Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023

The Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 were published on Singapore Statutes Online, the official platform of the Singapore government for publicizing legal documents. These regulations exempt foreign companies from maintaining a Register of Members as required under Section 379 of the Companies Act provided that certain conditions are met. Such conditions include, but are not limited to the following:
– The control and management of the foreign company’s business is conducted outside of Singapore.
– Its headquarter is NOT located in Singapore.
– The foreign company must comply with regulatory disclosure requirements and requirements regarding transparency of beneficial owners, „imposed through stock exchange rules, law, or other enforceable means“.
– The shares of the foreign company are listed on exchanges outside Singapore.
Additionally, to take advantage of the exemption, the foreign company must ensure that it can provide the names and addresses of past members to any public agency that requests such information. The records must reflect the past 7 years of membership as well as the date of cessation – if so occurred.