• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Conventus Law

Conventus Law

Conventus Law

  • About Us
  • Channels
    • Jurisdiction Channel
    • Practice Area Channel
    • Industry Channel
    • Business Of Law
    • Law Firms
    • Special Reports
  • Video
  • Events
  • Explore
  • Search
  • Membership
  • Conventus Doc
x
Search

More results...

Generic filters
Home » Special Report » Singapore – Companies (Amendment) Bill.

Singapore – Companies (Amendment) Bill.

April 29, 2015

April 29, 2015 by

The Companies (Amendment) Bill No.25 of 2014 (“CA Bill”) that was passed on 8 October 2014 sought to develop the corporate framework through reducing regulatory burden on companies. More than 200 changes will be implemented in the Companies Act, marking it as the most extensive set of amendments since the Companies Act was first enacted.  

 

 

The first key proposal aims to expand the scope of companies who are exempted from having their accounts audited. This is done through introducing the “small companies” category, which comprises a private company who meets at least 2 of the following criteria in each of the previous two financial years: (a) Total annual revenue of not more than SGD 10m; (b) Total assets of not more than SGD 10m; and (c) number of employees does not exceed 50. These small companies will still be required to keep proper accounts. The second key provision will provide more flexibility in raising capital through repealing the current one-share-one-vote restriction, and allowing public companies to issue shares with different voting rights, including special or limited rights.     

 

The other provisions in the CA Bill include: (1) permitting private companies and companies limited by guarantee to adopt the whole or part of several model constitutions prescribed for different types of businesses; (2) allowing the registers of private company members to be maintained by ACRA; and (3) extending the requirement of disclosing conflicts of interest in transactions and shareholdings in the company and related corporations to CEOs in order to recognize the increasingly important role that these CEOs play in company decisions.

  

Another significant change in the CA Bill entails the abolishment of financial assistance prohibition for private companies. The lift in this restriction allows private companies to adopt a business-friendly approach to acquisition deals involving private companies without undergoing time-consuming “whitewash” procedures. Although public companies and their subsidiaries will still be subject to the financial assistance prohibition, the CA Bill creates a new exemption function where they will be allowed to acquire shares in the company or a holding company so long as it does not materially prejudice the interests of the company, shareholders, and its ability to pay its creditors.     

 

RHTLTWlogo+slogan-RGB  

 

For further information, please contact:

 

 

Nizam Ismail, Partner, RHTLaw Taylor Wessing

nizam.ismail@rhtlawtaylorwessing.com

 

RHTLaw Taylor Wessing Regulatory & Compliance Practice Profile in Singapore

 

Regulatory & Compliance Law Firms in Singapore

Primary Sidebar

PRESS RELEASES

  • Australia – Lawcadia Operations Manager named a finalist for Women in Law Awards 2023. 4 October 2023
  • Tilleke & Gibbins Adds Real Estate Expert As New Partner In Vietnam. 4 October 2023
  • Linklaters Advises Northland Power Inc., Mitsui & Co., Ltd And Hai Long On The Project Financing Of The Hai Long Offshore Wind Project In Taiwan. 4 October 2023
  • Indonesia – Inaugural Construction Disputes Academy In Jakarta Hosted By Herbert Smith Freehills And Hiswara Bunjamin & Tandjung. 3 October 2023
  • Deacons Awarded “Private Wealth Law Firm Of The Year” At Asian Legal Business Hong Kong Law Awards 2023. 3 October 2023

NEWS FEED

    October 4, 2023

    US – Biden Administration Moves Closer To Establishing Framework For Giving Preference To Bids And Contractors With Lower GHG Emissions.

    October 4, 2023

    Konexo Develops Strategic Support For In-House Teams.

    - Babar Hayat - Head Of Product, Technology Innovation & Transformation, Konexo
    October 4, 2023

    US – USPTO Grants One Millionth Design Patent; When Will You Get Yours?

    October 4, 2023

    US – New Private Fund Adviser Regulations From The SEC.

    October 4, 2023

    US – New York State Department Of Labor Releases Proposed Regulations To State Pay Transparency Law.

    October 4, 2023

    US – Senate Hearing On AI And Financial Services.

    October 4, 2023

    US – What Companies Need To Know About The IRS Pause In Processing And Increased Scrutiny Of Employee Retention Credit Claims.

    October 4, 2023

    US – Focusing The Spotlight: DOJ Focuses On National Security In Corporate Criminal Enforcement.

    October 4, 2023

    UK – Health In Justice – Complaints Handling With Healthcare Staff In Prisons.

    October 4, 2023

    UK – Withdrawal Of Treatment And The Burden Of Interventions.

Footer

Conventus Law
  • Facebook
  • Twitter
  • Linkedin

CONVENTUS LAW

  • About Us
  • Explore
  • Video
  • Events
  • Contact Us
  • Jurisdiction Channel
  • Practice Area Channel
  • Industry Channel
  • Law Firms
  • Business Of Law
  • Special Reports

OTHERS

CONVENTUS DOCS
CONVENTUS PEOPLE

3/f, Chinachem Tower 34-37 Connaught Road Central, Central, Hong Kong

social@conventuslaw.com

Terms of use | Privacy statement © 2023 Conventus Law. All Rights Reserved.