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Author: boardroomsuperadmin
Seamless Sustainability Reporting with BoardRoom’s Advisory and Bursa Malaysia’s CSI Solution
Discover the OneBoardRoom Advantage – One Partner, Total Control
Discover the OneBoardRoom Advantage – One Partner, Total Control
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Corporate Income Tax Filing Deadline Approaching – Submit by 31 July 2025
Corporate Income Tax Filing Deadline Approaching – Submit by 31 July 2025
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Future-Ready Dividend Payments: Simplified.
Future-Ready Dividend Payments: Simplified.
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Corporate Service Providers Act 2024 will come into effect on 9 June 2025: Key Changes and Compliance Guide
Corporate Service Providers Act 2024 will come into effect on 9 June 2025: Key Changes and Compliance Guide
The Singapore Corporate Service Providers Act 2024 (“CSP Act”), effective 9 June 2025, introduces critical compliance requirements for businesses using corporate services in Singapore. In this article, we explore the key changes and the impact of these changes on businesses that engage corporate service providers.
Key Changes Effective 9 June 2025
The CSP Act is a key regulatory development in Singapore aimed at strengthening the corporate service providers industry. Introduced to enhance corporate governance and regulatory oversight, the CSP Act promotes transparency, ensures consistent compliance standards, and aligns with international anti-money laundering and counter-terrorism and proliferation financing obligations.
The CSP Act will officially take effect on 9 June 2025. To support its implementation, the Corporate Service Providers Regulations 2025 (“CSP Regulations”), which contain more detailed rules pertaining to the requirements under the CSP Act, was published on 8 May 2025 and will also come into effect on 9 June 2025.
Below are the key changes of the legislative amendments:
All entities offering corporate services, such as company formation, company secretary, nominee director or shareholder services, or registered office address services in or from Singapore, must register with the Accounting and Corporate Regulatory Authority (ACRA) as registered Corporate Service Providers (CSPs). The changes will enhance the regulatory regime and level the playing field for all CSPs, and importantly, enable ACRA to take enforcement action against registered CSPs that breach AML/CFT/PF obligations (as defined below).
All registered Corporate Service Providers (CSPs) are required to comply not only with existing anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations, but also with measures to prevent the financing of the proliferation of weapons of mass destruction (“AML/CFT/PF obligations”). To mitigate financial crime risks, CSPs must conduct customer due diligence before delivering any corporate services, and where there is a reason to suspect money laundering, terrorism financing, or proliferation financing.
Breaches of AML/CFT/CPF obligations by CSPs or their senior management may incur fines of up to S$100,000 per breach, emphasising the importance of robust compliance.
Only ACRA-registered CSPs can arrange nominee director appointments, and they must assess these directors as fit and proper. Individuals cannot act as nominee directors by way of business unless appointed by a registered CSP.
Nominee directors’ and shareholders’ status, along with their nominators’ identities, must be disclosed and filed to ACRA, enhancing transparency in corporate ownership. The nominee status will be made publicly available. However, only public authorities may access the full information of the nominators maintained by ACRA for the purposes of administration or enforcement of any written law.
Companies will face higher penalties for non-compliance with maintaining accurate registers of registrable controllers, nominee directors, and nominee shareholders. This ensures proper record-keeping.

What this Means for your Business
The CSP Act 2024 impacts businesses using corporate services in Singapore. These businesses may need to provide additional documentation, such as beneficial ownership or nominator details, to meet ACRA’s disclosure requirements. It is important to ensure that you are using a CSP that is ACRA-registered. The need for enhanced due diligence may also lead to additional processes with your CSP.
These measures enhance Singapore’s business environment, boosting trust for your operations.
Next Steps for Businesses using CSPs
To prepare for the CSP Act 2024, we encourage businesses to:
- Verify your CSP’s ACRA registration from 9 June 2025.
- Be prepared to provide any additional compliance-related information as required.
- Stay informed through ACRA’s resources / our newsletters and webinars on compliance matters in Singapore.
- Reach out to your specialist consultant at Boardroom for step-by-step guidance on how the CSP Act works.

How can BoardRoom Support your Business?
The CSP Act 2024 strengthens Singapore’s position as a premier international business hub, and BoardRoom is committed to helping your business navigate these changes. As an ACRA-registered CSP, we are fully prepared for the CSP Act 2024 effective June 9, 2025.
We are constantly updating our AML/CFT/PF processes and training our team to meet all regulatory requirements. We also offer personalised reviews of your corporate setup to ensure compliance with Singapore’s nominee director regulations and other obligations.
