Acts aligned and consequential changes
The Bill covers the Accountants, LLP and LP Acts alongside consequential amendments to Banking, Building Control, Business Trusts, Finance Companies, Financial Advisers, Financial Holding Companies, Insurance, Newspaper and Printing Presses, Payment Systems Oversight, Securities and Futures, Stamp Duties and Trust Companies legislation. It also changes the Singapore Accountancy Commission Act designation rules. The fact sheet describes proposed legislative changes, not their individual commencement notices.
Alternate addresses with safeguards
Partners and managers under LP/LLP law and public accountants may report their residential address or an alternate address where they can be located. The Registrar retains a confidential residential-address list, may substitute the residential address after due inquiry when contact fails, and penalties apply to invalid alternate addresses along with a three-year bar on using one. Privacy does not dispense with a usable contact address.
LLP restoration and the reduced period
The old court restoration window was 15 years where the LLP had carried on business when struck off or restoration was just. The Bill allows Registrar restoration for LLPs struck off following the Registrar’s review, with prescribed circumstances in subsidiary legislation. It reduces restoration to six years, aligning with the creditor debt-recovery limitation period. The administrative route is not described as universal for all strike-offs.
Broader correction powers
Beyond typographical or clerical errors, an LLP or LP may apply to correct unintended filing errors that prejudice no person. The Registrar may also act on grammatical, typographical or similar mistakes, or conflicts with register information or credible third-party information. Unintended and non-prejudicial are substantive conditions, not permission to rewrite any disputed transaction.
CA (Singapore) in entity names
Previously the designation was available to sole proprietorships or partnerships wholly comprising Singapore chartered accountants, but not companies or LLPs. The proposed change permits Accountants Act-registered public-accountancy entities to use it; other accountancy-service entities may apply to the Singapore Accountancy Commission. The source describes separate registered and application routes, not automatic permission for every business.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