. Nature of Control: Detailed specification of type and extent of control (shares, voting rights, right to appoint/remove directors) and exact percentage

5. Declaration Statement: Formal declaration confirming the accuracy of information and compliance with Singapore Companies Act requirements

What sections are optional to include in a Beneficial Ownership Declaration?

1. Intermediate Entities: Details of any intermediate holding companies or entities in the ownership chain, used when ownership structure involves multiple layers

2. Trust Arrangements: Specific details of trust arrangements including trustee information and beneficiaries, required when beneficial ownership involves trust structures

3. Corporate Representatives: Information about authorized representatives and their authority to act, needed when beneficial owners are corporate entities

What schedules should be included in a Beneficial Ownership Declaration?

1. Ownership Structure Chart: Visual diagram showing the complete ownership structure including all intermediate entities and percentage holdings

2. Supporting Documents: Schedule listing all attached verification documents including identification documents, corporate certificates, and proof of address

3. Change History: Appendix detailing cHRonological record of previous beneficial ownership changes and dates

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Declaration Form

Sector

Compliance

Cost

Free to use
Relevant legal definitions
Beneficial Owner
Company
Controller
Corporate Controller
Individual Controller
Register of Registrable Controllers
Registrable Controller
Significant Control
Significant Interest
Substantial Shareholder
Ultimate Beneficial Owner
Voting Rights
Board of Directors
Corporate Representative
Indirect Control
Direct Control
Interest in Shares
Nominee Shareholder
Prescribed Circumstances
Relevant Change
Associate
Control THReshold
Ordinary Shares
Qualifying Shares
Relevant Legal Entity
Trust Arrangement
Business Day
Governing Law
Jurisdiction
Register
Clauses
Declaration Statement
Beneficial Ownership Details
Nature of Control
Ownership Percentages
Voting Rights
Chain of Ownership
Change Notification
Information Accuracy
Supporting Documentation
Compliance Statement
Verification Methods
Record Keeping
Updates and Amendments
Regulatory Compliance
Information Access
Confidentiality
Personal Data Protection
Governing Law
Certification
Attestation
Due Diligence
Anti-Money Laundering Compliance
Disclosure Requirements
Reporting Obligations
Document Retention
Industries

Companies Act (Chapter 50): Primary legislation governing beneficial ownership in Singapore, particularly the 2017 amendments (Sections 386AC to 386AI) that introduced requirements for companies to maintain Register of Registrable Controllers

MAS AML/CFT Regulations: Monetary Authority of Singapore regulations on Anti-Money Laundering and Countering the Financing of Terrorism, providing framework for beneficial ownership verification and reporting

MAS Notice PSN01: Specific notice on Prevention of Money Laundering and Countering the Financing of Terrorism, detailing requirements for customer due diligence and beneficial ownership identification

ACRA Guidelines: Accounting and Corporate Regulatory Authority guidelines specifying requirements for maintaining and updating beneficial ownership information in company records

Electronic Register of Controllers: ACRA's requirements for electronic maintenance of beneficial ownership information, including format and submission procedures

Significant Control Definition: Regulatory tHReshold defining significant control as ownership or voting rights exceeding 25% of the company's shares

Controller Information Requirements: mandatory information required for both individual and corporate controllers, including identification details and nature of control

Reporting Timeline Requirements: Statutory timelines for reporting changes in beneficial ownership and updating the register of controllers

Record Keeping Requirements: Legal obligations for maintaining beneficial ownership records and supporting documentation for prescribed periods

Due Diligence Obligations: Requirements for companies to perform due diligence in identifying and verifying beneficial owners and controllers

Teams

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