The legislative changes increase the transparency of ownership and control of business entities, improve ease of doing business, and allow for inward re-domiciliation.
To help ensure that Singapore’s corporate regulatory regime continues to stay robust and supports the country’s growth as a global hub for businesses and investors, the Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) in 2016 conducted a review of the Companies Act. This review culminated in the Companies (Amendment) Bill 2017 and the Limited Liability Partnerships (Amendment) Bill, which were passed in the Parliament of Singapore on March 10, 2017.
The key legislative changes to take effect from March 31, 2017 will do the following:
The key legislative change to take effect in the first half of 2017 is the introduction of an inward re-domiciliation regime in Singapore. This regime will allow foreign corporate entities to transfer and re-domicile their registration in a foreign jurisdiction to Singapore instead of the current practice of having to set up a Singapore-incorporated subsidiary.
The key legislative changes targeted for implementation in early 2018 will do the following:
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact the author, Suet-Fern Lee, a solicitor of Morgan Lewis Stamford LLC, a Singapore law corporation affiliated with Morgan Lewis & Bockius LLP.