Monthly Archives: January 2016

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Singapore Companies (Amendment) Act 2014 – Financial Reporting

The Selected Key Legislative Amendments in the Singapore Companies (Amendment) Act 2014 – Financial Reporting 1. Small company audit exemption Previous Requirement Exempt private companies (EPCs) with annual revenue of $5m or less are exempted from audit. Changes New “small company” criteria for audit exemption: • Small company is defined as…

Singapore Companies (Amendment) Act 2014 – Internal Matters

The Selected Key Legislative Amendments in the Singapore Companies (Amendment) Act 2014 – Companies’ Internal Matters 1. Multiple Proxies Regime Previous Requirement • Unless articles provide otherwise, Member can appoint up to two proxies, and proxy can only vote by poll. • Articles usually provide for 48-hour cut off time for submission…

Singapore Companies (Amendment) Act 2014 – Directors

The Selected Key Legislative Amendments in the Singapore Companies (Amendment) Act 2014 – Matters relating to Directors 1. Removal of Age Limit for Directors Previous Requirement Shareholder approval required for appointment of person who is 70 years old and above as director of a public company or subsidiary of a public…

Singapore Companies (Amendment) Act 2014 – Model Constitution

The Selected Key Legislative Amendment in the Singapore Companies (Amendment) Act 2014 – Model Constitution Previous Requirement Person incorporating a company submits memorandum and articles of the company to the Registrar.  Articles may adopt all or any of the regulations contained in Table A of the Fourth Schedule. Changes Merged constitutional…

Singapore Companies (Amendment) Act 2014 – ACRA’s Electronic Register of Members

The Selected Key Legislative Amendment in the Singapore Companies (Amendment) Act 2014 – ACRA’s Electronic Register of Members (EROM) Previous Requirement All companies required to maintain register of members/ shareholders at registered offices. Changes From 3 Jan 2016, ACRA will keep electronic registers of members (EROM) for all private companies. EROM…

Singapore Companies (Amendment) Act 2014 – ACRA’s Electronic Registers

The Selected Key Legislative Amendment in the Singapore Companies (Amendment) Act 2014 – ACRA’s Electronic Registers of Directors, Secretaries, Auditors and CEOs Previous Requirement All companies required to maintain registers of directors, secretaries, auditors and managers. Changes Electronic registers of directors, secretaries, auditors and CEOs will updated and maintained with…

Singapore Companies (Amendment) Act 2014 – Alternate Address

The Selected Key Legislative Amendments in the Singapore Companies (Amendment) Act 2014 – Alternate Address Previous Requirement Individuals report personal particulars (including residential address) to ACRA. Information made available to public. Changes New alternate address for director, CEO and secretary: • Allow reporting of alternate address where the director, CEO and…

New Statutory Boards in Singapore for Better Focus on Skills and Employment

On January 18, 2016, Posted by , In Employment,Singapore,Singapore Law, By ,,,, , With Comments Off on New Statutory Boards in Singapore for Better Focus on Skills and Employment

Singapore government has reorganised its functions for effective implementation of their two key priorities: (i) National SkillsFuture initiative (ii) Need to ensure competitiveness and quality jobs for Singaporeans over the long run. A new statutory board, SkillsFuture Singapore (SSG), will be formed under the Ministry of Education (MOE) in order to drive and…