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• Singapore Expands Scope of Shareholders Excluded for Calculating Compulsory Acquisition Threshold

  New legislation strengthening the compulsory acquisition regulatory framework in the Companies Act 1967 is welcome news for minority shareholders. On 9 May 2023 the Parliament of Singapore passed the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill (the Bill), which, among other changes, excludes shares held by certain persons connected with the offeror from the computation of the 90% threshold for compulsory acquisition under section 215 of the Companies Act 1967 (the CA). The Bill is expected to come into law later this year. Please see full Alert below for more information.

• Establishing A Business Entity In Singapore (Updated)

  Registration of Business Entities - Unless exempted, business entities must be registered with the Accounting and Corporate Regulatory Authority (ACRA) via their business filing portal: BizFile+. A foreigner residing overseas would need to engage the services of a registered filing agent (for example, a law firm, accounting firm or corporate secretarial firm) to submit the online application on his behalf. Goodwins Law Corporation is a registered filing agent. Please see full Chapter below for more information.

• Buying and Selling Real Estate in Singapore (Updated)

  KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SINGAPOREAN LAW - INTRODUCTION - There are two systems of land registration in Singapore: registration under the Registrations of Deeds Act, known as “unregistered land”, and registration under the Land Titles Act, known as “registered land”. Currently, most land in Singapore has been converted and brought under the latter registration system. As such, most of this article will be concerned only with land registered under the Land Titles Act. The entity overseeing the land registration in Singapore is the Singapore Land Authority (“SLA”). Please see full Chapter below for more information.

• The Variable Capital Company (VCC): a new corporate structure for funds in Singapore (UPDATED)

  The Variable Capital Company (VCC) is a new corporate entity structure under which several collective investment schemes (whether open-end or closed-end) may be gathered under the umbrella of a single corporate entity and yet remain ring-fenced from each other. Please see Publication below for more information.

• Singapore allows “No-Win, No-Fee” and “No-Win, Less-Fee” arrangements for arbitration and SICC proceedings from 4 May 2022

  Historically, Singaporean law prohibited third party funding arrangements and outcome-related fee structures (ORFS) such as “No-Win, No-Fee” or “No-Win, Less-Fee”. However, other common law jurisdictions, such as England and Wales and Australia, have relaxed their equivalent laws and now permit some third party funding and ORFS to some extent. Singapore took its first steps towards levelling the playing field when it legalised third party funding for arbitration and the Singapore International Commercial Court (SICC) proceedings in 2017 and 2021 respectively. However, the prohibitions on ORFS remained. Please see full Publication below for more information.

• Establishing A Business Entity In Singapore (Updated)

  Registration of Business Entities - Unless exempted, business entities must be registered with the Accounting and Corporate Regulatory Authority (ACRA) via their business filing portal: BizFile+. A foreigner residing overseas would need to engage the services of a registered filing agent (for example, a law firm, accounting firm or corporate secretarial firm) to submit the online application on his behalf. Goodwins Law Corporation is a registered filing agent. Upon successful registration, the business entity will be issued with a system-generated Unique Entity Number (UEN). The UEN is an identification number that all business entities need to use when transacting with government agencies. Please see full Chapter below for more information.

• Buying and Selling Real Estate in Singapore (Updated)

  KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SINGAPOREAN LAW - INTRODUCTION - There are two systems of land registration in Singapore: registration under the Registration of Deeds Act, known as “unregistered land”, and registration under the Land Titles Act, known as “registered land”. Currently, most land in Singapore has been converted and brought under the latter registration system. As such, most of this article will be concerned only with land registered under the Land Titles Act. The entity overseeing the land registration in Singapore is the Singapore Land Authority (“SLA”). Other relevant legislation governing real estate law in Singapore include the Land Titles (Strata) Act, the State Lands Act, the Land Acquisition Act, the Planning Act, the Residential Property Act, and the Housing and Development Act. Please see full Chapter below for more information.

• Singapore’s Proposal to Mandate Reference Checks and Misconduct Reporting

  The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on Proposals to Mandate Reference Checks. - All financial institutions and entities regulated by the MAS are proposed to be required to carry out reference checks and to keep conduct records on the majority of their employees. If the proposed regime is implemented without change, it will mean that Singapore’s reference checks regime will be substantially aligned with that which is currently in place in the UK as well as that which is being implemented in Hong Kong. The consultation paper was issued on 14 May 2021 and closes on 25 June 2021.

