Singapore Companies (Amendment) Act 2014

The Singapore Companies Act is the primary legislation regulating corporate entities in Singapore. The 2014 Amendment to the Act made several significant changes to the regulations that cover the formation and operation of companies in the country. The Amendment Bill aimed to reduce the burden of regulation on companies and improve corporate governance.

The most recent amendment to the Companies Act took effect March 31, 2017. See the comprehensive list of changes from the 2017 Amendment here.

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After the passing of the Bill, the national regulator of business entities and public accountants in Singapore, the Accounting and Corporate Regulatory Authority (ACRA), decided to implement the Bill in two phases: Phase 1 from 1st July 2015, and Phase 2 from 3rd January 2016. This article provides a summary of key changes that were introduced in the 2014 Amendment Bill, and what these regulations mean for businesses in Singapore.

Key Changes

Company Constitution

Directors & Officers

Company Registers

Financial Year End

Audit

Financial Statements

Capital, Compensation, Payments, Etc.

Electronic Communication

Foreign Company Branch

Company Wind-up

Final Note

TABLE OF CONTENTS

  1. Summary of Key Changes
  2. Final Note

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These changes to the Companies Act will reduce the regulatory burden on Singapore companies, provide them greater flexibility in their operational decision making and provide greater transparency to various stakeholders.

 

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