The Ministry of Finance and the Bureau of Business Administration held public consultation on revising several laws

The statement said that the purpose of these revisions is to prevent companies from abuses for illegal activities, reduce regulatory pressures faced by companies, protect shareholder rights and interests, and improve the accounting system.

According to the joint statement of the Ministry of Finance and the Bureau of Business Administration on Monday (July 14), they propose to amend the following five laws: 1. The Accountant Act of 2004; 2. The Bureau of Business Administration Act of 2004; 3. The Company Act of 1967; 4. The Limited Liability Partnership Act of 2005; 5. The Limited Partnership Act of 2008 (Limited Partnership Act of 2008).

They invite the public to give feedback on these proposed revisions, with a deadline of July 31. The public can go to the consultation website of the People's Context Contact Group (REACH) to obtain relevant public consultation documents. The public can also obtain these documents from the websites of the Ministry of Finance and the Bureau of Business Administration.

The Ministry of Finance of Singapore (MOF) and the Accounting and Enterprise Control Authority (ACRA) propose to amend the five decrees and publicly seek comments. These revisions are intended to prevent abuse of companies in illegal activities, etc.

The relevant statutory laws will also be adjusted accordingly to cooperate with and implement these revisions.