The Minister for Trade and Industry introduced a Bill in Parliament in July 2001 to establish the Singapore Business Federation (SBF) Act, which was passed by Parliament and became law on 5 Oct 2001. The SBF was formed on 1 April 2002. All companies that have a paid-up capital of $0.5 mil and above are now members of the SBF.
The Act legislates the formation of the SBF as the new apex body of the business community in Singapore. It addresses the composition of the SBF Council, the criteria for compulsory membership of companies, as well as payment of subscriptions by larger companies. The SBF seeks to represent Singapore's business interests both locally and abroad.
Visit the following links for the full Statute and related FAQs.