Other proposed changes include allowing foreign companies to file financial statements in accordance with accounting standards that are"substantially similar" to Singapore's Accounting Standards so as to reduce compliance costs, the authority said.
According to Acra, having"insignificant operations in Singapore" means that none of the firm's total revenue, total expenses, total assets, or total liabilities in its unaudited financial statements exceeds S$5 million. In particular, Acra is seeking comments on whether there are any concerns with allowing such foreign companies to prepare a reduced set of financial statements, and whether the proposed definition of"insignificant operations in Singapore" is appropriate.
Lastly, Acra said it would like to clarify the date that the registrar strikes a company off the register, or restores the company's name to the register, such that it coincides with the date indicated in Acra's BizFile+ system, instead of the date published in the government gazette.
Among other things, it considered the use of digital media and technology, and made recommendations in respect of the de-materialisation of physical share certificates and facilitating digital meetings.