on business” via subsidiary “carrying legislation. Section 366(2)(k) states that Amend section 366(2)(k) to clarify that Technical amendment for “Notwithstanding subsection(1), a foreign company shall not be refers to Monetary clarity. “Authority” “the regarded as carrying on business in Singapore Authority of Singapore”. for the reason only that in Singapore it effects any transaction through its related corporation licensed or approved under any written law by the Monetary Authority of Singapore, established under the Monetary Authority of Singapore Act (Cap. 186), under an arrangement approved by the Authority”. Reduce the minimum number of authorised representatives and filing requirement for appointment of authorised representatives 40 & 42 Section 368(1)(e) requires a foreign company to Repeal and re-enact section 368. Simplify compliance appoint at least two authorised locally-resident requirements for foreign agents and to lodge evidence of the appointment New section 368(1)(e) and (f) require a companies to register with of its agents. Section 370(4) to (6) sets out the foreign company to: ACRA. requirements for appointment of replacement appoint at least one authorised agents. representative instead of two; Align the requirements lodge the particulars of the with other jurisdictions: appointed authorised representative. UK, Australia and New The consent of the authorised Zealand (NZ) require representative must be clearly foreign companies to indicated and documented. appoint at least one agent; Introduce section 368(2) to require a UK and HK do not foreign company to make available for require foreign inspection the evidence of appointment companies to lodge
“carrying on business” via subsidiary legislation. Section 366(2)(k) states that “Notwithstanding subsection(1), a foreign company shall not be regarded as carrying on business in Singapore for the reason only that in Singapore it effects any transaction through its related corporation licensed or approved under any written law by the Monetary Authority of Singapore, established under the Monetary Authority of Singapore Act (Cap. 186), under an arrangement approved by the Authority”. Amend section 366(2)(k) to clarify that “Authority” refers to “the Monetary Authority of Singapore”. Technical amendment for clarity. Reduce the minimum number of authorised representatives and filing requirement for appointment of authorised representatives 40 & 42 Section 368(1)(e) requires a foreign company to appoint at least two authorised locally-resident agents and to lodge evidence of the appointment of its agents. Section 370(4) to (6) sets out the requirements for appointment of replacement agents. Repeal and re-enact section 368. New section 368(1)(e) and (f) require a foreign company to: appoint at least one authorised representative instead of two; lodge the particulars of the appointed authorised representative. The consent of the authorised representative must be clearly indicated and documented. Introduce section 368(2) to require a foreign company to make available for inspection the evidence of appointment Simplify compliance requirements for foreign companies to register with ACRA. Align the requirements with other jurisdictions: UK, Australia and New Zealand (NZ) require foreign companies to appoint at least one agent; UK and HK do not require foreign companies to lodge
AnnexC_COACT2.docx