Wednesday, 20 September 2017
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singapore - Corporate & Commercial

Registers of Nominee Directors Guidance for Companies

The new version of this Guidance is issued by the Accounting and Corporate Regulatory Authority to help companies understand and comply with the requirements pertaining to the register of nominee directors.
Date: 18 September 2017; Type: Guide; Source: Accounting and Corporate Regulatory Authority

Registers of Registrable Controllers Guidance for Foreign Companies

The new version of the Guidance is issued by the Accounting and Corporate Regulatory Authority to help foreign companies understand and comply with the requirements pertaining to the register of registrable controllers.
Date: 18 September 2017; Type: Guide; Source: Accounting and Corporate Regulatory Authority

Rules of Origin for Exports to Turkey under TRSFTA

The Circular outlines the Rules of Origin requirements and operational procedures for exports of Singapore-Originating goods claiming preferential tariff treatment in the Republic of Turkey under the Turkey-Singapore Free Trade Agreement (TRSFTA). Circular No. 12/2017
Date: 13 September 2017; Type: Circular; Source: Customs Department

Operational Procedures for Imports from the Republic of Turkey Under TRSFTA

Circular outlines the procedures for claiming preferential tariff treatment on originating goods from the Republic of Turkey under the Turkey-Singapore Free Trade Agreement (TRSFTA). Circular No. 13/2017
Date: 13 September 2017; Type: Circular; Source: Customs Department

Infrastructure Protection Bill 2017 introduced

The Infrastructure Protection Bill was introduced for First Reading in Parliament today, as part of the Ministry of Home Affairs' (MHA) counter-terrorism strategy to keep Singapore safe and secure. The Bill will, amongst others, require selected new buildings in Singapore to integrate security measures within their design before they are built ...
Date: 11 September 2017; Type: Legal News; Source: Ministry of Home Affairs

National Trade Platform

The National Trade Platform (NTP) aims to be the one-stop trade information management system for companies in the trade and logistics industries and adjacent sectors such as trade finance. Notice No. 12/2017
Date: 11 September 2017; Type: Circular; Source: Customs Department

Court orders Firm linked to Sakae to wind up

The High Court has ordered that an associate firm of Sakae Holdings be wound up by consent.
Date: 09 September 2017; Type: Legal News; Source: Singapore Law Watch

A Good Annual Report can help build Trust

A company's annual report is a chance for it to not just show how it did, but also to show what it is.
Date: 08 September 2017; Type: Media Article; Source: Singapore Law Watch

Time to open the Gates for Shareholder Activism?

This article suggests that it may be timely to take a fresh look at Singapore's enforcement architecture that addresses corporate misfeasance.
Date: 01 September 2017; Type: Media Article; Source: Singapore Law Watch

Anti-Money Laundering/ Counter Financing of Terrorism Guidelines for Registered Filing Agents

The Guidelines for Registered Filing Agents (RFA) have been updated to better guide RFAs in complying with regulatory requirements under the enhanced regulatory regime for Corporate Service Providers. The objective of these Guidelines is to aid Filing Agents in their understanding of their obligations under Part VIA of the ACRA Act and Part II ...
Date: 31 August 2017; Type: Guideline; Source: Accounting and Corporate Regulatory Authority

SK Engineering & Construction Co Ltd v Conchubar Aromatics Ltd and another appeal

Companies - Schemes of arrangement - Related creditors; Companies - Schemes of arrangement - Assignment of debts
Date: 30 August 2017; Court: Court of Appeal; Citation: [2017] SGCA 51; Source: Singapore Law Watch

Poh Fu Tek and others v Lee Shung Guan and others

Companies - Oppression - Minority shareholders; Companies - Oppression - Purchase of shares - Valuation of shares; Civil procedure - Offer to settle - Late offer
Date: 25 August 2017; Court: High Court; Citation: [2017] SGHC 212; Source: Singapore Law Watch

MWA Capital Pte Ltd v Ivy Lee Realty Pte Ltd (in liquidation)

Companies - Winding up; Credit and security - Money and money lenders - Interest
Date: 30 August 2017; Court: High Court; Citation: [2017] SGHC 216; Source: Singapore Law Watch

Leong Chee Kin (on behalf of himself and as a minority shareholder of Ideal Design Studio Pte Ltd) v Ideal Design Studio Pte Ltd and others

Contract - Breach - Claim for commission; Companies - Oppression - Minority shareholders - Buyout; Companies - Oppression - Reflective loss principle
Date: 25 August 2017; Court: High Court; Citation: [2017] SGHC 192; Source: Singapore Law Watch

nTan Corporate Advisory Pte Ltd v TT International Limited

Companies - Schemes of arrangement; Companies - Receiver and manager - Remuneration of
Date: 22 August 2017; Court: High Court; Citation: [2017] SGHC 207; Source: Singapore Law Watch

Re Asia Petan Organisation Pte Ltd

Companies - Power to restore company struck off the register - Factors in determining restoration of company
Date: 21 August 2017; Court: High Court; Citation: [2017] SGHC 204; Source: Singapore Law Watch

