New Amendments in Singapore Companies and Limited Liability Partnerships Act

On 10th March 2017, amended Singapore companies and limited liability partnerships acts were passed in the Singapore parliament to improve the transparency, increase the ease of doing business and boosting competitiveness as an international business hub. To support Singapore’s growth as a global hub for businesses and investors the following key changes were made into Singapore’s corporate act by the government.

• All Singapore incorporated companies, Singapore-registered limited liability partnerships and Singapore registered branch companies of foreign investors must maintain a register of controllers.
• Singapore companies and LLP’s registered or incorporated in Singapore should maintain non-public registers of controllers, which must be made available to regulators upon request.
• Nominee directors should disclose their nominee status and nominators to their companies.
• All foreign corporate companies and their wing companies are permitted to transfer their registration from their original jurisdiction to Singapore.

The new Singapore companies and LLP’s act applies to the following corporate entities,

• A public company whose shares are listed on the Singapore exchange
• Companies wholly owned by Singapore government
• Companies wholly owned by a statutory body under a public legislation
• Companies that are wholly owned subsidiary of a foreign company

Timeline for Implementation

• Companies incorporated in Singapore after 31 March 2017 should maintain a register of controllers within 30 days from its date of establishment.
• Companies established in Singapore before 31 March 2017 should maintain a register of controllers, nominee shareholders and directors within 60 days from 31 March 2017.

To know more about the changes in the Singapore companies and Limited Liability Partnerships Act, visit https://www.singapore-company-registration.net/ now!