Changes To Singapore’s Companies Act - April 2017
On 10 March 2017, the Companies (Amendment) Bill was passed by Singapore’s Parliament. The changes aim to reduce compliance and administration costs, enhance the transparency of business entities and boost Singapore’s competitiveness as a business hub. The majority of the changes are effective from the end of March 2017, with some taking effect later in the year. In addition, and separate to the changes to its Companies legislation, Singapore’s Ministry of Manpower (“MOM”) is now taking a much more stringent stand on the appointment of foreigners holding an employment pass (“EP holders”) acting as directors of another Singapore company.
Download our memo on the changes.