Since its enactment in 1967, the Companies Act has undergone several reviews to ensure that our corporate regulatory regime is robust and supports Singapore’s growth as a global hub for businesses and investors.

Highlights

20 July 2020

Public Consultation on Proposed Amendments to the Companies Act

As part of ACRA’s continuing efforts to ensure that Singapore’s corporate laws and regulatory framework stays competitive and to build upon the recent amendments to the Companies Act in 2014 and 2017, ACRA appointed a Companies Act Working Group (CAWG) to assist ACRA with reviewing the Companies Act. ACRA also undertook a review of the regulatory processes and other requirements in the Companies Act, with a view towards streamlining filing and regulatory obligations and updating outdated regulatory requirements .

The CAWG was set up in January 2018 to undertake a focused review of the CA with the aim of promoting a more pro-business environment whilst upholding market confidence and safeguarding public interest. The CAWG is chaired by then-ACRA Board member Professor Tan Cheng Han, S.C., and comprises members from relevant stakeholders in both the private and the public sector, including representatives from local and international law firms, industry associations and regulators. Click here for the list of CAWG members.

The CAWG completed its review and issued its report in May 2019. The CAWG reviewed 56 issues and recommended 36 legislative reforms, covering the following areas:

  • Facilitating digitalisation
  • Types of companies and financial reporting
  • Matters relating to directors and company secretaries
  • Safeguarding shareholders’ interests
  • Share capital and financial assistance
  • Updating outdated provisions

ACRA has launched a public consultation on 20 Jul 2020 to invite the public to provide feedback on the proposed amendments to the Companies Act. The public consultation will close on 17 Aug 2020.

Please click here for the public consultation documents.

Stages of Review Process of Companies Act

In 2007, the Minister for Finance appointed a Steering Committee to review the Companies Act to build on an efficient and transparent corporate regulatory framework that supports Singapore’s growth as a global hub for businesses and investors.

The Steering Committee was chaired by former Attorney-General Professor Walter Woon, and supported by a joint secretariat comprising the Ministry of Finance, Attorney-General’s Chambers and ACRA. The Steering Committee formed five working groups to look into the following five broad areas of reform, namely, directors' duties; shareholders' rights and meetings; capital maintenance (including amalgamations and takeovers); accounts and audit; and the administration of companies.

2011

The Steering Committee completed its review and submitted the "Report of the Steering Committee to Review the Companies Act" on 29 April 2011. ACRA and the Ministry of Finance launched a public consultation on 20 June 2011 to invite the public to provide feedback on the report.

2012

The Ministry of Finance completed its review of the Companies Act. Please click here for the press release and MOF’s responses to the Report of the Steering Committee for the Review of the Companies Act.

May 2013

The Ministry of Finance and ACRA launched a public consultation on 2 May 2013 to invite public feedback on the draft Companies (Amendment) Bill 2013 implementing recommendations by the Steering Committee for the Review of the Companies Act. Please click here for the press release and to download the public consultation documents.

Oct 2013

The Ministry of Finance and ACRA invited the public to provide feedback on the second part of the draft Companies (Amendment) Bill, which covers legislative amendments relating to:

  • foreign companies; and
  • other aspects of the Companies Act,

as well as new areas under review.

Please click here for the press release and to download the relevant documents.

Sep 2014

The Ministry of Finance completed its review of feedback received during the two rounds of public consultation on the draft Companies (Amendment) Bill. 

Please click here for the press release and to download the relevant documents.

Companies (Amendment) Act 2014

The Companies (Amendment) Bill was passed by Parliament in October 2014.

The legislative changes to the Companies Act were enacted in two phases. The first phase was implemented on 1 July 2015. With the exception of sections 94(e) and 121, the second phase came into effect on 3 January 2016. Section 121 came into effect on 20 April 2018.

Please click here for more information and to download the relevant documents.

Companies (Amendment) Act 2017

On 26 October and 27 December 2016, the Ministry of Finance (MOF) and ACRA launched two rounds of public consultation on proposed amendments to the Companies Act. The first round sought public feedback on the proposal to introduce an inward re-domiciliation regime in Singapore. The second round sought public feedback on proposed amendments to the Companies Act, Limited Liability Partnerships Act and Accountants Act. 

The proposed amendments to the Companies Act and Limited Liability Partnerships Act seek to reduce the regulatory burden and improve the ease of doing business, as well as enhance the transparency of business entities. The proposed amendment to the Accountants Act is to clarify existing provisions. These amendments were incorporated into a single Companies (Amendment) Bill.

Click here for the public consultations on the Companies (Amendment) Bill 2017. 

The Companies (Amendment) Bill was passed in Parliament on 10 March 2017. 

Please click here for documents relating to the passage through Parliament and here (PDF, 910KB)  for the Companies (Amendment) Act 2017.

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