Singapore’s Ministry of Finance (MoF) and the Accounting and Corporate Regulatory Authority (ACRA) have launched a consultation on the review of the country’s Companies Act.
The MoF started a review in 2007 by appointing a steering committee, which has drafted a bill setting out legislative amendments and this is what the public consultation will be focused on.
The draft legislation aims at creating a balance between reducing regulatory costs and providing an efficient framework for Singapore’s development into a global financial hub.
Key amendments ACRA has highlighted include exemptions for small companies on statutory audits and a requirement for auditors of public interest companies to seek ACRA’s consent for premature resignation.
The deadline to submit comment is 14 June. A summary of the feedback is expected to be published by the end of the year before tabling the amendments in parliament.