Regulation 3

at all times during the basis period for the year of assessment in question (being a year of assessment prior to the year of assessment 2020), the aggregate value of the approved company’s issued securities beneficially owned (directly or indirectly) by Singapore persons is less than 100%;

[Deleted by S 707/2024 wef 12/09/2024](c)the income of the approved company is not derived from investments which have been transferred (other than by way of a sale on market terms and conditions) from a person carrying on a business in Singapore where the income derived by that person from those investments was not, or would not have been if not for their transfer, exempt from tax; and

such conditions as specified in the letter of approval issued by the Monetary Authority of Singapore on approving a company as an approved company under section 13O of the Act.