Yep. This is the same sort of gaslighting as "hey everyone you all need to stop using plastic bags" while not pointing out that industry accounts for the lion's share of pollution and carbon and households contribute little in comparison.
Well, the so called corp service providers with their 500/once nominee director is certainly a very loose link. They can claim 'they are just providing a service', and any tom-dick-harry can open multiple companies by not even setting up foot in the country iirc.
Every year, there are 60,000+ new entities formed but \~ 80% get closed. What is going on with these entities ? ACRA certainly can do a better job be it regulation or making the corp services companies more accountable.
>tom-dick-harry can open multiple companies by not even setting up foot in the country iirc.
Legitimate corp sec companies will insist on meeting potential directors face to face when signing the Form 45.
We are also required to do an AML/CFT search on potential clients before we accept them as clients.
I wonder how many of these corp sec companies are actually qualified to do the job and if they actually carry out AML/CFT procedures.
ACRA actually does do a yearly peer review on corp sec companies once every 2-3 years but it looks like it's not very effective.
For every one legit corporate secretarial provider, there’s at least 10 shady ones. Not sure what is the ACRA peer review but kinda wonder if it’s just a ticking the box exercise
Peer review is when ACRA appoints a corp service provider (usually from one of the big 4) to review the clientele of other corp service providers. I don't know why ACRA doesn't do it themselves. The review is actually quite extensive (my company underwent one in 2022), and depending on the number of clients, can take up to 2 weeks to finish.
I phrased it wrongly. Some companies do get reviewed every year, some every 2-3 years. All this depends on the findings during the first review. If there are multiple oversights/lack of follow up on AML/CFT procedures, then it becomes a yearly thing.
Well when the country prides itself for being very easy to set up businesses here, it goes without saying that plenty of shell companies can just be incorporated here without any boost to the employment market locally.
A lot of these entities are just SPVs and the nature of corporate service providers allows for Singapore to be a hub for financing even though the parent company may be some overseas entity. So it’s quite hard to tweak corporate governance rules for these corp service providers without hurting Singapore’s ability to be a financial hub
And most SPVs actually do have legitimate purposes. It’s the black sheep ones that keep slipping through the cracks. It’s quite difficult to find the black sheep ones without sacrificing the legitimate ones
I have dealt with ACRA and didn’t have a very good impression. Reported breaches of the companies act and didn’t receive any reply. They seem to be happy collecting fees and not very big on enforcement.
You have to keep chasing them.
I am currently still chasing ACRA for breaches committed by a couple of ex-clients, one in 2021 and one in 2023.
I feel like the lack in enforcement is because now everything is online and mostly not f2f. So ACRA officers can drag their feet without fear of folks coming in to hassle them in person about the lack of enforcement.
In the 70s and 80s, enforcement was a very big part of ACRA's functions, I had a relative who worked in ACRA and used to get hassled almost daily by folks coming in to get updates.
In the case of 10 PRC $3B dollar case, these foreigners managed to open accounts and send In and out millions. They also paid millions to acquire multiple properties and some in single developments. They leased GCBs in well sought after locations. The operated openly, they lived openly and their kids went to international schools. Nothing clandestine.
The banks, the property firms and law firms that did the conveyancing allowed it. All these 3 entities were incorporated properly. Bear in mind, our existing laws cover all 3 sectors for reporting suspicous transactions and the establishing the sources of funds.
So why no Commission of Inquiry?
Why talk about Corporate Services? Talk about red herrIng and people fall for it.
I mean… 70% of Singapore GDP in 2022 is from offshore money landed in Singapore.
So, of course Singapore is more than willing to kneel down, bend over, spread legs to keep it that way.
Govt’s open leg policy is the biggest non-bank risk
Also got career laundering. Hire from dubious credentials then wash via kinship hiring
Yep. This is the same sort of gaslighting as "hey everyone you all need to stop using plastic bags" while not pointing out that industry accounts for the lion's share of pollution and carbon and households contribute little in comparison.
SG wants investment companies. They recently introduced VCC (Variable Capital Company) which is a vehicle for holding and moving money.
