第三章 外國法制之介紹
第五節 新加坡
國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
66
第五節 新加坡
新加坡自 1819 年成為英國殖民地，於 1965 年獨立之後，仍沿用 舊法，深受英國體制影響290。新加坡的公司法改革於1999 年展開，由 此 制 定 了 多 條 公 司 修 訂 法 令 ， 而 2005 年 之 修 法 (the Companies Amendment Act 2005 ) 推出多項措施，包括 2006 年 1 月 30 日起，廢 除票面金額，改採強制性無面額股制度291，同時配合刪除授權資本制規 範292，並大幅修正資本維持原則。
新加坡是普通法系國家293，根據新加坡舊公司法第 22 條(1)(C)規 定，所有在新註冊的有限責任公司在其章程(Memorandum)中必須登記 其資本，並將之分割為具有票面價格的等額股票294。此外，依照舊法第 123 條 2 項 c 款，股份必須載有面額295，公司可以任意選擇其面額發行 面額股或象徵性面額股296。
290 Jiangyu Wang, Making Singapore Company Law More Singaporean? A Critical Examination of the Recent Revision of the Companies Act in the Light of Comparative Law, The Asian Business Lawyer, Vol.
14, Fall 2014, at 3.
291 香 港 重 寫 公 司 條 例 會 計 與 審 計 條 文 諮 詢 文 件 ，
http://www.cr.gov.hk/tc/publications/docs/consultpaper_c.pdf，頁5。
292 Jiangyu Wang, Supra note 290,
293 張末然，新加坡《公司法》股票面額制度的廢止研究及其中國借鑒，市場周刊，2015 年第 2 期，
頁92。
294 §22 Requirements as to memorandum
(1)(C) unless the company is an unlimited company, the amount of share capital, if any, with which the company proposes to be registered and the division thereof into shares of a fixed amount.
295 §123Certificate to be evidence of title
(2) Every share certificate shall be under the common seal of the company or, in the case of a share certificate relating to shares on a branch register, the official seal of the company and shall state as at the date of the issue of the certificate—
(c)the nominal value and the class of the shares and the extent to which the shares are paid up.
296 所謂象徵性面額(nominal par value)，又稱便士面額(penny par)，係指公司股票面額僅是公司發行 面額股的最低發行價格，股票發行後進入流通市場，交易價格即不受面額影響。為了避免受最低價 格約束及節省相關稅賦，絕大多數公司乾脆將股票的面額定為最小貨幣單位。
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
67
2006 年新加坡公司立法和規則架構委員會（SLRFC）對該條進行 了建議，徹底廢除了股票面額制度297，同時並要求公司於2005 年至 2007 年財務報告須強化揭露會計科目轉換資訊298。
而促成這次修改的原因大體如下：首先，票面價值的概念本身具有 誤導性，票面所標註的價值不能代表股票實際價值。當票面價值低於實 際價值，由於資訊之不對稱性，投資者容易遭受損失。並且隨著公司的 持續經營，票面價值更是失去其存在的意義，因為其對股票的現實價值 不具有指導意義299。
其次，股票面額制度具有繁瑣性，增加了不必要的公司會計核算和 財務記錄項目。公司的資本被分散成不同的帳目，比如股票資本、股票 溢價等，造成不必要的繁冗。此外，在新加坡股票面額没有最小的限度 规定，所以原則上該數額可以無限低。
最後，面額制度抑制增資和擴大融資，例如依照舊法第68 條之規 定，當股票的實際價值低於票面價值時，未經法院同意，不得折價發行
300，可資參照。故之後為因應刪除面額股之概念，全面採取無面額股制 度，公司法於此同時刪除舊法第68 條有關除經股東會通過並經法院確 認(confirm)，不得折價發行之規定。
概述
新加坡的公司型態大致區分為三種301，分別為私人有限責任公司 (Private limited companies)、公眾公司(Public companies)以及外國公司的 分支(Branches of foreign companies)。私人有限公司公司為股東人數 50 人以下之公司。公眾公司之公司股東則可超過50 人，公司得經由登記
297 張末然，同前註 293，頁 92。
298 田建中、高珮菁，同前註 146，頁 39。
299 張末然，同前註 293，頁 92。
300 張末然，同前註 293，頁 92。
301 Shares and Share capital, ACRA,
https://www.acra.gov.sg/uploadedFiles/Content/Publications/Guides/SharesandSharecapital.pdf( 最 後 瀏 覽日：2016.8.19)
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
68
公開說明書 (register a prospectus) 後向大眾募資。外國公司的分支不受 新加坡公司法(the companies act, chapter50.)限制302。
公司股本包含「已發行股本(issued share capital)」、「繳足股本(paid up share capital)」以及「未繳股款(unpaid share capital)」，股東繳納股款 不以現金為限303。公司的法定資本(authorized capital)為公司章程可能發 行股份的面額總和，在過去，有限責任(limited Company)之公司不能發 行股份超過其法定資本，否則將被宣布無效304。
現行之新加坡公司取消面額及法定資本制305，則不再受最低法定 資本額(authorized capital)之限制。倘公司須減資，不論是公眾公司
302 Singapore Company Laws and Regulations Handbook, International Business Publications,USA, 2009 https://books.google.com.tw/books?id=Rm8rlK0FAmYC&pg=PA117&lpg=PA117&dq=pay+up+in+whol e+or+in+part+the+balance+unpaid+on+shares+issued+before+that+date+to+members+of+the+company
