With new year, ACRA has revamped its Bizfile website and rebranded it as Bizfile+ (Bizfile Plus). Simultaneously legislative changes as announced previously have also kicked in. Memorandum and Articles of association of the Singapore companies will be replaced by a single document called CONSTITUTION.
What is constitution of a Singapore Company?
Constitution is the name given to a single merged document which will replace the existing Memorandum and articles of association of the company. The constitution for Singapore Company, in layman’s terms is the rulebook of the company by which the company is bound.
Going forward, all newly incorporated companies in 2016 will need to adopt constitution instead of Memorandum and Articles of Association (M&AA/MoA & AoA)
What Choices do you have regarding Constitution at time of incorporation and what does it mean?
At the time of incorporating a new company, there will be three choices going forward:
- Adopt Model Constitution as at time of incorporation
- Adopt Model Constitution as may be varied time to time and notified by government
- Adopt cusotmized constitution document
Where to find Model Constitution for Singapore Companies?
You may click here to download the current version of Model Constitution notified on 03rd January 2016.
What are the benefits of customized constitution for Singapore Companies?
Every business is different and the needs of every business as well as understanding between the business owners/shareholders are different, as such, specially in cases where there are more than one shareholder, it is advisable for shareholders to go through the Constitution document and have it changed if any of terms are not in accordance with understanding and/or not acceptable by any of parties.
Customizing Constitution for Singapore Companies
Customization of constitution shall be done by an expert who is familiar with structure of the document as the different clauses may have cross references as well as there may be other implications of change at one place. It is advisable to refrain from DIY customization, if one is not familiar and do not have experience in making such amendments in constitution documents.
You may fill in the contact form below if you need any clarification or you wish to take up professional services for incorporation and/or customization of Constitution document for your Singapore Company.