Partner S Suressh featured in a Business Times article titled “New laws ‘level playing field’ for corporate service providers, but could lead to industry consolidation”

Harry Elias Partnership LLP Partner S Suressh was featured in a Business Times article titled “New laws ‘level playing field’ for corporate service providers, but could lead to industry consolidation”.

Commenting on the new rules for corporate service providers as Singapore took steps to strengthen its AML laws, Suressh noted that with this change, “foreign corporate service providers who have so far been able to operate in an unregulated bubble will now be regulated by ACRA”. Suressh believes the new regulatory requirements may push some foreign corporate service providers to leave the Singapore market if they cannot meet the requirements, thus creating opportunities for those competitors who are more able to do so.

“By subjecting the foreign corporate service providers to regulation, there is, to a certain extent, a levelling of the playing field between the local and foreign providers,” Suressh added.

Read more here.