&source=bl&ots=2IyxkCNZiI&sig=A0Cnla5jfE6cauvNxnbbLxEh7Ws&hl=zh-TW&sa=X&ved=0ahUKEwjriq2tidnOAhXHGZQKHfDdDpYQ6AEIITAB#v=onepage&q=pay%20up%
20in%20whole%20or%20in%20part%20the%20balance%20unpaid%20on%20shares%20issued%20befo re%20that%20date%20to%20members%20of%20the%20company&f=false(最後瀏覽日：2016.08.24)
303 (Cap 50, 2006 Rev Ed)§ 63B Lodgment of documents in relation to allotment
(1) Where shares are allotted by a company as fully or partly paid up otherwise than in cash and the allotment is made pursuant to a contract in writing, the company shall lodge with the return of allotment the contract evidencing the entitlement of the allottee or a copy of any such contract certified as prescribed.
304 Chae Yen Tang, Lim Bee Rang, Stanley, Phng Boon Peng, No Par Value Shares In Singapore A Preliminary Discussion,1996. At 6.
305 See Pey Woan LEE, Christopher C. H. CHEN, Modernising Company Law: The Singapore Experience.
p2.
‧
306 (Cap 50, 2006 Rev Ed)§78C.Reduction of share capital by public company
(1) A public company may reduce its share capital in any way by a special resolution if the company — (a)[Deleted by Act 36 of 2014 wef 01/07/2015]
(b)meets the solvency requirements; and
(c)meets such publicity requirements as may be prescribed by the Minister,
but the resolution and the reduction of the share capital shall take effect only as provided by section 78E.
(2) Notwithstanding subsection (1), the company need not meet the solvency requirements if the reduction of share capital does not involve any of the following:
(a) a reduction or distribution of cash or other assets by the company;
(b) a release of any liability owed to the company.
(3) The company meets the solvency requirements if —
(a) all the directors of the company make a solvency statement in relation to the reduction of share capital;
(b) the statement is made —
(i) in time for subsection (4)(a) to be complied with; but
(ii) not before the beginning of the period of 30 days ending with the resolution date; and
(c) a copy of the solvency statement is lodged with the Registrar, together with the copy of the resolution required to be lodged with the Registrar under section 186, within 15 days beginning with the resolution date.
(4) Unless subsection (2) applies, the company shall —
(a)throughout the meeting at which the resolution is to be passed, make the solvency statement or a copy of it available for inspection by the members at the meeting; and
(b)
throughout the 6 weeks beginning with the resolution date, make the solvency statement or a copy of it available at the company’s registered office for inspection free of charge by any creditor of the company.
(5) The resolution does not become invalid by virtue only of a contravention of subsection (4), but every officer of the company who is in default shall be guilty of an offence.
(6) Any requirement under subsection (3)(c) or (4)(b) ceases if the resolution is revoked.
307 (Cap 50, 2006 Rev Ed)§78B.Reduction of share capital by private company
(1) A private company limited by shares may reduce its share capital in any way by a special resolution if the company —
(a) [Deleted by Act 36 of 2014 wef 01/07/2015]
(b) meets the solvency requirements; and
(c) meets such publicity requirements as may be prescribed by the Minister,
but the resolution and the reduction of the share capital shall take effect only as provided by section 78E.
