Abolishes
Par Value ( Norminal Value) For Shares And Authorised
Capital - Section
62B(8)
On 30 January 2006, The Registry
of Companies will adopt as the share capital of the company,
the aggregate nominal value of the shares issued by the
company that appears in the ACRA’s records immediately
before 30 January 2006 as the value pursuant to the new
section 62B(8).
Companies
will not be required to notify ACRA of the particulars
of the authorised capital and the par value of the shares.
The share capital of the company will be referred to as
the “Issued Capital” in Bizfile records and
reports. The term “Paid-Up Capital” will still
be used to denote the amount paid on issued shares.
There is no longer the concept of authorised capital.
A company can issue more shares if the required approval
or authorization under the Act has been obtained.
Example as follows :-
Currency :
Singapore
Dollar
Class
of Shares:
Ordinary
Preference
Others
Number of shares
2
$Nil
$Nil
Amount of Issued Share Capital
$2/-
$Nil
$Nil
Amount of Paid-up Share Capital
$2/-
$Nil
$Nil
Note: Please email Peggy Wai : svc@dni-secretarial.com, if your
Company required to submit the above update with ACRA records
before the deadline 31 August 2006.
