Singapore legislation
Regulation 3
of Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2023
Regulation 3
Approval
Subregulation 1
The Minister or an authorised body may approve a related party of an ASIE as an approved related party of the ASIE for the purposes of this Order.
Subregulation 2
The approval in sub‑paragraph (1) may be given only if the Minister or authorised body is satisfied that —
the related party is incorporated, registered or formed outside Singapore;
the related party carries on a business relating to the chartering or finance leasing of a seagoing ship owned by it for use outside the limits of the port of Singapore, or intends to carry on that business;
the related party carries on the business, or intends to carry on that business, from a place outside Singapore;
the related party intends to pay dividends or partnership profits (as the case may be) derived from the business to the ASIE, and these payments will promote and enhance the economic development of Singapore; and
the ships that the related party owns or intends to acquire, or charters or leases under a finance lease from the ASIE or another related party or intends to charter or lease under a finance lease from the ASIE or another related party, for the business are controlled and managed or will be controlled and managed by the ASIE.
Subregulation 3
For the purposes of this Order, a company or partnership that is an approved company or approved partnership of an ASIE under paragraph 3(1) of the Income Tax (Exemption of Foreign Income of Approved Shipping Investment Enterprise) Order 2017 (G.N. No. S 352/2017), and which approval has not expired or been withdrawn as at 11 December 2018, is deemed to be approved by the Minister or authorised body as an approved related party of the ASIE under sub‑paragraph (1).