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…

Selected Key legislative amendments to Singapore Companies Act be effected in Phase 2 (1st Quarter 2016)

ACRA has announced a 2-phase implementation approach to the legislative amendments to Singapore Companies Act, where about 40% of the over 200 legislative amendments will take effect in the first phase on 1 July 2015, while the second phase encompassing the rest of the legislative amendments is expected to take…

Selected Key Legislative Amendments to Singapore Companies Act to be effected in Phase 1 (1 July 2015)

ACRA has announced a 2-phase implementation approach to the legislative amendments to Singapore Companies Act, where about 40% of the over 200 legislative amendments will take effect in the first phase on 1 July 2015, while the second phase encompassing the rest of the legislative amendments is expected to take…