Capital Reduction in Singapore 新加坡公司减资的概述

General Overview
总体概述

Capital reduction is a corporate action in which a company reduces its share capital.
减资是公司通过减少其股本所采取的一项公司行动。

In Singapore, a company may, subject to its constitution, reduce its share capital to do the following:
在新加坡，公司可在遵守该公司章程的前提下，减少其股本以实现以下目的：

(a) extinguish or reduce liability on shares which are not paid up;
注销或减少尚未缴足股份的缴付责任；

(b) cancel any paid-up share capital which is lost or unrepresented by available assets; or
注销因亏损或无可用资产代表的实缴股本；或

(c) return to shareholders any paid-up capital which is more than it needs.
将公司不需要的多余实缴股本返还予股东。

Procedurally, there are two methods for capital reduction:
在程序上，新加坡公司的减资有两种方式：

(1) Court sanctioned capital reduction (i.e., with the approval of the court).
经法院批准的减资程序（即须经法院批准）。

(2) Non-Court sanctioned capital reduction (i.e., no court approval is obtained).
未经法院批准的减资程序（即无需法院批准）。

This article focuses on the key regulatory requirements for Non-Court sanctioned capital reduction.
本文聚焦于无需法院批准的减少股本所需遵守的主要监管要求。

Key Regulatory Requirements for Non-Court sanctioned capital reduction (i.e., no court approval is obtained)
未经法院批准的减资程序所需遵守的主要监管要求（即无需法院批准）

• Board’s approval and shareholders’ approval (by way of special resolution) to be obtained in accordance with the constitution.
  须根据公司章程取得董事会及股东的批准(需要股东的特别决议模式)。
• The company must be solvent.
  公司必须保持债务偿付能力。
• Relevant filings must be lodged with the Accounting and Corporate Regulatory Authority (“ACRA“). (Note: There will be a six-week waiting period after the relevant shareholders’ special resolution is lodged with ACRA, during which any creditor of the company may apply to the High Court of Singapore (the “Court”) to object to the capital reduction. If no creditor objections are filed during the six-week period, then the company can proceed to lodge the relevant confirmation filings with ACRA to implement the capital reduction. If a creditor does file an application to the Court to object to the capital reduction, and the Court is satisfied the creditor’s rights would be unfairly prejudiced (see Section 78F(2) of the Companies Act 1967 for further details), then the Court will make an order cancelling the relevant shareholders’ special resolution.)
  必须向新加坡的会计与企业管制局（“ACRA”）提交相关申报文件。（注：在向ACRA提交相关股东特别决议后，将有为期六周的等候期（即公示期）。在此期间，公司的任何债权人均可向新加坡高等法院（以下简称“法院”）申请反对该项减少股本的决议。若在六周期间内无债权人提出反对申请，公司即可向ACRA提交相关确认申报文件，以落实减资的程序。若有债权人向法院提出反对申请，而法院认定如减资成功，债权人的权利将受到不公正的损害（详见《公司法》（第50章）第78F(2)条），则法院将发布命令，撤销相关股东特别决议。）
• The company must comply with the relevant publicity requirements.
  公司必须遵守相关的公示要求。

(Note: The purpose of the publicity requirements is to safeguard the interests of creditors. Because the capital of a company is being reduced, the interests of creditors may be affected or prejudiced. The publicity requirements ensure that creditors are notified of the proposed capital reduction exercise and provide them with an opportunity to object to the exercise if necessary.)（注：公告要求的目的是保障债权人的利益。由于公司的股本将被减少，债权人的利益可能因此受到影响或损害。公示要求确保债权人被告知拟议的减资机会，并在必要时给予他们反对拟议减资操作的机会。）