Doing Business in Singapore

1. Types of Business Entities (Overview)

Types of Business Entities

Limited Companies Unlimited Companies Sole Proprietorship Partnerships

Limited by Shares Limited by guarantee

Pte Companies Public Companies

Exempt Pte Companies

Non-exempt Pte Companies

1.1 Advantages of an Exempt Private Company:

(a) Need not file annual accounts with RCB ∴ no disclosure to the public of accounts.

(b) Company may make loans/give guarantees/provide security for the benefit of directors or
companies in which its director is interested in 20% or more if its shareholdings.

2. Business Vehicles for Local Clients

Business Company

Regulated By Business Registration Act Cap 32 Companies Act Cap 50

Types · Sole Proprietor · S17(2)(a): Limited by shares

· Partnership
· S17(2)(b): Liability limited
by guarantee
· S17(2)(c): Unlimited
Liability

Legal Status Personal liability borne by sole Doctrine of Separate Legal entity
proprietor or partners: sue in the applies: can sue and be sued in its
name of sole proprietor or own name.
partners.
Liability Unlimited liability Liability limited to
shares/guarantee (unlimited
companies are very rare)

Accounting Procedures
Have to account for profits and
losses to the IRAS but audited
accounts not required.
S199: statutory to keep
accounting and records that will
‘sufficiently explain the
transactions and financial position
of the company’ and such records
have to be audited at the end of

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 every financial year.

3. Foreign Clients and their Business Vehicles

3.1 Issues to consider:

(a) Advantages and disadvantages of a Singapore registered company (a subsidiary)

(b) Advantages and disadvantages of a foreign company registered in Singapore ( a branch)

(c) Using a Representative Office (RO)

See table

3.4 Government Approvals

· Setting up certain businesses in Singapore sometimes requires government approval. Some examples
are stated below:

(a) Insurance Brokers: require a licence in certain circumstances specified in Insurance Act Cap 142;
require the approval of MAS if the work ‘insurance’ is used in the name of the company.

(b) Investment Advisers: require a licence under the Securities Industry Act Cap 289.

(c) Singapore Companies (owned and controlled by Singaporeans used for ownership of certain classes
of residential property): M&AA cannot be changed without the permission of the Controller of
Housing under the Residential Property Act.

(d) Tour Agencies: require approval from Singapore Tourism Board.

(e) Private Schools: require approval from Ministry of Education.

(f) Audit, Accounting, Tax and GST practices: require approval from Institute of Certified Public
Accountants of Singapore.

(g) Banks, merchant banks, finance companies, and insurance companies require governmental
approval.

3.3 Registration requirements

· S368 states that a foreign company must register before it acquires a place of business or carries on
business in Singapore. (NB. A foreign branch does not have to be incorporated in Singapore to carry on
business but is required to be registered.)

· Definition of ‘carrying on business’ not available in CA but s366(2) states the things which should not
on their own be regarded as ‘carrying on business’.

S366(2):
A foreign company shall not be regarded as carrying on business in Singapore for the reason only that in
Singapore it –

(a) is or becomes a party to any action or suit or any administrative or arbitration proceeding or effects
settlement of an action, suit or proceeding or of any claim or dispute;

(b) holds meetings of its directors or shareholders or carries on other activities concerning its internal

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 affairs;

(c) maintains any bank account;

(d) effects any sale through an independent contractor;

(e) solicits or procures any order which becomes a binding contract only if such order is accepted
outside Singapore;

(f) creates evidence of any debt or creates a charge on movable or immovable property;

(g) secures or collects any of its debts or enforces its rights in regard to any securities relating to such
debts;

(h) conducts an isolated transaction that is complete within a period of 31 days, but not being one of a
number of similar transactions repeated from time to time;

(i) invests any of its funds or holds any property;

(j) establishes a share transfer or share registration office in Singapore in order to become a listed
corporation; or

(k) effects any transaction through its related corporation licensed or approved under any written law
by the Monetary Authority of Singapore, established under the Monetary Authority of Singapore
Act (Cap. 186), under an arrangement approved by the Authority.”.

