🔹 Definition
A Corporate Service Provider (CSP) is a professional firm or entity that offers business administration and compliance services to companies, such as company incorporation, corporate secretarial services, nominee directorship, registered address services, and ongoing regulatory filings. CSPs play a vital role in the setup and maintenance of legal entities, particularly for foreign investors and startups entering a new jurisdiction.
In Singapore, CSPs that perform statutory filings with the Accounting and Corporate Regulatory Authority (ACRA) on behalf of clients are required to register as Registered Filing Agents (RFAs) and operate in accordance with AML/CFT regulations.
🔹 Frequently Asked Questions (FAQs)
Q1: What services are typically provided by a CSP?
- Company incorporation and business registration
- Provision of company secretary, nominee directors, or shareholders
- Registered office address and mail handling
- Annual return filing, resolution drafting, and shareholding updates
- Bookkeeping, payroll, and tax filing support
- KYC onboarding and regulatory advisory for compliance
Q2: How is a CSP different from an RFA or QI?
- A CSP is the broader business entity offering corporate services
- A Registered Filing Agent (RFA) is a CSP that is officially registered with ACRA to submit filings
- A Qualified Individual (QI) is a person within the CSP authorized to carry out filings and sign off on regulatory submissions
Q3: What are the compliance obligations for CSPs in Singapore?
- Register with ACRA as an RFA if conducting transactions on clients’ behalf
- Maintain written AML/CFT procedures and policies
- Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) as appropriate
- Submit Suspicious Transaction Reports (STRs) when required
- Ensure staff receive AML/CFT training and pass proficiency tests every two years
- Maintain records of transactions and client information for at least 5 years
Q4: Why are CSPs considered gatekeepers under AML frameworks?
- CSPs are often the first point of contact for new business entities, including foreign or shell companies
- They help form and structure entities, which could be misused for tax evasion, money laundering, or nominee concealment
- CSPs are responsible for verifying ultimate beneficial ownership (UBO) and assessing jurisdictional risk
- Regulatory bodies (e.g., ACRA, MAS, FATF) treat CSPs as Designated Non-Financial Businesses and Professions (DNFBPs)
Q5: Are CSPs regulated in other jurisdictions too?
Yes. Similar regulatory frameworks apply in:
- Hong Kong (Company Service Providers under TCSP license)
- United Kingdom (Trust or Company Service Providers under HMRC oversight)
- European Union (subject to 5AMLD and 6AMLD requirements)
- Offshore jurisdictions such as BVI, Cayman Islands, and Seychelles
All of which require KYC, recordkeeping, STR filing, and fit-and-proper requirements
