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  5. Public Consultation on the Corporate and Accounting Laws (Amendment) Bill

Public Consultation on the Corporate and Accounting Laws (Amendment) Bill

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) invites the public to provide feedback on the proposed amendments in the draft Corporate and Accounting Laws (Amendment) Bill.

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Last updated 14 July 2025
Accounting and Corporate Regulatory Authority (ACRA) Logo
Accounting and Corporate Regulatory Authority and Ministry of Finance

Consultation Period: 14 Jul 2025 - 31 Jul 2025

Status: Open

Detailed Description

  1. The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) propose to make amendments to the following ACRA-administered legislation:

    1. Accountants Act 2004;

    2. Accounting and Corporate Regulatory Authority Act 2004;

    3. Companies Act 1967;

    4. Limited Liability Partnerships Act 2005; and

    5. Limited Partnerships Act 2008.

  2. The public is invited to provide feedback on the proposed amendments in the draft Corporate and Accounting Laws (Amendment) Bill in Annex A. The key amendments relating to the Companies Act 1967 and Accountants Act 2004 in the draft Bill can be found in Annex B. Consequential and related amendments are proposed to be made to other written laws to give effect to or align with these amendments.

Background

  1. The amendments aim to (i) prevent misuse of companies for unlawful purposes; (ii) reduce regulatory burden for companies; (iii) safeguard shareholders’ interests; and (iv) enhance regulatory regime for public accountants. They include, among others, legislative changes to:

    1. State the grounds on which an application for restoration of a struck-off company must be refused by the court, such as where the restored company is likely to be used for an unlawful purpose;

    2. Provide that a person is disqualified from acting as a director if the person is convicted of certain money-laundering offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

    3. Allow sole directors to act as company secretaries; and

    4. Allow ACRA to share information from its audit oversight functions with foreign audit regulators.

Public Consultation Details

  1. The public consultation exercise will run from 14 to 31 July 2025. Interested parties can submit their comments via FormSG.

  2. The public can access the public consultation documents, including the draft Corporate and Accounting Laws (Amendment) Bill, on the REACH consultation portal. The public consultation documents are also available on the websites of MOF and ACRA.

Summary of Response

  1. MOF and ACRA will publish a summary of the main comments received. The summary will not disclose the identity of the respondents and will not separately address or acknowledge every comment received.

Attachments

Annex A: Draft Corporate and Accounting Laws (Amendment) Bill

Annex B: Key clauses in the draft Corporate and Accounting Laws (Amendment) Bill