4. Practical Problems

4.1 Time and money

Proprietorships and Incorporation of Registration of Branch

Partnerships Company

Time required for 24 hours 2 days 1 week

incorporation /
registration

Charges · $15 for name · $300 for · $15 for application

· $50 for registration
· $5 for a certified
copy of registered
particulars.
· $105 for every 3
years.
Subsequent renewal
costs
· $75 by GIRO
· $90 by cashcard /
nets
· $105 by cash
incorporation · Fee for registration
· Registration fee of a foreign
imposed according company is the
to the mount of same as that for the
authorised share incorporation of a
capital of the local company. If
company starting the scale cannot be
from $1,200 applied, a flat rate
of $1,200 payable.
· Ref: 2nd Schedule

4.2 Names of Company (further discussion in Lecture 3)

· No Chinese characters, but Hanyu Pinyin accepted.

· Reservation of name:

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 (a) Request for more than 1 name;

(b) Seek consent of trademark holders if necessary.

4.3 Requirements of Registered Office

· Registered office ≠ place of business, however it:

(a) cannot be a PO Box number;

(b) cannot be the a HDB flat unless the business fall under a scheme for entrepreneurs.

· S142 (1): all communications and notices may be addressed to the registered office. Registered office
has to be open and accessible to the public for not less than 3 hours during ordinary business hours on
each day.

4.4 Directors

· S145 (1): at least 2 directors one of whom shall be ordinarily resident in Singapore. (ordinarily resident
= Singapore citizen or a Permanent Resident or an Employment Pass Holder).

· S145 (2): no person other than a natural person of full age and capacity shall be a director of a company.

4.5 Share Capital

· Authorised capital: the amount of capital with which a company proposes to be registered. Must be
divided in shares of fixed amount (nominal value, normally S$1).

· Issued Capital: subscriber is in full control of the shares allotted to him but not necessarily having fully
paid the full nominal value of the shares.

· Paid-up Capital: full nominal value of shares paid up by subscribers.

· Minimum required share capital: S$2 (2 subscribers each taking 1 share).

· Share capital can be in other currencies especially for subsidiaries where consolidation of accounts with
parent holding company is necessary.

Incorporation of a Company

1. Incorporation of a Local Company

1.1 Application for Company Name

· A company name must be approved before a company can be registered. Conditions which have to be
satisfied prior to approval are stated in S27 CA.

· General rule of thumb:

(a) Proposed company name should not be identical to, or similar to the name of another local
company, branch or business firm.
(b) Undesirable names (RCB’s discretion) will also not be approved.
(c) Kind of names that Minister has directed the Registrar not to accept for registration includes name
containing words like ‘Temasek’ and ‘Esplanade – Theatres on the Bay’ will also be rejected.

· Go to http://web9.internet.gov.sg/rcb/owa/find.main for online directory search for similar names.

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· Obtain required approval from related government or statutory authorities. Eg: expressions like ‘Bank’,
‘Finance Company’ would require the approval from MAS. Approvals would usually take from 14 days
to 2 months, factor in time.

1.2 The Procedure

· Implementation of electronic filing system via Biznet on 15/1/2002.

· Main categories of information which you need to furnish:

(a) Particulars of Company Officers/Auditors:

· S146(1) & s173(6)(c) CA: details of Directors
· S171(b) & s173(6)(c) CA: details of Company Secretary
· S173(6)(c) CA: details of auditors.
(b) Shares subscribed:
· Furnish details of the capital structure, allotment of shares and particulars of the
shareholders.

(c) M&AA:
· Select types of Memorandum & Articles of Association available. The signed copy need not
be lodged with the RCB but should be kept at the company’s registered office.
· 3 Types of M&AA are available:
1. RCB standard M&AA based on the 3rd and 4th Schedules to the CA.
2. Customised RCB standard M&AA prepared by your organisation which you can attach.
3. M&AA prepared by your organisation which you can attach.

(d) Declaration requirements:

· All requirements of the CA relating to the formation of the proposed company have been
complied with.
· All the subscribers/members to the Memo and the presons named in the M&AA to be
officers of the proposed company have been identified.
· Each director named has given his consent to act as Director and is not disqualified under
s148 CA.
· The Secretary has consented to act as one and is a qualified person under s171(1A) CA.
· Upon successful incorporation, Bizfule will generate an electronic notification (e-notification) to you
via e-mail.

· Parallel Manual requirement:

The following forms which must be dated on the same date as the online submission or prior to the
online submission must be manually executed and lodged until 2nd Phase of EFS launched:
(a) Form 6: Statutory Declaration of Compliance
(b) Form 46/47/48 where applicable which relates to qualification shares.
· Upon lodgement of requisite manual forms, a Certificate of Incorporation will be issued and dated the
same day as the email notification.

