Don Wee on ACRA (Registry and Regulatory Enhancements) Bill

Enhanced efficiency and speed in communication between the Accounting and Corporate Regulatory Authority and business entities. Potential cost savings through reduced physical mail and increased accountability for businesses to maintain updated contact information with more accurate and up-to-date registers. The administrative burden on businesses should be reduced. The compliance processes may be simplified due to better integration with other Government agencies. There should also be greater privacy and security with improved data protection through a tiered disclosure framework. As the Registrar will be better empowered to maintain accurate records of directors, this could lead to greater transparency and trust in corporate governance. For foreign companies, these changes would potentially reduce compliance costs and administrative burden and make Singapore a more attractive destination for their investments. MP Don Wee highlighted these benefits that can be expected from the amendments in Parliament on Tuesday (Jul 2). He also sought clarifications on the Bill. These relate to the purpose of the Bill and its impact on businesses, as well as specific changes to streamline financial reporting requirements for foreign companies.