Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023 (Commencement) Notification 2023

The Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023 (Commencement) Notification 2023 was published on Singapore Statutes Online, the government’s website for publicizing legal documents. The notification informs of the final implementation date of the remaining provisions of the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023, namely sections 3, 4, 5, 7 to 14 and 28 of the amendment act, which will be July 1, 2023.
To recall, the amendment act introduces several key amendments to the Companies Act 1967 (CA), Business Trusts Act 2004, and the Variable Capital Companies Act 2018, firstly to allow companies to hold general meetings virtually, in person, or in a hybrid form. Secondly, it modifies the calculation threshold for compulsory share acquisition by excluding certain shares held by individuals connected to the acquiring person. Thirdly, the act reduces the disqualification period for directors to three years under certain circumstances and allows disqualified directors to seek permission from the Registrar Office to act as directors for new companies without going through a court process. Lastly, it increases the fines on Directors for not providing financial reports in accordance with accepted accounting principles. For more details, please refer to EventID 21575.