Top 9 company act – singapore in 2022

Below are the best information and knowledge on the subject company act – singapore compiled and compiled by our own team bloghong:

1. Companies Act 1967

Author: sso.agc.gov.sg

Date Submitted: 06/18/2021 11:45 PM

Average star voting: 5 ⭐ ( 67108 reviews)

Summary: An Act relating to companies.

Match with the search results: (2) Where any property held in trust consists of or includes shares and a person knows, or has reasonable grounds for believing, that the person has an interest ……. read more

Companies Act 1967

2. Singapore Companies Act

Author: sso.agc.gov.sg

Date Submitted: 02/23/2021 09:17 PM

Average star voting: 4 ⭐ ( 54668 reviews)

Summary: Find accurate information on Singapore Companies Act

Match with the search results: 42A Company or foreign company with a charitable purpose which contravenes ……. read more

Singapore Companies Act

3. Singapore Promotes Corporate Transparency, Less Regulation, Easier Redomiciliation with Companies Act Amendments

Author: www.acra.gov.sg

Date Submitted: 07/10/2021 11:56 PM

Average star voting: 3 ⭐ ( 27018 reviews)

Summary:

The Background: Singapore continues to position itself as a hub for business and financial activities in Southeast Asia.

The Action: Parliament passed Amendments to Singapore’s Companies Act, parts of which came into force on 31 March 2017.

Looking Ahead: The Amendments increase corporate transparency, reduce administrative burdens, and introduce a mechanism for companies to redomicile in Singapore.


On 10 March 2017, the Singapore Parliament passed the Companies (Amendment) Act 2017 (“Amendment Act”), which amends the Companies Act. This update focuses on the key amendments that are intended to improve the transparency of ownership and control of companies, reduce their regulatory burden and introduce an inward redomiciliation regime.

Unless otherwise specified, the changes took effect on 31 March 2017.

Improve Transparency of Companies

Registers of Controllers, Members and Nominee Directors. Companies must maintain three new registers:

Registers of Controllers. Singapore incorporated companies (“Singapore Companies”) and foreign incorporated companies registered in Singapore (“Foreign Companies”) (together, “Companies”) must maintain a register of controllers. A controller is a beneficial owner with “significant control” over or “significant interest” in the Company.

Briefly, “significant control” and “significant interest” are determined by reference to the right to appoint and remove directors of the Company, exercise significant influence or control over the Company or have an interest in more than 25 percent of the shares or voting shares in the Company.

Generally, all controllers up the chain of ownership are registrable unless their “significant control” or “significant interest” is held through a Company that is already required to maintain a register of controllers or is an exempted entity.

The register of controllers is not public but must be provided to the relevant authorities on request.

Persons who are or who ought reasonably to know that they are registrable controllers must notify the Company of this and provide updates on changes.

There is a transition period of 60 days from 31 March 2017 for existing Companies to comply.

Registers of Members. Foreign Companies must maintain a public register of members in Singapore, bringing them in line with the requirements for Singapore Companies.

Register of Nominee Directors. Singapore Companies must maintain a register of nominee directors. A nominee director must disclose his nominee status and nominator’s particulars to the companies where he is a director.

Record Retention. The following changes seek to ensure that enforcement agencies have access to past records:

  • Liquidator Records. A liquidator must retain the winding-up records of Singapore Companies for a minimum of five years instead of two years.
  • Records Post Winding Up. Only the court may direct that winding-up records of Singapore Companies be destroyed before the end of the minimum retention period. Previously, this direction could also be made by members in a voluntary winding up or by creditors.
  • Officers to Retain Records. Officers of a company that has been struck off must retain all books and papers of the company for a minimum of five years.

Reduce Regulatory Burden

Common Seal Abolished. The requirement for Singapore Companies to have a common seal for deeds and certain documents (e.g., share certificates) is now optional. Signatures by these authorised persons are acceptable:

  • A director and the secretary of a company;
  • Two directors of a company; or
  • A director of a company before a witness who attests that director’s signature.

Private Companies Exempt from Annual General Meetings (“AGMs”). The Amendment Act provides for a further circumstance where a private company is exempt from holding its AGM: where a private company sends its financial statements to its members within five months of its financial year end. This amendment will take effect on a date to be stipulated in the future.

Introduction of Inward Redomiciliation Regime

Inward Redomiciliation. A foreign corporate entity may transfer its registration to Singapore, following which that foreign corporate entity becomes registered as a Singapore private company limited by shares, domiciled in Singapore and subject to the Companies Act. A foreign corporate entity may choose to redomicile for many reasons, including tax and regulatory. The registration does not create a new legal entity; affect the property, rights or obligations of the foreign corporate entity; or affect any legal proceedings by or against the foreign corporate entity.