• Raising the Bar on Green Finance in Singapore: The Latest Framework and Guidelines

  On 19 May 2021, the financial industry taskforce of Singapore (known as the Green Finance Industry Taskforce (GFIT)) released guidelines on climate-related disclosures and a white paper on green finance solutions. Convened by the Monetary Authority of Singapore (MAS), GFIT’s overarching objective is to accelerate green finance in Singapore through four key initiatives: (1) develop a taxonomy, (2) enhance environmental risk management practices of financial institutions, (3) improve disclosures, and (4) foster green finance solutions. The white paper contains a proposed framework on green trade facilities and working capital, catering for banks, asset managers, and insurers in Singapore (Financial Institutions).

• Service of a Writ of Summons on companies during the “new normal” - A case comment on Genuine Pte Ltd v HSBC Bank Middle East Ltd Dubai [2021] SGHC 104

  Introduction - Service of a Writ of Summons (Writ) on a company is typically effected by leaving the Writ at or sending the Writ by registered post to the registered office of the company. Corporate defendants need to be vigilant when a Writ has been served, lest a default judgment is entered against them when they do not respond.

Featured documents

• Hot Topics to Follow During ICANN 49 in Singapore

  The 49th international Internet Corporation for Assigned Names and Numbers (ICANN) meeting is imminent—unofficially kicking off on Friday, March 21, 2014, and concluding on Thursday March 27, 2014. This will mark the first time that the multistakeholder community will convene in Singapore since the ...

• An Introductory Guide to Arbitration in Singapore

  With the high volume of trade and business involving Asian companies, Singapore is increasingly seen as the most attractive seat of arbitration for the reliable resolution of disputes within the Southeast Asian region. This publication - An Introductory Guide to Arbitration in Singapore –...

• A new breakthrough - Working towards globalising the enforceability of Singapore court judgments

  What is the Singapore Choice of Court Agreements Act (CCAA)? The CCAA was enacted on 14 April 2016. It gives effect to Singapore’s treaty obligations under 2005 Hague Convention on Choice of Court Agreements (2005 Hague Convention) thereby allowing Singapore to ratify it....

• Singapore Ratifies the Hague Convention on Choice of Court Agreements

  Ratification will take effect on 1 October 2016. On 2 June, Singapore ratified the Hague Convention on Choice of Court Agreements (the Convention). The Convention will take effect under domestic legislation through enactment of the Choice of Court Agreements Act (the Act), which is due to come ...

• Revised listings due diligence guidelines issued by the Association of Banks in Singapore

  The Association of Banks in Singapore (ABS) introduced its revised due diligence guidelines (Enhanced Guidelines) in respect of listings on the Singapore Exchange Securities Trading Limited (SGX-ST) on 13 May 2016. These guidelines are recommended by the ABS as guidance on the due diligence...

• Do not break the trust after a trust is created - The law on concurrence examined

  Dentons Rodyk acted for Mdm Harianty Wibawa, the settlor of an offshore discretionary trust which has a value exceeding US$45 million (taking into account distributions of some US$10 million). One of the beneficiaries and the named Protector of the trust (her eldest son) disputed that his elderly...

• SOPA takes a backseat: The role of cross-demands in setting aside statutory demands issued pursuant to judgments made in terms of SOPA adjudication - A case study of Lim Poh Yeoh v TS Ong Construction Pte Ltd [2016] SGHC 179

  The High Court has ruled that a statutory demand based on a judgment pursuant to an adjudication determination made under the Building and Construction Industry Security of Payment Act (SOPA) can be set aside on the ground that the debtor had a cross-demand which it was pursuing in a separate suit. ...

• Singapore Announces Mandatory Retrenchment Notifications

  The Ministry of Manpower’s new requirement for mandatory retrenchment notifications applies to employers with 10 or more employees. Beginning 1 January 2017, Singapore employers that employ at least 10 employees and retrench five or more employees within a six-month period are obliged to...

• Singapore to permit third party funding of international arbitrations

  Singapore is poised to become the first jurisdiction in Asia to introduce legislation permitting the use of third party funding in support of international arbitrations and related proceedings.? This follows the passing of the Civil Law (Amendment) Bill by the Singapore Parliament on 10 January...

• Singapore Strengthens Tax Cooperation with Other Countries

  One year after the ratification of the OECD Convention on Mutual Administrative Assistance in Tax Matters, Singapore has entered into automatic exchange of information agreements....