· A flat fee of $300 is levied for incorporation. In addition a registration fee is also imposed according to
the amount of authorised share capital of the company. No registration fees payable for any increase in
share capital. No separate filing fees for lodgement of forms.

1.3 Legal Effects of Corporate Documents

1.3.1 Effects of the Memorandum:

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· Every member of the company must observe all the provisions of the memorandum. Memo is a charter
of the company which sets out the powers of the company, the liability of its members and the structure
of its share capital.

· Necessary Contents of Memorandum as specified in s22(1) CA:

(a) Name of company;

· S144 CA: name of the company must appear in legible romanised letters on its seals,
business letters, statements of accounts, invoices, official notices, publications, bills of
exchange, promissory notes, endorsements, cheques, orders, receipts and company’s letters
of credit.

(b) Objects or power of the company;

· Company must be formed for a lawful purpose and must not assume objects which
contravene the CA or any other Act.

(c) Liability of its members;

· Specification of the liability of the members whether limited or unlimited.
· S42 CA: limitation of liability is lost as the member who is cognizant that the company has
been carrying on business during a period of 6 months despite the fact that the number of
members has dropped below the legal min of 2 shall be liable for the payment of all the debts
of the company contracted during that time. The member is also guilty of an offence and
shall be liable on conviction of a fine < $2,000.

(d) Capital of the company;

· State the authorised capital and its division into shares of a fixed amount.

(e) Name, address and occupation of its subscribers and a statement that they desire to form a
company and that they agree to take up shares.
· S22(2) CA: Each subscriber having a share must in his own handwriting state the number of
shares (not being less than one) that he agrees to take.
· Subscriber must also sign the memorandum in the presence of at least one witness (not being
another subscriber) to attest the signature. Witness must provide his address and occupation.

1.3.2 Effects of the Articles of Association

· Articles constitute a contract, not only between shareholders and the company, but also between the
individual shareholders.

· Company is not bound to its members outside of their capacity as members especially where rights are
conferred by the articles to members in some other capacity, such persons cannot rely on the articles to
enforce their claims against the company.

· A company’s articles must adopt all the provisions in Table A, and may include other matters not
specified in Table A as long as such matters do not contradict the CA or modify the Memo.

· Requirements in s35 CA applies.

S35:
(1) Articles must be signed by the subscribers to the memorandum prescribing the regulations for the
company.
(2) Articles shall be –
(a) printed;
(b) divided into numbered paragraphs; and
(c) Signed by each subscriber to the memorandum in the presence of at least one witness (not being
another subscriber) who must attest the signature and add his address and occupation.

· Articles would usually include the following matters. (Note: I have stated the matters down as we might
be required to draft AAs in practice. Would serve as a good checklist!)

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 1. Interpretation of the terms used in the document
2. Share capital, variation of capital rights and the conditions under which shares are issued.
3. Lien upon shares held by the company in respect of amounts unpaid.
4. Power of the company to call for payment on shares, to charge interest on calls in arrears and to
allow interest on calls paid in advance.
5. Forms in which transfers of shares are to be executed, the rights of directors to decline transfers.
6. The rules governing transmission of shares.
7. Circumstances under which shares may be forfeited, liability of former holder of such shares and
power of company to re-issue forfeited shares.
8. Power of company to convert shares into stock and rights of holders of shares so converted.
9. How and to what extent alterations of capital may be effected.
10. When meetings are to be held and how they are to be convened; notice required to be given of
meetings and regulations as to proceedings at meetings.
11. Voting powers of members both by a show of hands and by poll.
12. Forms of instruments appointing proxies.
13. Appointment of representatives to act on behalf of corporate shareholders.
14. Directors, their appointment, remuneration, qualifications, powers, duties; and the rotation of
directors, the manner in which they may exercise the company’s borrowing powers and the
circumstances under which the office of director may be vacated.
15. Procedure at board meetings and the appointment of managing director.
16. Appointment and remuneration of secretary.
17. Provisions for use and safe custody of the company seal.
18. Provisions on payment of dividends and transfer of profits to reserve account.
19. Duties imposed on directors to satisfy the accounting and audit requirements of the CA.
20. Powers of company to capitalise reserves and profits in accordance with the provisions of the Act.
21. How notices must be given by the company to its members.
22. Winding up and powers of the liquidator to deal with assets of the company.
23. Indemnity afforded to officers out of assets of the company.
24. The following provisions are not allowed in the articles:
· Provisions requiring shareholders to take or increase their liability to contribute to the share
capital without their prior consent.
· Any provision constituting an oppression of minority shareholders.

