Government measures in key jurisdictions 5th edition - Flipbook - Page 118
Singapore
- Civil hearings before a Registrar
- Bankruptcy hearings before a Registrar
- Attendance before a Duty Registrar
•
Tax
There are no new legislation or measures regarding tax.
Has any new
legislation been
introduced in light
of Covid-19?
Company
law matters
•
Have any measures
been put in place
to accommodate
social distancing
(such as remote
•
general meetings)?
•
Extension of deadline for holding Annual General Meetings and filing Annual
Reports: On 7 April 2020, the Accounting and Corporate Regulatory Authority (“ACRA”)
announced a 60-day extension of time for all listed and non-listed companies to hold their
annual general meetings (“AGMs”) and file their annual returns (“ARs”). The Singapore
Exchange Regulation (“SGX RegCo”) also announced that it would automatically extend
the deadline by 60 days for all issuers with financial year-end on or before 31 March 2020
to hold their AGMs.
Alternative arrangements for AGMs which proceed: On 7 April 2020, the Covid-19
(Temporary Measures) Act was enacted by Parliament. One of the provisions state
that a relevant meeting or class of meetings held on or after 27 March 2020 that
complies with alternative arrangements prescribed under the new law will be
deemed to satisfy any requirements for the convening, holding or conduct or deferral
of such meetings under the relevant written law or legal instrument.
On 13 April 2020, the Covid-19 (Temporary Measures) (Alternative Arrangements for
Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and
Debenture Holders) Order was gazetted. The Order sets out alternative arrangements to
personal attendance in respect of certain classes of meetings, which include, inter alia,
general meetings of companies. Personal attendance can be via electronic means
instead.
This Order has been extended to 30 June 2021. It has also been refined to facilitate
greater convenience and engagement for virtual meetings, by introducing (1) the
provision for real-time electronic voting; (2) real-time Q&A via electronic means; and (3)
use of virtual annual general meeting platforms or other electronic means to accept
submissions of questions and proxy forms in advance of the meeting.
•
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On 27 April 2020, the Covid-19 (Temporary Measures) (Alternative Arrangements for
Meetings) (Corporate Insolvency) Order (“Insolvency Order”) was
gazetted, prescribing alternative arrangements for conducting meetings in respect of
insolvency matters of companies, limited liability partnerships and variable capital
companies.
Government measures in key jurisdictions
