In addition, the legal status of the creation or execution of an act electronically is not regulated in Singapore. Please note that a witness must be physically present to testify when creating or executing an act. Therefore, it is not recommended to rely on electronic signatures for the creation or execution of an act. The report proposes further amendments to the Corporations Act (Cap 50) and the LLP Act to allow these companies to execute documents with the signature of certain authorized persons, as an alternative to seal enforcement, and other subsequent amendments. The Singapore Act on the Enforcement of Corporate Records is dealt with under the Act and this section deals only with amendments to the law and does not address proposed amendments to the LLP Act, which is outside the scope of this section. A new section “41B” proposed to the Act is intended to clarify that a local company or a foreign company would no longer need a common label for the execution of documents. The provision specifies how a local company or a foreign company can execute a document with or without a seal and that the document would have the same effect in both directions as if it were carried out under the common seal of the company. The 2001 report, accompanied by the latest report, recalls the intention to simplify the execution of instruments, including documents, by individuals and businesses, by removing certain archaic formalities, while maintaining the level of security and control necessary for the purposes for which these documents are drawn up. On a web-based e-signing platform, a signatory is executed by clicking on the fact that his or her name is automatically inserted into the corresponding signature block. The name may appear as an ordinary text in a font of the signatory`s choice and should not be similar to the signatory`s handwritten wet signature. Similarly, the signatory can download an image of his handwritten signature if he wishes.
There are certain categories of transactions or documents in the first ETA calendar that are not subject to certain ETA provisions. These include ownership documents, powers and declarations of trust. With respect to commercial and financial transactions, powers and declarations of trust cannot be executed as separate documents, but are incorporated as provisions in agreements such as purchase and sale agreements, shareholder agreements, loan contracts or security documents. Certain types of documents are subject to specific formalities imposed by legal or judicial requirements relating to the future use of the document or the executing part of the document, including their form or the required method of execution (for example. B, signing a document in front of a notary). Not all of the methods described above will work for all types of contracts, as shown below. Singapore`s Document Enforcement Act, particularly documents, has recently been revised. Following a joint consultation launched by the Accounting and Supervisory Authority and the Attorney General`s Chambers, a supplementary report was published in October 2010, complementing the proposals presented in a 2001 report on proposed changes to the procedures for implementation by local and foreign companies (the “report”).