(2) Notwithstanding subsection (1), the company need not meet the solvency requirements if the reduction of share capital does not involve any of the following:
(a) a reduction or distribution of cash or other assets by the company;
(b) a release of any liability owed to the company.
[Act 36 of 2014 wef 01/07/2015]
(3) For the purposes of subsection (1), the company meets the solvency requirements if —
(a) all the directors of the company make a solvency statement in relation to the reduction of capital; and (b) the statement is made —
(i) in time for subsection (4)(a) to be complied with; but
(ii) not before the beginning of the period of 20 days ending with the resolution date.
[Act 36 of 2014 wef 01/07/2015]
(4) Unless subsection (2) applies, the company — (a)shall —
‧
(i)if the resolution for reducing share capital is a special resolution to be passed by written means under section 184A, ensure that every copy of the resolution served under section 183(3A) or 184C(1) (as the case may be) is accompanied by a copy of the solvency statement; or
(ii)if the resolution is a special resolution to be passed in a general meeting, throughout that meeting make the solvency statement or a copy of it available for inspection by the members at that meeting; and (b)shall, throughout the 6 weeks beginning with the resolution date, make the solvency statement or a copy of it available at the company’s registered office for inspection free of charge by any creditor of the company.
(5) The resolution does not become invalid by virtue only of a contravention of subsection (4), but every officer of the company who is in default shall be guilty of an offence.
(6) Any requirement under subsection (4)(b) ceases if the resolution is revoked.
308 (Cap 50, 2006 Rev Ed) §62A.
(1) Shares of a company have no par or nominal value.
(2) Subsection (1) shall apply to all shares, whether issued before, on or after 30th January 2006.
309 (Cap 50, 2006 Rev Ed) §22(1A)
On 30th January 2006, any provision (or part thereof) then subsisting in the constitution of any company which states —
the amount of share capital with which the company proposes to be or is registered; or the division of the share capital of the company into shares of a fixed amount,
shall, in so far as it relates to the matters referred to in either or both of paragraphs (a) and (b), be deemed to be deleted.
310 Sapra note304 , at 20.
‧
法實施辦法「Practice Direction No. 1 Of 2006 – Companies (Amendment) Act 2005」312，自 2006 年 1 月 30 日起，任何一家公司之股份溢價帳以311 Financial Reporting Matters, KPMG, https://home.kpmg.com/content/dam/kpmg/pdf/2012/01/Issue15-Dec2006.pdf, p.2(最後瀏覽日：2016.7.26)
312 ACRA, PRACTICE DIRECTION NO. 1 OF 2006 – COMPANIES (AMENDMENT) ACT 2005 , https://www.acra.gov.sg/uploadedFiles/Content/Publications/Practice_Directions/2006/PracticeDirection No1of2006.pdf(最後瀏覽日：2016.8.23)
313 (Cap 50, 2006 Rev Ed)§62B- Transitional provisions for section 62A
(5) Notwithstanding subsection (1), the liability of a shareholder for calls in respect of money unpaid on shares issued before 30th January 2006 (whether on account of the par value of the shares or by way of premium) shall not be affected by the shares ceasing to have a par value.
314 (Cap 50, 2006 Rev Ed)§62B- Transitional provisions for section 62A
(3) Notwithstanding subsection (2), a company may use the amount standing to the credit of its share premium account immediately before 30th January 2006 to — (a) provide for the premium payable on redemption of debentures or redeemable preference shares issued before that date; (b) write off — (i) the preliminary expenses of the company incurred before that date; or (ii) expenses incurred, or commissions or brokerages paid or discounts allowed, on or before that date, for or on any duty, fee or tax payable on or in connection with any issue of shares of the company; (c) pay up, pursuant to an agreement made before that date, shares which were unissued before that date and which are to be issued on or after that date to members of the company as fully paid bonus shares;
315 (Cap 50, 2006 Rev Ed)§62B- Transitional provisions for section 62A
(3) Notwithstanding subsection (2), a company may use the amount standing to the credit of its share premium account immediately before 30th January 2006 to —
‧
「實收資本(paid-in capital)」。316。
所有股東繳納之款項皆視為實收股本 Corporate Regulatory Authority, ACRA)頒布的新法實施辦法 (Practice Direction No. 1 Of 2006 – Companies (Amendment) Act 2005)319，在新法 生效之日起，廢除面額股制度以及同時刪除法定資本(authorized capital)
(d) pay up in whole or in part the balance unpaid on shares issued before that date to members of the company; or (e) pay dividends declared before that date, if such dividends are satisfied by the issue of shares to members of the company.
