Amendments to Companies Act to be phased in due to BizFile revamp delays

Technical issues are to blame.

The Accounting and Regulatory Authority of Singapore today revealed that that it is adopting a two-phase implementation approach for the legislative amendments to the Companies Act.

ACRA stated that the approach is being adopted due to technical delays linked to the overhaul of BizFile, its online business filing and information portal.

About 40% of the over 200 legislative amendments will take effect in the first phase on 1 Jul 2015.

The second phase encompassing the rest of the legislative amendments is expected to come into effect in the first quarter of 2016.

Companies Act amendments that have no or limited links to BizFile will be effected under the first phase. These include the new provisions which broaden the criteria for exemption from statutory audit for small companies, which will benefit SMEs.

ACRA will announce the effective date for and provide more details on phase two about two months before the changes are due to take effect.