Jamus Lim on ACRA (Registry and Regulatory Enhancements) Bill

The proposed amendments are designed to improve the registration procedures while making regulatory enhancements, which will have the potential to spur further entrepreneurial activity, promote competition, stimulate the growth of existing businesses and even raise productivity, said MP Jamus Lim. But Singapore must not allow others to think that an easy business environment also means a permissive one, he said in Parliament on Tuesday (Jul 2). He warned against allowing foreign actors to take advantage of Singapore’s relatively simple registration processes and global reputation for incorruptibility to incorporate fronts for dubious business activities in some form of a quid pro quo for investing here. He said such a mindset undermines Singapore’s very hard-won brand name and eventually comes back to “bite us”. He pointed out that recent incidents have already raised questions on “how indulgent we appear to be” of illicit activities, especially with regard to financial flows. He highlighted the sentences meted out in the multi-billion-dollar money laundering case, saying the jail time struck some as “excessively lenient”. He stressed the need to remain “clear-eyed” on the value of considered, constructive criticism of Singapore’s business environment.