316 Sapra note304 , at 20.
317 (Cap 50, 2006 Rev Ed)§62B- Transitional provisions for section 62A
(1) For the purpose of the operation of this Act on or after 30th January 2006 in relation to a share issued before that date —
(a) the amount paid on the share shall be the sum of all amounts paid to the company at any time for the share (but not including any premium); and
(b) the amount unpaid on the share shall be the difference between the price of issue of the share (but not including any premium) and the amount paid on the share.
318 (Cap 50, 2006 Rev Ed)§62B- Transitional provisions for section 62A
(2) On 30th January 2006, any amount standing to the credit of a company’s share premium account and any amount standing to the credit of a company’s capital redemption reserve shall become part of the company’s share capital.
319 ACRA, PRACTICE DIRECTION NO. 1 OF 2006 – COMPANIES (AMENDMENT) ACT 2005 , https://www.acra.gov.sg/uploadedFiles/Content/Publications/Practice_Directions/2006/PracticeDirection No1of2006.pdf(最後瀏覽日：2016.8.23)
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
73
之相關概念，將同時更新 ACRA 所屬之一站式服務的商業登記網站—
BizFile320。
2006 年 1 月 30 日起，除非公司已根據第 62B (7) 提交申請，通知 其股本，公司註冊處(the Registrar of Companies)依照新法 62B(8)之規定，
將採用於2006 年 1 月 30 日前，於 ACRA 登記之公司「已發行股份之 總面額」作為公司之股本，於Bizfile 中，繼續被簡稱為已發行股本。
公司所取得之股本溢價(Share Premium)及資本贖回儲備(Capital Redemption Reserves)者，皆應屬於公司股本，公司亦得添加先前尚未 申報，但已經達成合意並繳足股款之金額。該等提報之金額總額將被添 加到該公司的已發行及繳足資本(Company’s Issued And Paid Up Capital)，
ACRA 保存的記錄將隨之更新321。
而法律所規定申報時間限制，係為確保它們提供給公眾 ACRA 的 記錄是準確和最新的322。公司須以新版表格「根據第 62B 股本之通知 (Notification Of Share Capital Under Section 62B (7))」，於 2006 年 1 月 30 日起 6 個月內，即 2006 年 7 月 31 日止，回報公司股本，超過申請 期限6 個月之後遞交者將受有處罰323。其後，ACRA 曾因應實務需求，
公告延長一個月的股本申報期間324，於 2006 年 8 月 31 日前申報皆無 須繳付任何費用或罰款。
320 BizFile 是 ACRA 的線上備案和信息檢索系統，提供註冊之企業主超過 400 項電子服務。
https://www.bizfile.gov.sg/ngbbizfileinternet/faces/oracle/webcenter/portalapp/pages/BizfileHomepage.js px?_afrLoop=293323980689813&_afrWindowMode=0&_afrWindowId=null#%40%3F_afrLo op%3D293323980689813%26amp%253B_afrWindowMode%3D0%26amp%253B_afrWindowId%3Dnu ll%26_adf.ctrl-state%3D17f02i5e8l_13(最後瀏覽日：2016.8.29)
321 Supra note 323, at 2. (最後瀏覽日：2016.8.26)
322 Practice Direction No. 5 Of 2006 Notification Under S62b(7) Of The Companies Act, CAP 50, https://www.acra.gov.sg/uploadedFiles/Content/Publications/Practice_Directions/2006/PracticeDirection No5of2007.pdf (最後瀏覽日：2016.8.30)
323 Practice Direction No. 1 Of 2006 -Companies (Amendment) Act 2005, https://www.acra.gov.sg/uploadedFiles/Content/Publications/Practice_Directions/2006/PracticeDirection No1of2006.pdf (最後瀏覽日：2016.8.26)
324 See id 323, at1. (最後瀏覽日：2016.8.30)
‧
326 Items112 and 114 of the Second Schedule of the Companies Act, Cap50
326 Items112 and 114 of the Second Schedule of the Companies Act, Cap50