The New Registers of Registrable Controllers and Nominee Directors
Companies incorporated in Singapore and foreign companies registered to carry on business here have 60 days from 31 March 2017 to keep a register of registrable controllers. Singapore-incorporated companies must also keep a register of nominee directors as from 31 March 2017. Nominee directors have 60 days from 31 March 2017 to notify their companies of their status. The application of the rules to determine whether a person is a registrable controller are considered in this update.
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Executing Deeds Without a Seal and Other Companies Act Amendments
From 31 March 2017, Singapore-incorporated companies could execute a deed by having it signed by two directors, or a director and a secretary, or by one director and a witness. This change was effected by the Companies (Amendment) Act 2017 which will also allow inward redomiciliation into Singapore and streamline the provisions on timelines for holding annual general meetings and lodgment of annual returns.
SGX Requires Minimum Allocation to Retail Investors and Other Listing Rule Changes in March 2017
Over the month of March 2017, the SGX introduced a number of changes to the Listing Rules. These include specifying a minimum allocation to retail investors in Mainboard IPOs, increasing the general mandate for an issue of pro-rata renounceable rights shares, and allowing documents to be sent to shareholders electronically.
New Corporate Structure Proposed for Funds
The MAS has proposed a new corporate structure for Singapore: the Singapore Variable Capital Company (S-VACC). It will complement the existing collective investment scheme structures available in Singapore (i.e., unit trusts, companies and limited partnerships). The new framework will provide investment managers with greater operational flexibility in Singapore.
