Public Consultation on Proposed Legislative Amendments Relating to Digital Communications and Regulatory Enhancements

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) have proposed amendments to the Accounting and Corporate Regulatory Authority Act 2004 and the Companies Act 1967 to streamline Singapore’s corporate regulatory regime. Members of the public are invited to provide their feedback on the proposed amendments from 5 to 18 March 2024. 

2.       The key proposed amendments aim to: 

a.              Facilitate digital communications with businesses and other stakeholders by allowing statutory correspondences and notices to be sent to and accessed via a digital mailbox; and requiring business entities, position holders, shareholders and members to maintain updated email addresses with ACRA; 

b.              Improve filing convenience and data accuracy by empowering the Registrar to use information from specified government agencies to keep ACRA’s registers up to date; 

c.              Enhance the accuracy of the registers of directors by empowering the Registrar to reflect the disqualification status of individuals for all types of disqualifications under the CA; and 

d.              Streamline the financial reporting requirements for foreign companies. 

3.       The public can access the public consultation documents, including the draft ACRA (Registry and Regulatory Enhancements) Bill here and on the REACH consultation portal. The public consultation documents are also available on the MOF website. 

4.       Interested parties can submit their comments via FormSG. 

Issued by:

Accounting and Corporate Regulatory Authority
Ministry of Finance
Singapore
5 March 2024