ACRA has announced that the legal age to be a local director has been reduced from 21 to 18. This mean entrepreneurship may start as early as university or polytechnic. This is in line with lots of governemnt policies.
I am quite happy this is implemented especially at this economy downturn. We have been taught to look for a stable job and work in a MNC, our education system did not, YES DID NOT, teach us anything about ENTREPRENEURSHIP. Finally someone has spotted the gap in the education system and patch it up with lots of creativity and innovation.
Below is the announcement from ACRA. For more details, please visit www.acra.gov.sg and more information on setting up companies, please visit www.361dc.com
With effect from 1 March 2009, the age at which most contracts* are binding and enforceable against a minor, and the minimum age to be a director of a company or a manager of a limited liability partnership, will be lowered from 21 to 18 years.
With the change, persons 18 years old and above can register a business name, be a company director, and form companies or limited liability partnerships.
*Note:
The exceptions are:
a) contracts for sale, purchase, mortgage, assignment or settlement of any land, other than a contract for a lease of land not exceeding 3 years;
b) contracts for a lease of land for more than 3 years;
c) contracts for sale, transfer or pledge of a minor’s beneficial interest under a trust; and
d) contracts for settlement of any legal proceedings or action in respect of which the minor is, pursuant to any written law, considered to be a person under disability on account of his age, or of any claim from which any such legal proceedings or action may arise.