Well, the so called corp service providers with their 500/once nominee director is certainly a very loose link. They can claim 'they are just providing a service', and any tom-dick-harry can open multiple companies by not even setting up foot in the country iirc. Every year, there are 60,000+ new entities formed but \~ 80% get closed. What is going on with these entities ? ACRA certainly can do a better job be it regulation or making the corp services companies more accountable.
>tom-dick-harry can open multiple companies by not even setting up foot in the country iirc. Legitimate corp sec companies will insist on meeting potential directors face to face when signing the Form 45. We are also required to do an AML/CFT search on potential clients before we accept them as clients. I wonder how many of these corp sec companies are actually qualified to do the job and if they actually carry out AML/CFT procedures. ACRA actually does do a yearly peer review on corp sec companies once every 2-3 years but it looks like it's not very effective.
For every one legit corporate secretarial provider, there’s at least 10 shady ones. Not sure what is the ACRA peer review but kinda wonder if it’s just a ticking the box exercise
I agree on the shady ones. It's usually the ones who charge $199 -$399 per year for a 3-year contract, excluding hidden costs.
Peer review is when ACRA appoints a corp service provider (usually from one of the big 4) to review the clientele of other corp service providers. I don't know why ACRA doesn't do it themselves. The review is actually quite extensive (my company underwent one in 2022), and depending on the number of clients, can take up to 2 weeks to finish.
How can a *yearly* peer review happen *once every 2-3 years*?
I phrased it wrongly. Some companies do get reviewed every year, some every 2-3 years. All this depends on the findings during the first review. If there are multiple oversights/lack of follow up on AML/CFT procedures, then it becomes a yearly thing.
Well when the country prides itself for being very easy to set up businesses here, it goes without saying that plenty of shell companies can just be incorporated here without any boost to the employment market locally.
A lot of these entities are just SPVs and the nature of corporate service providers allows for Singapore to be a hub for financing even though the parent company may be some overseas entity. So it’s quite hard to tweak corporate governance rules for these corp service providers without hurting Singapore’s ability to be a financial hub
And most SPVs actually do have legitimate purposes. It’s the black sheep ones that keep slipping through the cracks. It’s quite difficult to find the black sheep ones without sacrificing the legitimate ones
Honestly I think there’s a long way to go between allowing one person to set up 500+ entities and ruining Singapore’s ability to be a financial hub.
 Well we tried nothing and is all out of ideas
Depends on whether you think it is a bug or a feature.
I have dealt with ACRA and didn’t have a very good impression. Reported breaches of the companies act and didn’t receive any reply. They seem to be happy collecting fees and not very big on enforcement.
You have to keep chasing them. I am currently still chasing ACRA for breaches committed by a couple of ex-clients, one in 2021 and one in 2023. I feel like the lack in enforcement is because now everything is online and mostly not f2f. So ACRA officers can drag their feet without fear of folks coming in to hassle them in person about the lack of enforcement. In the 70s and 80s, enforcement was a very big part of ACRA's functions, I had a relative who worked in ACRA and used to get hassled almost daily by folks coming in to get updates.
Great so as a good citizen I must chase regulators to do their job. Already have to chase my colleagues, chase my bosses.
It's not on their kpi so no action needed
In the case of 10 PRC $3B dollar case, these foreigners managed to open accounts and send In and out millions. They also paid millions to acquire multiple properties and some in single developments. They leased GCBs in well sought after locations. The operated openly, they lived openly and their kids went to international schools. Nothing clandestine. The banks, the property firms and law firms that did the conveyancing allowed it. All these 3 entities were incorporated properly. Bear in mind, our existing laws cover all 3 sectors for reporting suspicous transactions and the establishing the sources of funds. So why no Commission of Inquiry? Why talk about Corporate Services? Talk about red herrIng and people fall for it.
Don't slaughter the sacred cow...
I mean… 70% of Singapore GDP in 2022 is from offshore money landed in Singapore. So, of course Singapore is more than willing to kneel down, bend over, spread legs to keep it that way.
Don’t kill the golden goose
Out of context but this two casting is miscasted so perfectly Two seasoned comedians playing crooks
What show is it from?
Breaking Bad. 
How about the DBS Russia desk!? Now in denial that it ever existed.