On 17 December 2021, the Accounting and Corporate Regulatory Authority (ACRA) launched its public consultation on its proposed legislative amendments to the Companies Act (CA), Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act (LLP Act), Limited Partnerships Act and Variable Capital Companies Act 2018, relating to data, digitalisation, and corporate transparency within Singapore’s business environment.
The proposed changes, if enacted, would reduce the amount of data that must be filed with ACRA and limit the personal data that is made available publicly.
The proposed amendments to the CA as well as other ACRA-administered legislation aim to:
- Improve filing convenience and data accuracy
For example, if enacted, the proposed amendments would empower ACRA to obtain data from specified government agencies for the purpose of filing and using data from specified entities to verify information on its register, thereby reducing the amount of data that must be filed with ACRA.
- Achieve a balance between corporate transparency and data privacy
Full identification numbers of individuals and their residential addresses would also no longer be available to the public, if the proposed changes by the ACRA go through.
- Facilitate digital correspondences with businesses to improve efficiency and support sustainability efforts
As part of its digitalisation plan, ACRA would require position holders and shareholders to provide email addresses and mobile phone numbers, and business entities to provide their business email addresses.
The public consultation exercise will run from 17 December 2021 to 28 January 2022. The public can access the consultation documents on ACRA’s website and the REACH consultation portal, and can provide feedback by emailing their comments to firstname.lastname@example.org indicating “Public Consultation on Companies Act and other Acts” in the subject line.
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