Singapore has historically always been very favorable to businesses, both those that are homegrown in Singapore as well as foreign enterprises looking to set up shop and further develop the economic base of this Southeast Asian nation.
Working hard to cement itself on the global scene as a major “through point” of commerce across the world, Singapore has in just the last few years begun to rapidly rewrite, relegislate, and redevelop a lot of the laws that they have on their books to even further improve the opportunities that small and large businesses have in this country.
Passing in the early part of March 2017, the new Singapore Companies Act of 2017 has been designed to foster economic improvement, economic growth, and economic opportunity in Singapore.
Designed specifically to improve the transparency of ownership as well as the control of companies in accordance with international regulations, to release and relax a lot of the regulatory burden that has been placing undue pressure on Singapore business Enterprises, and to restructure the debt framework in Singapore to free up more capital for the businesses that need it most, this is seen as a major step forward to help solidify the already rocksolid position Singapore has in the global markets.
Here are just a couple of ways that the Singapore Companies act of 2017 is designed to improve business all over the nation and beyond its borders.
The Common Seal is no longer mandatory
In the past, Singapore-based companies that wanted to execute particular documents as a deed would have to do so by affixing the Common Seal of Singapore in accordance to the Constitution of that particular company – usually requiring the presence of a director or executives of that operation to be present when this event happened.
Now, however, with the new changes made in that chunk of legislation we mentioned above, this requirement is no longer necessary. This is going to cut through a lot of red tape, free up a lot of time and opportunity for businesses and entrepreneurs in Singapore, and make it a lot easier for businesses and investors outside of Singapore to make this country their home in the future.
Transparency rules require the registration of controllers and directors
It used to be very, very simple and straightforward to set up a new business in Singapore – often times without even having to be in the country when you established it – but things are getting a little bit more challenging because of security issues.
These new transparency rules and regulations are being put into effect to require the full registration of company controllers and directors. These individuals will have to go on record as owning a Singapore company, as this is the international norm. Registration in this way is designed to thwart money laundering and the creation of shell companies and will improve the standing Singapore has the international community.
At the end of the day, these changes aren’t going to do anything but help to improve the economic base, opportunities, and business environment in Singapore. This country continues to get stronger and stronger from that standpoint.