On 2 May 2013, the Accounting and Corporate Regulatory Authority ("ACRA") and the Ministry of Finance ("MOF") unveiled for the first time, a proposed draft Companies (Amendment) Bill 2013 ("Bill"). The Bill contains the proposed amendments to the Companies Act ("CA") derived from earlier recommendations of the Companies Act Steering Committee which were accepted by the MOF in October 2012 after a first round of public consultation.

A second public consultation was held from 2 May 2013 to 14 June 2013 to seek public feedback on the manner in which the Steering Committee's recommendations are reflected in the draft Bill, and any operational or practical considerations in implementing the Bill's provisions.  The scope of the amendments contained in the draft Bill is wide-ranging, covering issues relevant to shares, directors, meetings, accounts and audit, company registration and more.