14. “Foreign affiliation”

An entity has a “foreign affiliation” if —

the entity has an arrangement or agreement with a foreign principal; and

under the arrangement or agreement —

the entity is accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of the foreign principal; or

the foreign principal is in a position to exercise, in any other way, total or substantial control over the entity’s activities in Singapore.