Beginning on 1st July 2023, new sections on the Companies, Business Trusts, and Other Bodies (Miscellaneous Amendments) Bill added to the Companies Act 1967

  • June 30, 2023

Companies bussiness trusts and other bodies bill

16 June 2023

On 9 May 2023, Parliament approved the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill as part of the Ministry of Finance’s (MOF) and ACRA’s ongoing review of the Companies Act 1967 (CA).

New sections on enabling the holding of virtual and hybrid meetings for companies, business trusts, variable capital companies and the Singapore Labour Foundation are added to the Companies Act 1967. Other amendments on ease of doing business, enhancing digitalization and regulatory frame work are also added.

The following are the significant changes:

  1. Ensure that shareholders’ rights are protected while giving corporations the clarity and flexibility to organize completely virtual and hybrid company meetings.
  2. Instead of leaving this up to the company’s constitution, mandate that corporations accept electronic proxy instructions.
  3. Permit relevant intermediaries to designate more than one proxy to attend and cast a vote at meetings for schemes of arrangement.
  4. Reduce the first-time disqualified director’s disqualification period from 5 years to 3 years to more accurately represent the responsibility of the director.
  5. Minority shareholders will be better protected with the updated method for calculating the threshold needed for the compulsory acquisition of shares.
  6. Not having true and fair financial statements that comply with Singapore Accounting Standards will be liable for harsher maximum penalties.

More information can be found here.

If your company needs help filing taxes for the year 2023, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at Alternatively, you may leave us a reply using our contact form below.

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