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March 1, 2017

Singaporean MoF and regulator issue responses to the public consultation on proposed changes to the Companies Act

By aziz rahman

The Ministry of Finance (MoF) of Singapore and the Singaporean regulator, the Accounting and Corporate Regulatory Authority (ACRA), have reviewed comments received from two rounds of public consultation on proposed changes to the Companies Act, Limited Liability Partnerships (LLP) Act and Accountants Act.

The aim of the changes is to decrease the regulatory weight on business entities, enhance the transparency of business entities and introduce an inward re-domiciliation regime in Singapore.

Most respondents provided suggestions or sought clarifications on the drafting, implementation and application of the proposed amendments. Based on the comments received, MoF and ACRA have made some revisions to the proposed amendments, which are accessible on ACRA’s website https://www.acra.gov.sg/response_to_feedback_CA2017/

The key features of the Acts, which incorporate the legislative revisions, will be implemented in phases by MOF and ACRA. The first phase, which will involve changes to improve the transparency of companies and LLPs, and the amendment to the Accountants Act, will be implemented by the first half of 2017.

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