Singapore Ministry of Law has revoked the blanket options for companies to hold official meetings online as of July 1, 2023
The Ministry of Law (MinLaw) has announced that companies, Variable Capital Companies and Business Trusts will no longer have the blanket option of conducting official meetings online from July 1, 2023. This gives entities six months to resume meeting arrangements in accordance with written law or their governing instruments.
In April 2020, the Meetings Orders were introduced as part of the Covid-19 (Temporary Measures) Act 2020. This allowed various types of entities to convene, hold or conduct meetings through electronic means in order to minimise physical interactions and transmission risks.
However, with Singapore transitioning towards living with Covid-19, meetings can now take place physically. MinLaw is thus revoking the Meetings Orders from July 1, 2023.
The Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore (MAS) are also working on legislative amendments to provide companies, variable capital companies and business trusts with the option of conducting general meetings by electronic means after the Orders are revoked. Details of the amendments are expected to be shared by early 2023.
Those who need more information or have inquiries can check the websites of their respective regulators or approach them directly. MinLaw’s website also provides a list of guidance notes and regulators’ contact information.