Singapore legislation
Section 57
of Economic Expansion Incentives (Relief from Income Tax) Act
Section 57
Application for and issue of approved foreign loan certificate
(1)
Where a company engaged in any industry is desirous of raising a loan of not less than $200,000 from a non-resident person (referred to in this Part as a foreign lender) by means of a financial agreement whereby credit facilities are granted for the purchase of productive equipment for the purposes of its trade or business, the company may apply to the Minister for a certificate certifying that foreign loan to be an approved foreign loan.
(1A)
The Minister may, where he thinks it expedient to do so, consider an application for a foreign loan certificate in respect of a foreign loan of less than $200,000.
(2)
The application shall be in such form and with such particulars as may be prescribed, and shall be accompanied by a copy of the financial agreement.
(3)
Where the Minister is satisfied as to the bona fides of such an application and that it is expedient in the public interest to do so, he may issue a certificate certifying the loan specified in the application as an approved foreign loan.
(4)
Every certificate issued under subsection (3) shall be in such form and contain such particulars as may be prescribed, and shall be subject to such conditions as the Minister thinks fit.