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May 7, 2013

Singapore consults on Companies Act overhaul

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.

Related links

Singapore’s Ministry of Finance

Accounting and Corporate Regulatory Authority

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