Second Phase Implementation of Singapore Companies (Amendment) Act 2014

Following the Companies (Amendment) Bill that was passed in Parliament on 8 October 2014, the second phase of the Companies (Amendment) Act 2014 was implemented on 3 January 2016.

The second phase includes twenty five changes; the following are the most relevant:

  • Removing the requirement for shareholder's approval to re-appoint directors aged 70 and above.
  • Extension of director's disclosures requirements to Chief Executive Officers.
  • Power of Registrar to debar directors and secretaries.
  • Liberalizing rules on electronic transaction of documents by companies.
  • Removal of one-share-one-vote for public companies.
  • New exemption for preparation of financial statements for dormant not-listed companies.
  • Electronic registers of members of private companies to be kept by the Accounting and Corporate Regulatory Authority (ACRA).
  • Electronic registers of directors and other officers of all companies to be kept by ACRA.

These modifications aim to increase flexibility for obtaining corporate information through ACRA's information system; as well as to adapt companies to a new corporate reality.