Part Two of Review of the Singapore Companies Act: Consultation on Draft Legislative Changes to Companies Act

In an earlier note, WY Wan, “Recent Developments in Singapore on Company Law and Regulation: Review of the Singapore Companies Act” (2014) 35 Company Lawyer 143, this author discussed the first part of the main amendments to the Companies Act that were recommended by the Steering Committee for the Review of the Companies Act (Steering Committee) and which were accepted by the Ministry of Finance (MOF) on 3 October 2012. In May 2013, MOF and the Accounting and Corporate Regulatory Authority (ACRA) sought public consultation on the first part of the Draft Companies(Amendment) Bill 2013 which incorporated the proposed amendments.

In October 2013, MOF and ACRA sought further public consultation (Second Consultation) on the second part of the Draft Companies (Amendment) Bill 2013 that covers legislative amendments relating to foreign companies and other aspects of the Companies Act, including those relating to enhancing the powers of the Registrar of Companies to strike off companies and to share buyback limits. The proposals in the Second Consultation are independent from the proposals raised in the first consultation. This note discusses some of the more controversial, as well as the significant, changes that are proposed in the Second Consultation.