User:Eliyr/Singapore Business Federation (archive)

Singapore Business Federation (Abbreviation: SBF; Chinese: 新加坡工商联合总会; Malay: Persekutuan Perniagaan Singapura; Tamil: சிங்கப்பூர் தொழில் சம்மேளனம்) is the apex business chamber in Singapore.^[1][2][3] SBF was established on 1 April 2002^[4] as part of the Singapore Business Federation Act and aims to improve the organisation of the business community in Singapore^[5] and represent the Singapore business community locally and abroad.^[6][7][8][9]

History

Since July 1959, the representation of the interests of local businesses was carried out by an informal body of four chambers of commerce, the Joint Standing Committee of Commerce and Industry (JSCCI).^[10][11] The JSCCI was replaced by the Singapore Federation of Chambers of Commerce and Industry (SFCCI), after having formally inaugurated on 5 May 1978. The SFCCI consisted of five chambers: the Singapore Chinese Chamber of Commerce and Industry (SCCCI), the Singapore Indian Chamber of Commerce and Industry, the Singapore Malay Chamber of Commerce and Industry, the Singapore International Chamber of Commerce and Industry and the Singapore Manufacturers Association.^{[10][11][12][13]} The SFCCI was located within the premises of the SCCCI's headquarters at Hill Street.^[10]

When urged by then Prime Minister of Singapore, Goh Chok Tong to step up its activities in 1998, the SFCCI responded by proposing the formation of SBF,^[9] in part due to lack of money to do so as membership was voluntary.^[5] In March 2001, a pro-tem committee, consisting of business and government linked representatives, was convened to propose the constitution and legislation for the creation of the SBF,^[4][9][14] which included a law on compulsory membership by request of the SFCCI.^[5] Based on the committee's recommendations, the Singapore Business Federation Act (SBF Act) was introduced by then Minister for Trade and Industry George Yeo^[5] in July 2001.^[15][16] The bill, first read on 25 September 2001, was passed by the Singapore Parliament on 5 October 2001,^[4][9] legislates the formation of the SBF and address the composition of the SBF Council, the appointment of the SBF Board, the criteria for compulsory membership of companies, as well as payment of subscriptions by member companies.^[9] Following the commencement of the Act, which was gazetted on 4 March 2002,^[6] the SBF was formed on 1 April 2002.^[4][9]

Membership

Under the SBF Act, all Singapore-registered companies with paid up capital or authorised share capital of S$0.5 million and above will automatically become SBF members^[5][6][7] unless they are exempted by the minister^[9] or have no employees.^[17][18] Companies with paid capital of less than S$0.5 million may still join SBF indirectly through other associations or chamber.^[5] As of December 2020, SBF has 27,200 members,^[19] including both companies and business chambers.^[2][8] Members are required to pay a subscription, which has to be approved by the minister, of up to S$1500.^[5][6][9]

References

External Links

Singapore Business Federation Act on Singapore Statuses Online