The Accounting and Corporate Regulatory Authority (ACRA), the national regulator of business entities and public accountants in Singapore, hashas been generally been “positive, with most of the comments focused on the implementation of the proposed amendments”.
The Bill, which will be implemented by end of 2014, will repeal the existing Business Registration Act and re-enact it with amendments as the Business Names Registration Act.
Earlier in June this year, ACRA, in collaboration with the Ministry of Finance, had invited public feedback on the proposed draft of the Bill.
“The proposed amendments will simplify the process for the registration of persons and their business names, and reduce regulatory burden on business owners. The change of name from ‘Business Registration Act’ to ‘Business Names Registration Act’ will also better reflect the objective of the Act,”noted ACRA in a release.
Apart from suggestions such as “allowing any former authorised representative to file a notice with ACRA on his or her cessation as an authorised representative”, feedback received from the people demanded more clarity on a few main points.
These include defining the term “business name” more clearly, defining exemptions from registration, and how to restore registrations that have been cancelled or ceased, among others.
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