5. Regulations not applicable to certain foreign trusts

These Regulations shall not apply to a foreign trust where any settlor or beneficiary or unit holder (as the case may be) of the foreign trust is a company which —

has a permanent establishment in Singapore other than a trustee company;

either —

in the case of any year of assessment before the year of assessment 2021 — carries on a business in Singapore in the basis period; or

in the case of the year of assessment 2021 or a subsequent year of assessment — carries on a business in Singapore or outside Singapore in the basis period;

beneficially owns more than 20% of the total number of issued shares of any company incorporated in Singapore; or

has 20% or more of the total number of its issued shares beneficially owned, directly or indirectly, by a company which falls within paragraph (a), (b) or (c),unless approval is granted by the Minister or an authorised body.