ACRA releases phase 2 amendments on the Singapore Companies Act 2014
ACRA is the national regulator of business entities and public accountants in Singapore and it has published some updates that will take effect from January 2016.
Phase 2 of the amendment to the Singapore Companies Act 2014 will take effect on January 3rd 2016 / ACRA’s renewed Business Registration & Filing Portal (BizFile) also go live on January 3rd 2016.
1) Following the implementation of Phase 1 of the legislative amendments of the Singapore Companies Act 2014 in July 2015, ACRA has announced in November that Phase 2 of the Companies (Amendment) Act 2014 will take effect on the 3rd of January 2016. This goes alongside the launch of ACRA’s newly updated online business filing and information portal (BizFile) on January 3rd 2016.
BizFile System Migration from 26th December 2015 to January 2nd 2016
2) In preparation for the launch, ACRA’s current BizFile will undergo system migration and will not be available from December 25th 2015 to January 2nd 2016. The public is advised to complete all BizFile related transactions no later than December 25th 2015, 23:30 hrs local time. This includes seeking the necessary endorsements from business partners and submitting payments, if required. Any incomplete transactions could require re-submission when the new BizFile launches on the 3rd of January 2016.A few select BizFile transactions that require a longer system processing time including the purchasing of business information from the ACRA iShop will not be available from the 22nd of December 2015 to January 2nd 2016. Detailed information regarding the affected transactions can be found on the ACRA website.
Implementation of Legislative Amendments to the Singapore Companies Act 2014 and new Business Names Registration Act
3) The commencement notification for Phase 2 legislative amendments are to be implemented on January 3rd 2016, as well as supporting subsidiary legislation, will be published on the ACRA website in December 2015. The new Business Names Registration Act will also take effect on January 3rd 2016.
Simplified Regulatory Fee Structure
4) The simplified regulatory fee structure that ACRA had previously announced in October 2014 will also take effect on January 3rd 2016.
You can see ACRA’s website here for more details.
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