For guidance on CSP Act compliance, contact us today.
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Case Study –Streamlining and Standardising Accounting Processes Across Multiple Entities for a Leading Infrastructure Development Firm
Case Study –Streamlining and Standardising Accounting Processes Across Multiple Entities for a Leading Infrastructure Development Firm
Client Profile
Our client is a prominent infrastructure development company specialising in the early-stage development of infrastructure projects across South and Southeast Asia. Operating as part of a larger group, the company focuses on catalysing private sector investment in infrastructure sectors.
Background
Prior to engaging BoardRoom’s Accounting services, the client faced challenges in terms of fragmented co-ordination, managing multiple internal contacts across various finance activities, including document collation and head office reporting. The process of consolidating financial data at a Group level was complex, with each entity following their own individual accounting practices. This lack of standardisation was further compounded by the absence of standardised reporting templates across the Group.
The Solution
The Accounting Team at BoardRoom identified that the root of these challenges stemmed from the absence of standardised processes, which are crucial for effective multi-entity accounting.
To address this, BoardRoom implemented a structured approach, introducing the following group-wide standardisation measures across key accounting areas:
Document Collation: BoardRoom introduced a systematic approach to document collation and management.
This initiative ensured consistency in the type, format and quality of documents maintained across all entities, addressing the inefficiencies caused by varying collation methods and standards at different entities. The result was a more streamlined process that improved document collation and management across the group.
Uniform Accounting Transaction Recording: BoardRoom standardised the way accounting transactions were recorded across the Group.
By standardising the transaction recording process, all entities followed the same procedures for transaction entry and classification, reducing discrepancies between entities. This uniform approach also brought alignment to the financial practices of each entity, ensuring accurate and reliable financial data that could be easily consolidated and reported.
Implementation of a Unified Chart of Accounts: To enhance alignment in reporting across the Group, BoardRoom developed and introduced a single, standardised chart of accounts across all entities. This unified approach facilitated seamless consolidation of financial data and comparison of financial results across all entities within the Group.
BoardRoom also ensured localised adaptations of the accounts codes were incorporated where appropriate to meet local regulatory requirements, without compromising group-wide comparability.
Consistent Reporting Templates: BoardRoom developed and implemented standardised reporting templates for all entities.
These templates were designed to ensure that financial data was presented in a consistent format, allowing for easier comparison and analysis across the Group. The uniformity in reporting templates gave management a clearer view of the group’s financial health, enabling more accurate and timely decision-making.
The Results
Following the implementation of uniform processes and standardised reporting frameworks, our client's multi-entity accounting operations were significantly optimised.
Management gained a more holistic and accurate view of the Group financial position, enhancing their ability to make timely, informed strategic planning and decisions.
The streamlined processes also resulted in reduced reporting turnaround time, improved compliance with internal and external reporting standards, and laid a strong foundation for future scalability as the Group continued to expand its operations across the region.
About BoardRoom
850
Dedicated Team Members
BoardRoom offers leading business solutions, including corporate and advisory services, in the Asia-Pacific region. We provide accurate, prompt and reliable corporate solutions for every element of your business.
Over 50
Years of Proven Track Record
BoardRoom takes your business further, faster, at all stages, with an integrated suite of corporate solutions driven by innovation and technology.
7,300+
Clients Globally
Our team of experienced professionals has the comprehensive local knowledge and commercial experience you need to grow your business in the Asia-Pacific region.
Standardising Accounting Processes and Reporting for Enhanced Group-Wide Visibility
BoardRoom’s strategic approach to implementing multi-entity accounting processes has transformed our client’s financial operations. Through greater visibility, consistency operational efficiency, the client is now better positioned to drive business performance and make more informed, strategic decisions.
Contact us today to see how we can help streamline your accounting processes and empower your business to achieve a more strategic, data-driven growth.
U.S. Tariffs Are Changing the Game — Is Your Tax Strategy Ready?
U.S. Tariffs Are Changing the Game — Is Your Tax Strategy Ready?
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Stay ahead of ACRA Deadlines & Compliance Requirements for XBRL and Annual Returns
Stay ahead of ACRA Deadlines & Compliance Requirements for XBRL and Annual Returns
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Deadlines for Hong Kong 2024/25 Annual Filing
Deadlines for Hong Kong 2024/25 Annual Filing
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Embark on a Digital Journey—Discover the Power of BSIP
Embark on a Digital Journey—Discover the Power of BSIP
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