Clause 48

replace subsections (2) and (3) with —“(2) In subsection (1), “financial statements” means —

in the case where the foreign company’s shares are listed for quotation on an approved exchange in Singapore or a securities exchange in a country or territory outside Singapore and the foreign company is required by the rules of the approved exchange or securities exchange (as the case may be) to prepare financial statements — those financial statements; and

in any other case —

where the foreign company prepares financial statements in accordance with accounting standards that are substantially similar to the Accounting Standards — those financial statements;

where the foreign company does not prepare the financial statements mentioned in sub‑paragraph (i) but prepares financial statements in accordance with the applicable accounting standards as required by the law for the time being in force in the place of the foreign company’s incorporation which are audited or not (as the case may be) in accordance with that law — those financial statements; or

where the foreign company does not prepare the financial statements mentioned in sub‑paragraph (i) or (ii) — the unaudited summary financial statements of the foreign company.(3) The financial statements mentioned in subsection (1) must be lodged —

in the case where the foreign company is required by the law for the time being in force in the place of the foreign company’s incorporation to table the financial statements at an annual general meeting — within 60 days after the date on which its annual general meeting is held; or

in any other case — within such period as the directors of the foreign company would have been required to lodge its financial statements if the company were a public company incorporated under this Act which does not keep a branch register outside Singapore.”;

in subsection (4), replace “subsection (2)(a)” with “subsection (1)”;

replace subsection (13) with —“(13) The Registrar may, upon the application of a foreign company, make an order —

relieving the foreign company from complying with any requirement relating to the form and content of the financial statements mentioned in subsection (2)(b)(i) or (ii) or the unaudited summary financial statements mentioned in subsection (2)(b)(iii), including any aspect relating to the audit of those documents; or

allowing the foreign company to lodge under subsection (1) any other document instead of the financial statements mentioned in subsection (2)(b)(i) or (ii) or the unaudited summary financial statements mentioned in subsection (2)(b)(iii).(13A) The Registrar may, upon the application of a foreign company, make an order relieving the foreign company from any requirement relating to audit or the form and content of the documents referred to in subsection (7).”;

in subsections (14), (15) and (16), after “subsection (13)”, insert “or (13A)”; and

in subsection (17), after “(13)”, insert “, (13A)”.