acting or likely to act against the national company if it would be to the 20(2) of the CA, which is “contrary security or interest”. national security or interest”. more broadly worded. Changes in filed documents 43 Section 372(1), (2) and (3) requires a registered Amend section 372(1) to: To clarify and update the foreign company to lodge a return where there require a foreign company to inform list of changes or is any change or alteration made in certain the Registrar if there are any alterations to be notified. specified information or documents which have changes to the registered particulars been lodged with the Registrar. Examples of the directors and authorised include: representatives; changes in the directors of the foreign remove the requirement to update company; changes in the powers of any changes in the agents of the foreign directors resident in Singapore who company; are members of the local board; changes in the powers of any directors require a foreign company to inform resident in Singapore who are members of the Registrar if there are any the local board of directors of the foreign changes to the description of the company; business or the legal form. increase in the authorised capital of the Repeal section 372(2) and section Simplify filing company; 372(3). requirements to be aligned changes to the number of its members (for with requirements in other foreign company not having capital). jurisdictions and requirements for Singapore-incorporated companies. Requirements to file financial statements 44 Section 373 requires a foreign company Repeal to file: and re-enact section 373. Increased disclosure from a balance sheet that is prepared: foreign companies will based on requirements in its New place section of 373(1) to (7) require a persons in Singapore who incorporation; or foreign company to lodge similar deal with the companies to
acting or likely to act against the national security or interest”. company if it would be “contrary to the national security or interest”. 20(2) of the CA, which is more broadly worded. Changes in filed documents 43 Section 372(1), (2) and (3) requires a registered foreign company to lodge a return where there is any change or alteration made in certain specified information or documents which have been lodged with the Registrar. Examples include: changes in the directors of the foreign company; changes in the agents of the foreign company; changes in the powers of any directors resident in Singapore who are members of the local board of directors of the foreign company; increase in the authorised capital of the company; changes to the number of its members (for foreign company not having capital). Amend section 372(1) to: require a foreign company to inform the Registrar if there are any changes to the registered particulars of the directors and authorised representatives; remove the requirement to update changes in the powers of any directors resident in Singapore who are members of the local board; require a foreign company to inform the Registrar if there are any changes to the description of the business or the legal form. To clarify and update the list of changes or alterations to be notified. Repeal section 372(2) and section 372(3). Simplify filing requirements to be aligned with requirements in other jurisdictions and requirements for Singapore-incorporated companies. Requirements to file financial statements 44 Section 373 requires a foreign company to file: a balance sheet that is prepared: based on requirements in its place of incorporation; or Repeal and re-enact section 373. New section 373(1) to (7) require a foreign company to lodge similar Increased disclosure from foreign companies will persons in Singapore who deal with the companies to
AnnexC_COACT2.docx