Shares that are held or required by specific persons to not be included from the 90% computation of threshold for the compulsory acquisition following section 215<\/li>\n<\/ul>\n <\/p>\n
At Least 1 Director and Shareholder<\/h3>\n
Companies can be incorporated by any person and still exist by one person. However, this is a legal requirement that the sole director has to be a local resident of Singapore. For these companies, the director and company secretary must not be the same person. In case there is no director that was left to run the company, shareholders are going to be personally liable. They would be accountable for the debts that the company incurs anytime 6 months after the director\u2019s office becomes vacant.<\/p>\n
<\/p>\n
Disclosure of Director Obligations<\/h3>\n
The Singapore company director should disclose the company particulars of the shares of related corporations that the director is registered, or shows interest. As a holding corporation of the company, it is a \u201crelated corporation.\u201d The Singapore subsidiary director should disclose their shareholdings and interests in the holding company also.<\/p>\n
<\/p>\n
File Unaudited Accounts<\/h3>\n
Companies that have \u2018insignificant\u2019 operations can file their unaudited branch accounts, instead of the statement of assets, profits, loss, and liabilities. Having this kind of operation in Singapore means that the total expenses, assets, revenue, or liabilities of those firms are more than S$5 million.<\/p>\n
ACRA looks for feedback on how it defines \u2018insignificant operations\u2019 and if they have concerns around that allows foreign companies to prepare lower financial statements.<\/p>\n
<\/p>\n
Digital Meetings<\/h3>\n
When they already pass the changes, companies should specify in the constitutions how they will hold digital meetings. The amendments enable this, instead of making it mandatory or prescriptive. Companies that want to hold meetings traditionally or in-person can still elect to do this.<\/p>\n
<\/p>\n
Statutory Requirements<\/h3>\n
More propositions include taking out the requirement for public companies to hold the statutory meetings. The directors no longer have to submit a statutory report to members before the meeting. This puts Singapore on the same level as Hong Kong, Australia, UK, and New Zealand. They must also reduce compliance burdens.<\/p>\n
<\/p>\n
The Registrar Has Power to Update Changes<\/h3>\n
ACRA wants to give the registrar the power to update changes when they appoint secretaries. This is to ensure that those registers give accurate information. It wants to ensure the dates made by the registrar will strike or restore a company from the registrar. It will clarify and match the dates that are indicated in the BizFile system of ACRA. This removes the ambiguity of the company\u2019s legal status.<\/p>\n
<\/p>\n
Displaying Company Name<\/h3>\n
The statutory requirement for a company to show its name outside the office is no longer mandatory. It is easy to find a company based on its registered office address, they have no reason to impose this requirement. Companies no longer have to display a signboard if they do not want to since it only adds to their business costs. In addition, it will also facilitate the set up of home-based businesses as part of the Home Office Scheme.
\n
\n![\"Changes](\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2020\/11\/photo-changes-to-companies-act-for-shareholders-700x445-1.jpg\" "\\"Changes")
<\/p>\n
<\/p>\n
Raise Capital for Private Companies<\/h3>\n
Private companies can now raise their capital through the exempted and private offerings without having to convert to public companies. However, these companies must comply with the Securities and Futures Act for the offerings they made to the public.<\/p>\n
<\/p>\n
Registration Numbers<\/h3>\n
Companies should put their registration number on their business letters, invoices, statements of account, invoice official notes, publications, and business cards.<\/p>\n
These are the changes to the Companies Act for shareholders that you need to know about. You can get a Singapore Incorporation Package<\/a> by contacting 3E Accounting<\/a>. They will give you what you require and even help you get started.<\/p>\n","protected":false},"excerpt":{"rendered":"What You Need to Know About the Companies Act for Shareholders The government made an announcement that the Companies Act for shareholders receives changes based on the review of four years and public consultations. These are made by a special committee. A bill that has the amended Companies Act is going to be drafted and…<\/p>\n","protected":false},"author":57,"featured_media":55145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-55144","post","type-post","status-publish","format-standard","has-post-thumbnail","category-blog","category-15","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/55144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=55144"}],"version-history":[{"count":1,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/55144\/revisions"}],"predecessor-version":[{"id":107691,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/55144\/revisions\/107691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/55145"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=55144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=55144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=55144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Changes](\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2020\/11\/photo-changes-to-companies-act-for-shareholders-400x300-1.jpg\" "\\"Changes")
The government made an announcement that the Companies Act for shareholders receives changes based on the review of four years and public consultations. These are made by a special committee. A bill that has the amended Companies Act is going to be drafted and placed for public consultation prior to its Parliament reading in the middle of 2013. The changes were made to benefit companies, retail investors, SMEs, and shareholders of companies. The changes are to lessen regulatory requirements, minimize the costs of compliance, offer more flexibility, and encourage more corporate governance for the companies.<\/p>\n