MOF and ACRA's Summary of Responses to Feedback on Draft Business Names Registration Bill

Date: 05 September 2014
 
In June 2014, the Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) invited members of the public to give feedback on the draft Business Names Registration Bill.

2. The Bill will repeal the Business Registration Act and re-enact it with amendments as the Business Names Registration Act. The proposed amendments will simplify the process for the registration of persons and their business names, and reduce regulatory burden on business owners. The change of name from “Business Registration Act” to “Business Names Registration Act” will also better reflect the objective of the Act^[1].

3. Feedback on the proposed amendments has been generally positive, with most of the comments focused on the implementation of the proposed amendments. Some respondents sought clarity on: (i) the class of persons who will be exempted from registration; (ii) restoration of registrations that have been cancelled or have ceased; and (iii) service of documents on registered persons under the new regulatory framework. There were also suggestions, such as allowing any former authorised representative to file a notice with ACRA on his or her cessation as an authorised representative. A summary of feedback received and our responses are at the Annex.

4. MOF and ACRA would like to thank members of the public and the industry partners who have taken the time to provide their feedback. The Bill is expected to be implemented by end 2014.

Annex: MOF’s and ACRA’s responses to the feedback received (

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^[1]

The main objective of the Act is to require persons carrying on business under a business name (which is not their own name) to register.  Registration enables third parties to identify the persons acting behind a business name.