Understanding Singapore’s Companies Act (Chapter 50)

The Singapore Companies Act (Chapter 50) is a legislative piece that rules over companies established within Singapore’s borders. It was first introduced in 1967 and since then, has undergone numerous amendments.

 

What is in the Singapore Companies Act?

Singapore’s Companies Act incorporates a complete set of rules and regulations, definitions of various legal terms, and exceptions that dictate the functioning of all companies situated in Singapore.

It meticulously addresses every facet of corporate operations, ranging from the establishment of a company and its management, right down to its dissolution. The law also lists potential financial penalties and imprisonment terms for non-compliance.

The law has distinct sections dedicated to various topics:

Categories of companies;

• Crucial company details such as the name of the company, its registered office address, and phone numbers;
• The roles and responsibilities of company directors and shareholders, as well as the share capital;
• The company’s Memorandum and Articles of Association;
• The commitments connected with accounting, maintaining financial records, and yearly returns submission;
• Dissolution or removal of a company from the register;
• Reinstating a company.