On 27th August 2020, the Ministry of Manpower (MOM) announced changes to its foreign workforce policy. Changes to the Minimum Qualifying Salary for Employment Pass and S Pass Candidates and renewals For new applicants: From 1st September 2020, It will be raising the minimum qualifying salary for Employment Pass (EP) candidates to SGD$4,500 from [...]
Update as of 24 July 2020 The new requirements for companies and limited liability partnerships (LLPs) to lodge their Register of Registrable Controllers (RORC) information with ACRA will take effect from 30 July 2020. Under the law, all companies, foreign companies and LLPs, unless exempted, are required to file the information in their existing RORC with ACRA’s [...]
To strengthen fair employment practices, the Ministry of Manpower is putting in place new licence conditions for all new and existing employment agencies when they engage in recruitment work. These new licence conditions are No discrimination practices are allowed Workplace discrimination based on age, race, nationality, gender and disability is not allowed. Where discriminatory practices [...]
A company director was hit with a record SGD$113,400 fine for multiple breaches of the Companies Act. They include failing to hold annual general meetings (AGMs) and failing to file annual returns (ARs). According to the Accounting and Corporate Regulatory Authority (ACRA), Tan Hang Song was fined SGD$113,400. The fine was nearly double the previous [...]
Key Legislative Amendments Taking Effect for companies with FYEs ending on and after 31 August 2018 In March 2017, Parliament passed the Companies (Amendment) Bill 2017. Some of these amendments which aim to reduce the regulatory burden for companies will be taking effect from 31 August 2018. We are writing to you as the new [...]
A company director Lawrence Fong Kok Liang has been fined a record SGD$57,000 for 38 charges. Fong had failed to hold the annual general meeting and failed to file the annual returns of 19 companies. Fong had been convicted in 2014 for similar offences and compounded 60 similar offences. In April and May of 2018, [...]
Section 121 of the Companies (Amendment) Act 2014 which introduces new sections 202A and 202B of the Companies Act (the "Act") took effect on 20 April 2018. Concurrently, the Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance-Sheet) Regulations 2018 (the “Regulations”) has been issued to operationalise sections 202A and 202B. The [...]
The Monetary Authority of Singapore (MAS) launched a new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. The objective of this grant is to promote the use of Artificial Intelligence (AI) and data analytics in financial institutions. This AIDA Grant will focus on two tracks, [...]
Following recent amendments to the Companies Act and the Limited Liability Partnerships Act, new requirements will be introduced which will affect companies and limited liability partnerships (LLPs). As Registered Filing Agents (RFAs), you will be involved in helping your corporate clients comply with these requirements. This email lists the key legislative amendments that RFAs should [...]