APAC Corporate secretarial newsletter 2024 Vol.2

As businesses expand their operations into new countries, it brings a wealth of opportunities but also creates compliance risks. With its economies driving global growth, Asia Pacific (APAC) is an inviting region for multinational corporations seeking expansion. Each jurisdiction in the region has its own rules and regulations so getting compliance right is a challenge faced by businesses of all sizes. To minimize these challenges, our APAC corporate secretarial newsletter provides information on how to ensure compliance on an international scale and helps businesses gain comprehensive insights into the business landscape across APAC.

Key highlights:

Australia
o    Australian Securities and Investment Commission (ASIC) prosecutes a director without ID
o    Australian Securities Exchange (ASX) releases draft of new governance principles

China
o    Measures to further optimize the management of foreign exchange business were announced
o    A comprehensive set of policy measures in Shanghai is implemented to lighten the burden of SMEs

India
o    Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024
o    Establishment of Central Processing Centre
o    Companies (Registration Offices and Fees) Amendment Rules, 2024
o    Deployment and usage of Change Request Form (CRF) on MCA-21 – reg

Indonesia
o    Products of food and beverage to be halal certified by October 2024
o    Regulation updates on electronic information and transactions
o    Public House Savings (TAPERA)
o    Jakarta’s shift towards national economic center and global city status

Malaysia
o    SSM - Submission of Beneficial Ownership Information
o    SSM - Practice Directive No. 9/2024
o    SSM – Extension of Time for Lodgement of BO Information via e-Bos

Philippines
o    Crowdfunding in the Philippines

Singapore
o    Updates on Corporate Service Providers Bill (the “CSP Bill”) and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill (“CLLPMA Bill”) (collectively the “Proposed Bills”)