BWI: Singapore Companies Set to Benefit from Review of Companies Act and Regulatory Framework for Foreign Entities: SingaporeStartup.com

Press release from Business Wire India
Source: SingaporeStartup.com
Friday, July 01, 2011 10:00 AM IST (04:30 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst
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Singapore Companies Set to Benefit from Review of Companies Act and Regulatory Framework for Foreign Entities: SingaporeStartup.com
The proposal to update the relevance of Singapore's Companies Act and Regulatory Framework for Foreign Entities will result in significant benefits to Singapore companies, reports SingaporeStartup.com

Singapore, Friday, July 01, 2011 -- (Business Wire India) -- To keep abreast with the needs of Singapore's rapidly-evolving business landscape, Singapore's Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) of Singapore have invited the public to give their feedback on the recently proposed revisions to the Companies Act as well as the Regulatory Framework for Foreign Entities. SingaporeStartup.com - a leading Singapore offshore company setup portal, believes that the recommendations, when approved, will result in significant benefits to Singapore companies and will also catapult the city-state's financial eminence in the region to new heights.

Commenting on ACRA's and MOF's call to action prior to updating the Companies Act and Regulatory Framework, Mr. Darren Leow, senior member of the www.SingaporeStartup.com team said, "In a bid to maintain Singapore's competitiveness, it is encouraging to see that the government is taking time to find out if there are further concerns amongst Singapore's business community that need be addressed before the proposed revisions to the Companies Act and Foreign Entities Regulatory Framework are approved. As reflected in the most recent watershed elections, Singapore's political and economic climate is notably changing. Hence, as stakeholders to Singapore's future, the public has a voice that weighs more significantly in matters pertaining to Singapore's nation-building."

Analysis by SingaporeStartup.com shows that entrepreneurs and SMEs opting to start a business in Singapore are well-positioned to tap into Singapore's efforts to significantly reduce the regulatory burden of companies. For example, one of the recommendations in the Companies Act includes introducing a "small company" criteria that would help companies with less than 50 employees or a total annual revenue or total gross assets under S$10 million exempt from auditing requirements. Mr. Leow opines that if approved, this move would translate into big savings for managers of a Singapore LLC or entrepreneurs considering forming start-ups in Singapore.

SingaporeStartup.com asserts that the corresponding recommendations in the Regulatory Framework for Foreign Entities focus on easing the process of Singapore company incorporation, particularly for foreign entities. For example, the proposal to streamline the requirements and procedures for the registration of foreign entities aim to facilitate the efficacy and smooth registration of foreign entities. Likewise, the recommendation to do away with non-essential filing obligations such as changes in the authorised capital will mean that both the entity and the governing body are free from committing resources and energy into time-consuming administrative duties that do not move Singapore's financial needle.

Other recommendations such as broadening the scope and definition of "foreign companies" to "foreign entities" and recognising the inclusion of "Singapore Branch" in a foreign entity's name as distinguishing also indicate Singapore's steps towards a more flexible jurisdiction without compromising transparency.

"Should these recommendations pass, Singapore is set to see a more vibrant and prosperous business community whose voice is valued as stakeholders and meaningful contributors to the nation's growth. The city-state's already laudable position in the region will also be bolstered by a healthy inflow of new start-ups, encouraged by the presence of a transparent and efficient jurisdiction that is willing to engage in a public dialogue to better its economy in the years to come," added Mr. Leow.

About SingaporeStartup.com

SingaporeStartup.com is a leading information portal with comprehensive and up-to-date information about setting up an offshore company in Singapore and doing business in the city-state.


CONTACT DETAILS
Carolyn Zheng, SingaporeStartup.com, +6567265000, info@singaporestartup.com

KEYWORDS
CONSUMER, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst

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