1.3.3 Certificate of Incorporation

· Form 9 will be issued until the law is amended to substitute the certificate of incorporation with an
online certificate.

· Private companies may commence business upon receiving its Certificate of Incorporation.

· Public Companies must submit additional electronic documents in order to obtain a Certificate of
Entitlement to commence business under s61:
1. A Statement in Lieu of Prospectus
2. A Statutory Declaration made by a Director or the Secretary stating that:
· The company has submitted a Statement in Lieu of Prospectus to the Registrar;
· All directors have paid for the shares they have subscribed to.

2. Registration of a Branch of a Foreign Company

· S368(1) requires that every foreign company to register with the Registrar before it establishes a place
of business or commences to carry on business in Singapore.

2.1 Use of Name

· Submission of Form 14B – Application for Approval and Reservation of Name for Registration of a
Foreign Company.

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· S378 CA regulates restrictions on use of names for foreign companies. Procedure to obtain approval for
name similar to that of incorporation of a local company.

S378:
(1) Except with the consent of the Minister, a foreign company shall not be registered by a name that,
in the opinion of the Registrar, is undesirable or is a name, or a name of a kind, that the Minister
has directed the Registrar not to accept for registration.

· A fee of $15 is payable for each proposed company name.

· 3 working days required to process the application and obtain approval.

2.2 The Procedure

· S368(1) states that the following documents have to be filed and effect registration:

(a) Company Regulations(CR) r7(8): a copy of the foreign company’s Certificate of Incorporation
or Registration certified not more than 3 months before, by the authority which issued the
certificate.
· To be filed with Form 94 (general lodgement form).

(b) CR r7(9): a copy of the foreign company’s charter, statute or memorandum and articles or other
instrument constituting or defining its constitution certified, not more than 3 months before, by
which the authority which incorporated the foreign company; or a notary public; or a director,
manager or secretary of the foreign company in the form of an affidavit.
· To be filed with Form 94.

(a) S397 CA & CR r14: if the M&AA are not in English, their officially translated copies must
also be lodged.

(b) S368 (1) (c) CA: a return providing particulars of all the directors of the foreign company.
· Form 79

(c) S368 (1) (f) CA: a notice giving the foreign company’s registered office in Singapore.
· Form 44

(d) S368 (1) (f) CA & CR r7 (10): a memorandum of appointment or power of attorney
executed by the foreign company appoints 2 agents ordinarily resident in Singapore.

(e) S368 (1) (g) CA: the appointed agents are required to make a statutory declaration stating the
main particulars of the foreign company including:
· the place of incorporation
· the amount of authorised capital or the number of members of the foreign company
· Form 80

· Fees incurred: $10 per document lodged at the RCB and a registration fee based on the authorised share
capital of the foreign company commencing from S$1,200. Refer to Schedule 2 CA.

· Registration of branch of foreign company would usually take 5 working days to process after which a
Certificate of Registration (Form 83) is issued. Rf: s371 CA

· A foreign company carrying on business in Singapore must comply with local requirements. S372 CA:
requires foreign company to inform the Registrar when there are changes in its particulars. S373 CA:
requires foreign company to file its accounts with RCB.

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3. Registration of a Business

· “Business” as per Business Registration Act (BRA) includes every form of trade, commerce,
craftsmanship, calling, profession and any activity carried on for the purpose of gain but does not
include any office, employment or occupation, or any of the business specified in the First Schedule.

· List of exempted entities/individuals:

1. Individuals carrying on any of the businesses specified in the First Schedule.
2. Statutory authority or other body established under any written law.
3. Institution, society or person specified in the First Schedule to Income Tax Act.
4. Registered Society.
5. Registered co-operative society.
6. Registered mutual benefit organisation.
7. Person carrying on any business consisting solely of the exercise of any profession which under the
law can be exercised only by those who possess certain prescribed qualifications and whose names
are registered in the manner prescribed by the law.
8. Charitable institutions which exempt from tax under the Income Tax Act.
9. The Public Trustee or the Official Assignee of the property of a bankrupt.
10. A foreign company carrying on business in Singapore which is registered under the CA and carries
on the business under its corporate name.
11. Any other person or class or persons for the time being exempted by the Minister, by notification of
the Gazette, from all provisions of this Act.
12. Any company registered under the CA or any previous legislation carrying on business under a
business name that consists of its corporate name.

