General – Page 7 – Duane Morris and Selvam

April 13, 2022April 25, 2023 by Duane Morris & Selvam

MAS amends Sections 13O & 13U Application Guidelines for Family Offices in Singapore

MAS Amends Sections 13O and 13U Application Guidelines for Family Offices in Singapore

The Monetary Authority of Singapore (MAS) has amended its requirements for family offices[1] applying for tax incentive schemes pursuant to Sections 13O and 13U of the Income Tax Act 1947 (the Act). The following amended policies apply to all first preliminary submissions received by MAS on or after 18 April 2022 for these schemes, and MAS may require applications that have received no communication from MAS for a span of at least six months to be resubmitted under the amended guidelines. The following applications are not subject to the amended policies:

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March 14, 2022April 13, 2022 by Duane Morris & Selvam

Singapore Implements Sanctions Against Russia

Ever since Russia’s act of aggression against Ukraine that began on 24 February 2022, the United States and several of its key allies have successively imposed significant sanctions against Russia. These sanctions range from prohibitions on trade and investment in certain regions of Ukraine and the designation of specific nationals that cannot interact with the market and financial system of United States, to imposing new sovereign debt restrictions and even cutting Russia further off from the global economy by removing them from the Society for Worldwide Interbank Financial Telecommunication (aka SWIFT) messaging system and disconnecting them from the international financial system, making them no longer able to operate globally. On 8 March 2022, the Biden administration also announced that the United States would be banning the import of Russian oil.

Singapore has joined these efforts, with Minister for Foreign Affairs Dr. Vivian Balakrishnan issuing a Ministerial Statement in Parliament on 28 February 2022, stating that Singapore intends to impose its own sanctions against Russia. On 5 March 2022, the Ministry of Foreign Affairs (MFA) issued a press statement with two factsheets that set out the details of the economic sanctions and restrictions.

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March 6, 2022 by Duane Morris & Selvam

在缅甸债务的回收

新冠疫情在全球引发了严重的经济冲击，尤其对于缅甸这种高度依赖劳动力密集型产业的国家。最近政府的更迭更加重了人们对缅甸政局的担忧。最近出现的一些情况让我们看到外国投资者和供货方所面临的债务难以回收的困境。本文列出了债权人针对向缅甸公司追讨债务可以采取的一些法律行动，希望能起到抛砖引玉的效果。

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March 6, 2022March 6, 2022 by Duane Morris & Selvam

Debt Collection in Myanmar

The COVID-19 pandemic triggered severe economic shock, particularly in countries like Myanmar that rely heavily on labour-intensive industries. The recent change in the government has added further concerns to the political state of Myanmar. With this recent set of events, we have seen foreign investors and suppliers face difficulty in recovering debts in Myanmar. This Alert sets out actions that may be considered by creditors towards recovering debts from a Myanmar company.

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March 8, 2021 by Duane Morris

Duane Morris & Selvam Statement on Myanmar Operations

SINGAPORE, MARCH 6, 2021—Duane Morris & Selvam issued the following statement in response to the on-going political uncertainty impacting Myanmar.

“We continue to carefully monitor the on-going situation throughout the country,” said Leon Yee, Chairman for Duane Morris & Selvam. “That said, we believe in the long-term future for the country and its economy, as well as for Duane Morris with our strong roots there. At this time, maintaining the on-going safety of our team and clients, and concern for the people of Myanmar, remains of our utmost priority.”

“Throughout the turmoil of the past weeks, our active and comprehensive counsel to clients in Myanmar and across Asia has remained firm and steadfast. We will always be here for our clients. The relationships our lawyers have established with business leaders in the region, as well as the operational and legal resources available to clients as a local office within Duane Morris’ robust global network, has positioned us well for continued seamless delivery of substantive legal counsel,” Mr. Yee continued.

He added further that lawyers and staff located in the Firm’s office in Yangon, Myanmar, are able to work both in the office as well as remotely, and that the Firm is accommodating in-office attendance consistent with local COVID-19 conditions.

About Duane Morris & Selvam

Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi and Ho Chi Minh City, as well as offices in Shanghai and Yangon. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan, as well as an alliance in Sri Lanka. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.

June 11, 2020June 16, 2020 by Duane Morris & Selvam

Reopening the Workplace During the COVID-19 Pandemic: What Employers Need to Know

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Singapore’s circuit breaker period came to an end on 2 June 2020 with the government introducing a three-phased approach for transitioning into a “new normal” and resuming economic activities safely.

With certain businesses reopening, the government is encouraging continued vigilance through a mix of statutory obligations as well as guidelines from the various government ministries. In terms of statutory obligations, the updated COVID-19 (Temporary Measures) (Control Order) Regulations 2020 includes specific obligations for employers, among others, to institute safe practices in the workplace. In terms of guidelines, the Ministry of Manpower has issued certain Safe Management Measures for general workplace settings and sector-specific guidelines for specific workplace settings.

This article aims to educate and provide guidance to employers operating post-circuit breaker on the requirements which may be relevant to them.

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June 9, 2020June 11, 2020 by Duane Morris & Selvam

Alternative Arrangements for Companies’ General Meetings

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We had previously written about the COVID-19 (Temporary Measures) Act and its provisions for the Minister for Law to prescribe alternative arrangements for, among others, the holding of general meetings.

The COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (Order) was published in the Gazette on 13 April (and subsequently amended on 14 April 2020 and on 24 April 2020) and is deemed to come into effect on 27 March 2020.

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April 22, 2020June 16, 2020 by Duane Morris & Selvam

Loan Obligations: Relief Measures During the COVID-19 Pandemic

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On 31 March 2020, the Monetary Authority of Singapore (MAS) announced a package of targeted relief measures that was rolled out together with the Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore to provide temporary relief for individuals and small- and medium-sized enterprises (SMEs) facing liquidity problems during the COVID-19 pandemic. In this collapsing world economy, these measures could be a lifeline to stave off bankruptcy and winding-up actions.

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April 14, 2020April 15, 2020 by Duane Morris & Selvam

COVID-19 (임시 조치) 법 2020

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2020년 4월 7일 싱가포르 의회는 다음과 같은 두개의 중대한 COVID-19 관련 법률을 통과시켰습니다:

COVID-19임시 조치법 2020 (이하 “임시 조치법”): 이 임시 조치법은 COVID-19 사태로 인해 피해를 입은 당사자들에게 한시적인 구제 조치를 제공하고, 정부에게 통제 통제 명령을 내릴 수 있는 권리를 부여합니다.
COVID-19 (임시 조치)(통제 명령) 규정 2020 (이하 “통제 명령”): 상기 임시 조치법에 의해 공표된 통제 명령은 2020년 4월 7일 부터 2020년 5월 4일 까지 그 규모와 및 장소를 불문하고 모든 “social” 모임을 금지 및 통제합니다.

이 기고문은 임시 조치법과 통제 명령에 대한 주요 내용을 제공하기 위해 작성되었습니다.

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