Turkey, Singapore ratify Free Trade Agreement

SINGAPORE, Aug 21 (Bernama) - Turkey and Singapore marked another milestone in their bilateral economic relations with the ratification of the Turkey-Singapore Free Trade Agreement (TRSFTA) today.
Date: 21 August 2017; Type: Legal News; Source: Bernama

Pan-United Shipping Pte Ltd v Cummins Sales and Service Singapore Pte Ltd

Contract - Contractual terms - Exclusion clauses; Contract - Discharge - Breach; Contract - Formation - Acceptance
Date: 14 August 2017; Court: High Court; Citation: [2017] SGHC 198; Source: Singapore Law Watch

Almega Investments Pte Ltd and Another v Chiang Sing Jeong

Contract - Contractual terms - Implied terms; Contract - Breach; Contract - Variation
Date: 15 August 2017; Court: High Court; Citation: [2017] SGHC 196; Source: Singapore Law Watch

TYC Investment Pte Ltd v Chan Siew Lee Jannie and Another

Companies – Directors – Disqualification – Effect of bankruptcy on directorship; Companies – Memorandum and articles of association – Effect; Insolvency law – Bankruptcy – Bankruptcy order – Effect of setting aside bankruptcy order
Date: 15 August 2017; Court: High Court; Citation: [2017] SGHC 202; Source: Singapore Law Watch

Industry Updates

Singapore and China Mediation Centres work together to help Businesses resolve Disputes along Belt and Road

1. The Singapore International Mediation Centre (SIMC) and the Mediation Center of the China Council for the Promotion of International Trade / China Chamber of International Commerce (CCPIT/CCOIC Mediation Center) will work together to support businesses and help them resolve disputes that may arise in cross-border commercial transactions under China’s Belt and Road Initiative (BRI). The two mediation centres signed a Memorandum of Understanding (MOU) today at the International Mediation Summit held in Hangzhou, China.

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ASEAN enhances Coordination to tackle Cyber Threats

SINGAPORE, Sept 18 (Bernama) - ASEAN member states have agreed on the importance of enhancing coordination to ensure that its cybersecurity efforts across various platforms in countering increasingly sophisticated cyber threats are focused, effective and in synergy with one another.

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Veteran Lawyer Leo Fernando dies at 85

He was counted among the "legends" in criminal law in the 70s and 80s.

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Five Court Volunteers lauded for Dedication

These volunteers of the Supreme Court, the State Courts and the Family Justice Courts received awards for their outstanding commitment and dedication to pro bono work.

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Halimah Yacob is Singapore's Eighth President

SINGAPORE, Sept 14 (Bernama) - Halimah Yacob was sworn in as Singapore's eighth President at the Istana today, marking her first day of a six-year term.

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ASEAN to promote Trade with Russia and EAEU

Jakarta (ANTARA News) - ASEAN Economic Ministers agreed to expand trade with Russia and those grouped in the Eurasian Economic Union (EAEU).

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Conclusion of the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong, China Investment Agreement (AHKIA)

The Economic Ministers of ASEAN and Hong Kong, China (HKC) announced the conclusion of the ASEAN-HKC Free Trade Agreement (AHKFTA) and the ASEANHKC Investment Agreement (AHKIA) at the Second ASEAN Economic Ministers (AEM)-HKC Consultations held on 9 September 2017 in Pasay City, the Philippines.

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SGX RegCo announces Board Members; Operational Start on 15 September

Singapore Exchange Regulation (SGX RegCo) has appointed Mr Alan Shaw, Ms Jane Diplock AO and Mr Ronny Tan to its board. The company will begin operations on 15 September 2017.

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Public Alert on Scam IRAS Email

IRAS would like to alert the public that a scam email titled “Inland Revenue Authority of Singapore-Refund-Online-Confirmation” has been circulating. The email carries a message that the recipients are eligible to receive a tax refund and that they are to click on the link provided in the email to download and fill out the tax refund form.

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ASEAN Meet explores Issues related to Tariff Commitments, Rules under ATIGA

KUALA LUMPUR, Sept 12 (Bernama) - The discussions on Association of South-East Asian Nations' (ASEAN) internal economic-related affairs, which were held in the Philippines at the 31th ASEAN Free Trade Agreement Council, explored issues related to tariff commitments and applicable rules under the ASEAN Trade in Goods Agreement (ATIGA).

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ASEAN-Korea Free Trade Area increases Bilateral Trade by 92.3 per cent

KUALA LUMPUR, Sept 10 (Bernama) - Bilateral trade between ASEAN and South Korea has increased by 92.3 per cent to US$118.84 billion in 2016 from US$61.81 billion in 2006 since the ASEAN-KOREA Free Trade Area (AKFTA) took effect in 2007.

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ASEAN MSMEs need More Financial, Technical Support: Study

MANILA - While the Association of Southeast Asian Nations (ASEAN) has available programs and pushing for policies that will boost micro, small, and medium enterprises (MSMEs), the region needs to introduce more financial and technical support to MSMEs, an ASEAN study said.

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