Singapore legislation
Regulation 3
of Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2017
Regulation 3
Approval
Subregulation 1
The Minister or such other person as the Minister may appoint may approve a company or partnership of an ASIE for the purpose of this Order.
Subregulation 2
The Minister or appointed person may only approve a company or partnership if the Minister or appointed person is satisfied that —
the company or partnership is incorporated, registered or formed outside Singapore;
the company or partnership carries on a business relating to the chartering or finance leasing of a sea‑going ship owned by it for use outside the limits of the port of Singapore, or intends to carry on such business;
the company or partnership carries on that business, or intends to carry on that business, from a place outside Singapore;
the company or partnership intends to pay dividends or partnership profits derived from such business to the ASIE, and these payments will promote or enhance the economic development of Singapore; and (e)the ships which the company or partnership owns or which it intends to acquire for that business are controlled and managed, or will be controlled or managed, by the ASIE.