Singapore legislation
Section 97C
of Economic Expansion Incentives (Relief from Income Tax) Act
Section 97C
Application for and issue of certificate to technology investment company or overseas investment company
(1)
Any company, incorporated and resident in Singapore, desirous of investing in an overseas company which is developing or using a new technology in relation to a product, process or service may make an application in the prescribed form to the Minister to be approved as a technology investment company.
(2)
Where the Minister is satisfied in respect of any application under subsection (1) that the technology, if introduced in Singapore would promote or enhance the economic or technological development of Singapore, he may approve the company as a technology investment company and issue a certificate to the company subject to such conditions as he may impose.
(3)
Any company, incorporated and resident in Singapore, desirous of investing in an overseas company for the purpose of acquiring for use in Singapore any technology from the overseas company or for the purpose of gaining access to any overseas market for its eligible holding company or any subsidiary thereof, may make an application in the prescribed form to the Minister to be approved as an overseas investment company.
(4)
Where the Minister is satisfied in respect of any application under subsection (3) that the technology acquired, if introduced in Singapore or the access which would be gained to any overseas market, would promote or enhance the technological or economic development of Singapore, he may approve the company as an overseas investment company and issue a certificate to the company subject to such conditions as he may impose.