Singapore's Corporate Service Provider Act 2024: Key Changes Explained

Singapore's financial regulatory landscape is evolving with the Corporate Service Provider Act 2024, effective 9 June 2025.

This significant update introduces: 

• Mandatory ACRA registration for all corporate service providers 

• Enhanced AML/CFT obligations including rigorous customer due diligence 

• Strict new rules governing nominee directorships 

• Substantially increased penalties for non-compliance (up to $550,000) 

These changes represent a fundamental shift in compliance requirements for CSPs operating in Singapore. At Apex Business Advisory, we've been closely monitoring these developments to ensure our clients remain fully compliant while maintaining operational efficiency. 

Why This Matters for Your Business

The expanded regulatory scope means even previously exempt service providers may now need to register. The stricter nominee director rules and transparency requirements could significantly impact your current corporate structures. 

For complete details on the Act's provisions, download our full guide attached below. 

With the June 2025 deadline approaching, early preparation is crucial. Reach out to us at

nandan@apexadvisory.com.sg to ensure your operations meet the new standards with confidence. 

Have feedback or questions? Do drop us a message at nandan@apexadvisory.com

Corporate Service Provider Act.pdf

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