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Two-Phase Implementation of Companies (Amendment) Act 2014

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  • Following the Companies (Amendment) Bill that was passed in Parliament on 8 October 2014, the Companies (Amendment) Act 2014, with the exception of sections 94(e) and 121, was implemented in two phases on 1 July 2015 and 3 January 2016

    ACRA’s announcement on the phased implementation of the Companies (Amendment) Act can be accessed here.

    Frequently Asked Questions on the implementation of Phase 1 of the Companies (Amendment) Act 2014 (effective 1 July 2015)

    Frequently Asked Questions on Phase 2 of the Companies (Amendment) Act 2014 (effective 3 Jan 2016)


    Phase 1 (Effective 1 July 2015) 

    Commencement Notification
    The Companies (Amendment) Act 2014 (Commencement) Notification 2015 can be accessed here. A further elaboration on the sections in the (Commencement) Notification can be found here.

    Subsidiary Legislation
    The supporting subsidiary legislation for the first phase of legislative amendments can be accessed here.

    Click here for the key legislative amendments for Phase 1.

    More Details on Two Key Legislative Changes that will take effect from 1 July 2015


    “Small Company” Concept for Audit Exemption

    To reduce the regulatory burden on small companies and move further towards a risk-based approach, a new small company concept will be introduced for exemption from statutory audit.


    The audit exemption applies to a company with respect to financial statements for a financial year commencing on or after 1 July 2015. 


    For more details on qualification criteria, transitional provisions for existing companies, and application to new companies incorporated after 1 July 2015, please click here


    Requirement for auditors of public interest companies and their subsidiaries to obtain ACRA’s consent for premature resignation

    For more details, please click here.


    Phase 2 (Effective 3 January 2016) 

    Click here for the key legislative amendments for Phase 2. 

    Commencement Notification
    The Companies (Amendment) Act 2014 (Commencement)(No.2) Notification 2015 can be accessed here.

    Subsidiary Legislation
    The supporting subsidiary legislation for the second phase of legislative amendments can be accessed here.


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Last Updated/ reviewed On 26 Feb 2018