Singapore: ACRA Launches Public Consultation on Proposed Legislative Amendments Related to Data, Digitization and Corporate Transparency
On 17 December 2021, the Accounting and Corporate Regulatory Authority (ACRA) launched its public consultation on its proposed legislative amendments to the Companies Act (CA), Accountants Act, ACRA Act , the Trade Names Registration Act, the Limited Liability Companies Act (LLP Act), the Limited Partnerships Act and the Open-Ended Companies Act 2018, relating to data, digitalization and business transparency in Singapore’s business environment.
The proposed changes, if passed, would reduce the amount of data that must be filed with ACRA and limit the personal data made public.
Key points to remember
The proposed changes to the LC and other laws administered by ACRA seek to:
- Improve filing convenience and data accuracy
For example, if passed, the proposed amendments would empower ACRA to obtain data from specified government agencies for the purpose of classifying and using data from specified entities to verify information on its registry, thereby reducing the amount of data that must be filed with ACRA.
- Achieving a Balance Between Business Transparency and Data Privacy
Individuals’ full identification numbers and residential addresses would also no longer be publicly available if ACRA’s proposed changes were passed.
- Facilitate digital correspondence with businesses to improve efficiency and support sustainability efforts
As part of its digitization plan, ACRA would require office holders and shareholders to provide email addresses and cell phone numbers, and business entities to provide their work email addresses.
The public consultation exercise will run from December 17, 2021 to January 28, 2022. The public can access the consultation documents on ACRA website and the REACH consultation portaland may provide feedback by emailing feedback to [email protected] stating “Public Consultation on the Companies Act and Other Acts” in the subject line.
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