Singapore Companies are mainly governed by the Chapter 50 of 1994 revised edition of the Companies Act. Some specific companies are regulated by certain statutes other than the laws mentioned in the Companies Act. In this context we can mention the insurance companies and banks which are also regulated by the laws mentioned in the Chapter 142 of 1994 revised edition of the Insurance Act and Chapter 20 of 1994 revised edition of the Banking Act respectively. Moreover there is Limited Liability Partnership Act of 2005 which is one of the most significant Singapore Business and Companies Laws, also regulates limited liability partnerships of the companies in Singapore. Statues like Securities and Futures Act also fall under the banner of Singapore Business and Companies Laws. When it comes to govern companies, statutory provisions are always supplemented by Common Law.
According to the Singapore Business and Companies Laws any business organization that has more than 20 members must be considered as a company. But this law is not applicable for partnership based professional cases.
The comprehensibility and predictability of Business and Companies Laws are making them acceptable and many MNCs are adopting Singapore Laws as the governing law in their commercial transactions. These laws are easily litigated, arbitrated and then enforced and so one would like to go for that format for instant solution of commercial disputes.
After studying the Business and Companies Laws of Singapore, the nation really seems to be a "Little Red Dot" on the World Map in its representation of laws and legal system which is highly focused and apt for meeting out the international business needs.
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