· Exempted Business specified in First Schedule:

1. Any business of a licensed hawker who sells or exposes for sale any drink, goods, wares or
merchandise of any kind whatsoever, or who offers for hire his skill in handicraft or craftsmanship.
2. any business of a craftsman who
(a) exercises his craft on his own domestic premises;
(b) does not display the products of his craftsmanship for sale in public; and
(c) does not employ any person other than members of his immediate family for the purpose of
his business.
3. Any business of:
(a) a taxi-driver;
(b) a trishaw rider;
(c) a sampan man plying his sampan for hire; or
(d) a farmer, a fish pond keeper or a prawn pond keeper who does not employ any person other
than members of his immediate family; does not own the land on which his farm or pond
stands; and does not charge members of the public any fee for admission.

3.1 Registration Particulars

· S6 BRA: Submit Form A (Application for Approval of Name) and Form B (Application to register a
Business).

· Particulars required in Form B:

(a) Nature of business – main and secondary activities of the business.

(b) Principal place of business and address of every branch.
(c) Name and personal particulars of the manager of the business.
(d) Name and particulars of the owner of the business.
(e) Declaration by owners that information is true and correct and that non of the owners is an
undischarged bankrupt.

· Registration takes one working day and a fee of $105.00 is charged. A Certificate of Registration valid
for 3 years will be issued. Subsequent renewals cost $75 if payment made by GIRO.

3.2 Compliance requirements:

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· S21 BRA & s6 (1) Business Registration Regulations (BRR): states that where the owner resides
outside Singapore, a local manager (either Singapore citizen or PR) must be appointed. He say be
personally responsible for the business and subject to all the liabilities as the owner.

· S9 (2) & s 23(e) BRA: a registered business has to exhibit the certificate of registration in a
conspicuous place at the principal place of business.

· BRR 8(1): registered business name is to be displayed in a conspicuous position on the exterior of
every place of business.

· BRR 8(2): registered business name and certificate of registration number is to be printed on every
letterhead, invoice, bull or other documents used for the business.

How do I apply for approval of a local company name?

You will need to apply online through Bizfile for incorporation of a local company. Please engage a
professional firm / company or a service bureau to submit the application on your behalf.

An application fee of $15 is payable for each approved local company name. If the company name is
approved, it will be reserved for 2 months. Should you need more time, you can apply online for an
extension of 2 months. The application fee is S$10 for each approved name.

How do I apply for approval of a foreign company name?

For application for registration of a branch of a foreign company, a Form 14B (Application for Approval and
Reservation of Name for Registration of a Foreign Company) should be submitted. It takes us 3 working
days to process the application for approval of name.

An application fee of $15 is payable for each proposed company name. If the company name is approved, it
will be reserved for 2 months. Should you need more time, you can apply in writing within the name
reservation period for an extension of 2 months. The application fee is S$10 for each approved name.

What are the criteria for processing of a company name application??

A proposed company name will not be approved if it is identical to, or so nearly resembles the name of,
another company, foreign company or business firm as to be likely to be mistaken for it. Undesirable names,
including offensive or vulgar names, will also not be approved.

Incorporation of a local company

What are the documents and fees required for incorporation of a local company?

You can now submit your application online through a professional firm / company or a service bureau
without having to file any forms. Please refer to Bizfile for more details. You will need to pay a registration
fee of S$300 for a limited-by-share company.

How many directors must a company have?

A company must have at least two directors, one of whom must be either a Singapore Citizen, a Singapore
Permanent Resident, a Singapore Employment Pass Holder, an Approval-In-Principle Employment Pass
Holder or a Dependant Pass Holder.

Any person above the age of 21 may be appointed as a director.

What are the qualifications for a company secretary?

