The Corporate Service Providers
("CSP") Bill and Companies
and Limited Liability Partnerships
(Miscellaneous Amendments)
("CLLPMA") Bill were
introduced in Parliament on 6 February 2023
and recently passed by the Singapore
Parliament on 2 July 2024.
The bills are designed to enhance
Singapore's corporate regulatory framework
and will come into operation on a date to be
appointed by notification in the
gazette.
Key provisions in both bills include:
introducing a licensing regime for
corporate service providers,
strengthening anti-money laundering
measures, and
enhancing transparency and
disclosure requirements.
We cover all the important points you need
to know about these bills in our
report.
Recently, the Companies (Amendment) Act 2024 ("CA 2024") had a round of developments that saw revisions to the Beneficial Ownership Reporting Framework. It received the Royal Assent on 24 January 2024 and was gazetted on 2 February 2024.
As of now, no enforcement has been taken for non-compliance. However, from 1 July 2024 onwards, there will be enforcement for non-compliance.
The revised provisions encompass key aspects such as the expanded criteria for identifying beneficial owners, mandatory maintenance of the registration of beneficial owners at the registered office, and the obligation for companies to collect beneficial ownership information and submit to the Companies Commission of Malaysia via the Electronic Beneficial Ownership System.
Learn more about the changes to the Beneficial Ownership Reporting Framework in our report.
In recent times, we are seeing an upward trend of businesses shifting their operations beyond their shores. Operations are moving globally through employee relocations, international assignments and other factors that all work towards serving a global audience.
While global mobility offers numerous benefits for both employers and employees, it also poses significant challenges, particularly in navigating the complex tax landscapes of multiple jurisdictions. Tax laws and regulations vary widely from country to country, leading to potential compliance issues, double taxation, and financial penalties if not properly addressed. Additionally, tax treaties and agreements between countries add another layer of complexity to the tax planning process.
Download our report and uncover everything you need to know about taking your business globally, and how you can thrive while doing it.
As 2023 wrapped, the Malaysian business world saw some significant updates that were designed to benefit the companies that they affect. We take a closer look at these developments and share what you need to know about:
Dewan Negara passing the Companies (Amendment) Bill 2023 on 13 December 2023 and,
The introduction of the accelerated transfer process by the Securities Commission Malaysia (SC).
Companies (Amendment) Bill 2023 passed by Dewan Negara on 13 December 2023
The Companies (Amendment) Bill 2023 was passed by Dewan Rakyat on 28 November 2023 and by Dewan Negara on 13 December 2023. Some key amendments to the Companies Act 2016 include the establishment of a framework for reporting the beneficial ownership of companies and the enhancement of existing provisions regarding the restructuring and corporate rescue mechanisms of companies. Learn about all the changes in our report.
Transfer of ACE Market Listed Corporation to the Main Market via the Accelerated Transfer Process
Aimed to enhance the stock market vibrancy, and reduce market friction, the Securities Commission Malaysia (SC) has recently introduced an accelerated transfer process for eligible ACE Market-listed companies. This move will facilitate the transition of ACE Market-listed companies to the Main Market of Bursa Malaysia.
In order to qualify, these companies must fulfil the profit requirements set for the Main Market listing. The regulatory framework governing this initiative came into effect on 1 January 2024, following amendments to the Equity Guidelines, as announced by the SC.
The introduction of the streamlined and expedited transfer process is designed to encourage ACE Market-listed companies to continually enhance their corporate values, fostering sustainable growth for shareholders. We share more on these changes in our report.
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