Singapore legislation
Regulation 5
of Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003
Regulation 5
Application
These Regulations shall not apply where the foreign investor (other than an individual, a fund referred to in regulation 2(2) or a trust fund referred to in regulation 2(3)) —
has a permanent establishment in Singapore (other than a fund manager);
carries on a business in Singapore;
beneficially owns more than 20% of the total number of issued shares of any company incorporated in Singapore; or
has —
in the case where the foreign investor is incorporated before 15th February 2007, 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); or
in the case where the foreign investor is incorporated on or after 15th February 2007, 20% or more of the total value of its issued securities beneficially owned, directly or indirectly, by a company which falls within paragraph (a), (b) or (c),unless approval is granted by the Minister or such person as he may appoint.