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 Every company must have at least one secretary appointed within 6 months of the date of
incorporation. The qualifications of a company secretary are specified in the prescribed Form 45B
(Consent to act as Secretary) and can be one of the following:

• A secretary of a company for at least 3 of the 5 years immediately preceding the date of his
appointment as secretary of the company.
• A qualified person under the Legal Profession Act.
• An accountant registered with the Institute of Certified Public Accountants of Singapore.
• A member of the Singapore Association of the Institute of Chartered Secretaries &
Administrators.
• A member of the Association of International Accountants (Singapore Branch).
• A member of the Institute of Company Accountants (Singapore).

When must a company appoint its auditor?

A company must appoint an auditor within 3 months from the date of incorporation.

Registering a branch of a foreign company

What is a foreign company?

A foreign company is one that is incorporated outside Singapore. It has to register a branch in Singapore
under the Companies Act before it can commence business here. Any foreign company wishing to register a
branch is advised to engage a professional firm in Singapore e.g. law firm or accounting firm to assist in the
preparation and filing of the necessary documents for registration.

What are the documents and fees required for registration of a branch of a foreign company?

As the preparation and completion of these documents are rather technical, we would advise you seek
professional assistance from a firm of local solicitors or accountants.

There are about 6 documents to be filed with us. The filing fee for each document is S$10 and another S$10
should be paid for the issuance of the Certificate of Registration of Foreign Company. A minimum
registration fee of S$1,200 is payable for an authorised share capital of S$100,000 or below. You will have to
convert the authorised share capital of the company into Singapore currency for computation of the
registration fee payable. It usually takes us 5 working days to process the registration of a foreign company.

How do we apply for change of name of a company?

You will need to lodge a Form 14A (Application for Approval and Reservation of Name for Change of Name
by an Existing Company) with S$15 application fee for each applied name. The approved name will be
reserved for 2 months from the date of application. If you are unable to submit the documents for the change
within this period, you can apply in writing (with S$10 application fee for each approved name) for an
extension of time for another 2 months.

We take 3 working days to process your application. However, if we need to refer your application to another
government authority for comments, it may take another 14 days to 2 months before we can revert to you.

What form should we file after the change of company name of a local company has been approved?

You will need to file a Form 11 (Notice of Resolution) on the change of company name after passing a
special resolution to adopt the change. The fees payable are S$50 (name approval fee), S$10 (filing fee) and
S$10 (Issuance of Form 13, Certificate of Incorporation of Change of Name of Company). Please seek
assistance from your company secretary if you are in doubt.

What form should we file after the change of company name of a foreign company has been
approved?

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You will need to file a Form 84 (Notice of Change relating to Foreign Company) with the necessary
documents confirming the change of name, duly certified as required under the Companies Act and
Companies Regulations. Please seek independent professional advice if you are in doubt.

Changes to particulars of a company or of its officers

Must a company inform RCB of changes to particulars?

A company has to notify RCB of changes to its registered particulars and the particulars of its officers
through the lodgment of various prescribed forms. E.g. file a Form 44A for change of registered office
address of a company.

(Below are some examples of such changes)

Type of Change What Form to lodge When to lodge Filling Fee S$
Change of Registered
Form 44A Within 14 days of change 10.00
Office Address
Appointment of
Within 1 month of
Director/Company Form 45/45B & 49 10.00 for each form
appointment>/font>
Secretary
Changes of Particulars of
Directors, Managers, Form 49 Within 1 month of change 10.00
Secretaries and Auditors
Within 1 month of
Allotment of Shares Form 24 10.00
allotment
Within 1 month of Annual
Annual Return AR Form 20.00
General Meeting

Must a company file a Form 44A for a change in the name of the building or street name of the
premises of its registered office?

Yes, as this change is a change of 'particulars' of the registered office stipulated under Section 143(1)(A) of
the Companies Act for which notification of change is required.

What form should a company file for a change in its correspondence address?

No form needs to be filed. However, if the correspondence address is also the registered office address of the
company, a Form 44A needs to be lodged under Section 143 (1) of the Companies Act.

How does a company notify RCB of errors in company documents?

A company can file a Form 5A (Notice of Error in Document lodged) to notify RCB of typographical or
clerical errors in company documents.

For errors which are substantial in nature, e.g. errors in share capital which are not due to clerical mistakes, a
Court Order is required under Section 12B of the Companies Act, Cap. 50. For rectification of errors in
charge documents, Court Orders are required to be obtained under Section 137 of the Companies Act, Cap.
50, and lodged with RCB.

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