The Companies Act does not set out the criteria for determining whether a foreign corporate entity would be granted approval for the redomiciliation but provides that regulations specifying such criteria may be made.

To complete the redomiciliation process, the foreign corporate entity must register with the Singapore Company’s Registrar all preexisting charges, deregister in its original jurisdiction of incorporation and complete and deliver appropriate certificates to the persons registered as holders of existing shares or debentures.

The above amendments will take effect on a date to be stipulated in the future.


Three Key Takeaways

  1. To improve transparency, companies must retain new registries of controllers, members and nominee directors.
  2. Having a common seal is now optional for Singapore companies.
  3. Foreign corporate entities will soon be able to transfer their registrations to Singapore, thereby becoming Singapore private companies limited by shares, domiciled in Singapore and subject to the Companies Act.

Lawyer Contacts

For further information, please contact your principal Firm representative or one of the lawyers listed below. General email messages may be sent using our “Contact Us” form, which can be found at www.jonesday.com/contactus/.

Sushma Jobanputra
Singapore
+65.6233.5989
sjobanputra@jonesday.com  

Mae Shan Chong
Singapore
+65.6233.5518
mschong@jonesday.com  

Sylvia Koh
Singapore
+65.6233.5538
skoh@jonesday.com  

Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.

Match with the search results: An Act relating to companies. … of Parliament are available without charge, and updated monthly, at the Singapore Government Statutes….. read more

Singapore Promotes Corporate Transparency, Less Regulation, Easier Redomiciliation with Companies Act Amendments

4. SEC.gov | Request Rate Threshold Exceeded

Author: www.startupdecisions.com.sg

Date Submitted: 04/26/2021 09:18 PM

Average star voting: 5 ⭐ ( 63400 reviews)

Summary:

Match with the search results: A guide to the Singapore Companies Act that regulates business formation, company structure, shareholder rights, duties of directors & officers and ……. read more

SEC.gov | Request Rate Threshold Exceeded

5. Singapore Company Law System Day Ltd Singapore CA Ch 50

Author: www.hoganlovells.com

Date Submitted: 04/20/2021 10:50 AM

Average star voting: 4 ⭐ ( 89077 reviews)

Summary: The Singapore Companies Act Ch50 is the official legislation of the rules and regulations of a Singapore Pte company. You will find the key extracts from the Singapore Companies Act Ch50 act along with the full Act.

Match with the search results: The Singapore Companies Act (Chapter 50) (the “CA”) is the primary legislation regulating corporate entities in. Singapore. Ensuring the CA is kept up-to-date ……. read more

Singapore Company Law System Day Ltd Singapore CA Ch 50

6. Ch. 16 Singapore Company Law

Author: ca2013.com

Date Submitted: 03/03/2021 02:18 PM

Average star voting: 3 ⭐ ( 15411 reviews)

Summary: SECTION 1 INTRODUCTION

16.1.1  In Singapore, companies are principally governed by the Companies Act (Cap 50, 2006 Rev Ed) (hereinafter “the…

Match with the search results: Power of company to provide for employees on cessation of business … pursuance of some other written law in Singapore or letters patent….. read more

Ch. 16 Singapore Company Law

7. Singapore Companies Act Definition | Law Insider

Author: www.rikvin.com

Date Submitted: 06/30/2021 12:18 AM

Average star voting: 3 ⭐ ( 70399 reviews)

Summary: Define Singapore Companies Act. means the Companies Act, Chapter 50 of Singapore.

Match with the search results: The Singapore Companies Act was enacted in 1967. It applies to all companies incorporated in Singapore, and contains provisions relating to the life-cycle ……. read more

Singapore Companies Act Definition | Law Insider

8. Singapore Companies Act | China Tax & Investment Consultants Ltd

Author: www.jonesday.com

Date Submitted: 03/17/2020 03:20 PM

Average star voting: 3 ⭐ ( 65628 reviews)

Summary:

Match with the search results: Singapore Promotes Corporate Transparency, Less Regulation, Easier Redomiciliation with Companies Act Amendments · To improve transparency, companies must retain ……. read more

Singapore Companies Act | China Tax & Investment Consultants Ltd

9. Shareholders’ Rights in Private and Public Companies in Singapore: Overview | Practical Law

Author: heysara.sg

Date Submitted: 05/20/2020 04:26 AM

Average star voting: 3 ⭐ ( 73205 reviews)

Summary: A Q&A guide to shareholders’ rights in private and public companies law in Singapore.

Match with the search results: The Companies Act (Chapter 50) is an Act relating to companies that are incorporated in Singapore. It was enacted in 1967 and has gone through multiple ……. read more

Shareholders' Rights in Private and Public Companies in Singapore: Overview | Practical Law