Singapore continues to be a top global destination for entrepreneurs launching new ventures.. Its strong position is regularly confirmed by international rankings. For example, in June 2025, Singapore was ranked 9th globally in the start-up ecosystem. Its companies lead Southeast Asia in revenue, and it attracted 88% of the region’s fintech funding in the first half of the year. Singapore’s popularity is further reflected in the number of new businesses — around 4,300 companies were incorporated in June 2025 alone.
June 2025 brought a wave of regulatory clarity and forward-looking reform initiatives relevant to Singapore-based startups and SMEs. From ACRA enforcement updates and IRAS digital tools to new government consultations on corporate and tax frameworks, the month was marked by increased guidance and future planning for a more transparent, tech-enabled business environment. Here’s what you need to know:
Company Law
CLLPMA Act Commencement – Register of Controllers from Incorporation
As of 16 June 2025, newly incorporated companies, LLPs, and foreign firms in Singapore must maintain their Register of Registrable Controllers (RORC) immediately upon incorporation — removing the earlier 30-day grace period. This legislative change is part of broader reforms under the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act, designed to enhance transparency and anti-money laundering safeguards from the earliest stage of a company’s lifecycle.
Singapore’s Companies (Amendment) Regulations 2025 Introduced in June
Complementing the new Act, these regulations introduce procedural enhancements to ACRA filings, such as the requirement to declare any exemptions relied upon in annual returns. These changes improve accuracy and traceability within the public register.
Source: https://sso.agc.gov.sg/SL-Supp/S296-2025/Published/20250508?DocDate=20250508
Annual Verification of Controllers Required
In addition to timely register maintenance, companies and LLPs are now required to conduct annual verifications of their RORC by obtaining signed confirmations from each registrable controller. This measure aims to ensure that corporate ownership records remain accurate, updated, and legally verifiable on an ongoing basis.
Nominee Director & Shareholder Disclosure to ACRA Mandatory
With effect from 16 June 2025, companies must disclose to ACRA not only the identities of nominee directors and shareholders but also the nominators behind them. This enhanced disclosure rule tackles the use of proxies to conceal true control, promoting greater transparency in corporate governance.
Source: https://www.corporateservices.com/2025-compliance-rules-for-singapore-csp/
Fines for Controller and Nominee Register Breaches Increased to S$25,000
To enforce compliance, maximum fines for breaches involving controller or nominee registers have been raised to S$25,000 per offence. These higher penalties apply to failures such as incomplete, outdated, or missing information, signaling ACRA’s intent to tighten enforcement.
Source: https://sso.agc.gov.sg/Act/CSPA2024?ValidDate=20250609
Companies (Filing of Documents) (Amendment No. 2) Regulations In Force
Under amendments to the Companies (Filing of Documents) Regulations, effective 16 June 2025, companies must now declare when they rely on specific exemptions in their filings, such as those related to controller disclosures. This enhances procedural clarity and data completeness in ACRA’s registry.
Source: https://sso.agc.gov.sg/SL-Supp/S348-2025/Published/20250602?DocDate=20250602
Tax & Accounting Law
InvoiceNow to Be Mandatory for Voluntary GST Registrants from November
Starting November 2025, newly incorporated companies in Singapore that voluntarily register for Goods and Services Tax (GST) will be required to onboard the InvoiceNow system. This e-invoicing network allows businesses to send invoices directly to the Inland Revenue Authority of Singapore (IRAS) in a structured format, reducing manual data entry and enhancing tax compliance.
Bulk Extension for Filing YA 2025 Individual Tax Returns
In June, IRAS opened the bulk extension facility for YA 2025 individual income tax returns. Tax agents representing multiple clients could apply for additional time beyond the standard deadline, helping ensure smoother submissions and reducing the risk of penalties due to volume constraints.
Public Consultation on Finance (Income Taxes) Bill 2025
The Ministry of Finance launched a formal consultation on the draft Finance (Income Taxes) Bill, seeking feedback on tax treatment of foreign-sourced income, capital allowances, and administrative improvements. The consultation period was running until 11 July 2025.
IRAS Issues Third Edition e‑Tax Guide on Foreign Asset Gains
On 6 June 2025, IRAS released the third edition of its e-Tax Guide clarifying the taxability of gains from the sale of foreign assets. It provides practical guidance for businesses and individuals dealing in overseas property, shares, and digital assets.
Licensing & Regulatory Compliance
Corporate Service Providers Act Enforced – CSPs Must Register
The Corporate Service Providers Act officially came into force on 9 June 2025. It mandates all CSPs to register with ACRA, meet fit-and-proper criteria, and comply with a strict AML and CFT framework. This milestone reform brings the CSP sector under formal regulation for the first time in Singapore’s corporate landscape.
Source: https://www.corporateservices.com/2025-compliance-rules-for-singapore-csp/
Mandatory Video-based Identity Verification for CSP Clients
Under the new framework, CSPs must now conduct real-time video-based verification when onboarding clients for incorporations or filing services. This digital KYC requirement boosts authentication integrity and helps mitigate impersonation risks.
Source: https://sso.agc.gov.sg/Act/CSPA2024?ValidDate=20250609
Increased Fines for CSP Breaches
Fines under the CSP Act have been raised significantly, with nominee director breaches or AML non-compliance attracting penalties up to S$100,000. These higher fines reflect Singapore’s stronger enforcement stance and commitment to combating shell company misuse.
Source: https://www.corporateservices.com/2025-compliance-rules-for-singapore-csp/
Enhanced AML, CFT & Reporting Obligations for CSPs
CSPs must now implement risk-based client due diligence, suspicious transaction reporting, internal audits, and periodic staff AML training. These mandatory requirements align the CSP industry with global FATF standards and help protect Singapore’s reputation as a clean financial hub.
Business Grants and Incentives
IHH Healthcare Provides S$5 Million Grant for Clinical Research
IHH Healthcare, one of the world’s largest private healthcare groups, has launched a S$5 million Research Grant & Innovation Sandbox programme to support clinical research and medical innovation. The grant will be distributed over a five-year period, with the aim of driving advancements in patient care, treatment approaches, and operational improvements.
Source: https://www.ihhhealthcare.com/transforming-care/powering-research-innovation-from-within
New Business Adaptation Grant to Launch in October
To help local firms adjust to rising external challenges, Singapore will launch a new Business Adaptation Grant in October 2025. Announced by Minister for Manpower Tan See Leng, the grant is designed to support companies affected by new tariffs, supply chain disruptions, or other overseas shocks. It will be available for two years and target businesses that export or operate abroad, including those with overseas manufacturing sites. The Business Adaptation Grant is capped at S$100,000 per firm.
How We Can Help
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About CorporateServices.com
Headquartered in Singapore, CorporateServices.com, empowers global entrepreneurs with information and tools necessary to discover Singapore as a destination for launching or relocating their startup venture and offers a complete range of company incorporation, immigration, accounting, tax filing, and compliance services in Singapore. The company combines a cutting-edge online platform with an experienced team of industry veterans to offer high-quality and affordable services to its customers. Contact Us if you need assistance with setting up a new Singapore company or if you would like to transfer the administration of your existing company to us.
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