On 21 June 2023, SIN GVT issued exemption from section 379 regulations.
- SIN GVT published the Companies (listed foreign companies - exemption from section 379) regulations 2023 in the gazette, which come into operation on Jun. 28, 2023.
- Section 379 of the act requires a foreign company to maintain a register of members.
- A foreign company is exempt from s379 of the act if it meets certain conditions.
- These conditions include that the control and management of its business is not exercised in Singapore, and not having its head office or headquarters in Singapore.
- As well as being subject to regulatory disclosure requirements, adequate transparency re beneficial owners, imposed through stock exchange rules, law or other means.
- The exemption is subject to the condition that the foreign company must provide the specified information to any public agency that makes a written request to it.
- SIN GVT also gazetted the Companies act 1967 (amendment of fifteenth schedule) notification 2023, to include a foreign company which shares are listed for quotation on an approved exchange in Singapore, such listing being a primary listing.