Singapore legislation
Regulation 2
of Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2005
Regulation 2
Definitions
Subregulation 1
In these Regulations, unless the context otherwise requires —
Definition
“approved 1st tier SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, means a 1st tier SPV (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved 1st tier SPV; or
where the approved 1st tier SPV is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved 1st tier SPV;
Definition
“approved 2nd tier SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, means a 2nd tier SPV (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved 2nd tier SPV; or
where the approved 2nd tier SPV is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved 2nd tier SPV;
Definition
“approved company” means an approved company to which the tax exemption under section 13O of the Act applies;
Definition
“Approved Derivatives Trader” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004;
Definition
“approved eligible SPV”, in relation to an approved master‑feeder fund‑SPV structure or an approved master fund‑SPV structure, means an eligible SPV (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved eligible SPV; or
where the approved eligible SPV is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved eligible SPV;
Definition
“approved enhanced commodity derivatives trading company” means a commodity derivatives trading company approved as such under section 43S of the Act (as in force immediately before 29 December 2016);
Definition
“approved feeder fund”, in relation to an approved master-feeder fund structure or an approved master-feeder fund-SPV structure, means a feeder fund (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved feeder fund; or
where the approved feeder fund is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved feeder fund;
Definition
“Approved Fund Manager” means a Fund Manager approved before 1st January 2004 under section 43A(1)(b) of the Act;
Definition
“approved global trading company” means a global trading company approved under section 43I of the Act;
Definition
“Approved Headquarters Company” means a headquarters company approved under section 43D of the Act by the Monetary Authority of Singapore in its capacity as a person appointed by the Minister for the purposes of that section;
Definition
“approved master-feeder fund structure” means a master-feeder fund structure approved under section 13U of the Act;
Definition
“approved master-feeder fund-SPV structure” means a master‑feeder fund‑SPV structure approved under section 13U of the Act;
Definition
“approved master fund” —
for an approved master-feeder fund structure, means a master fund (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved master fund; or
where the approved master fund is a partnership, a trust fund or an investment vehicle that is not a legal entity — the partners, the trustee or the taxable entity (as the case may be) of the approved master fund; and
for an approved master fund-SPV structure or approved master-feeder fund-SPV structure, means a master fund (as defined in section 13U of the Act) of that structure and approved under that section, where the tax exemption under that section applies to —
the approved master fund; or
where the approved master fund is a partnership or a trust fund — the partners or the trustee (as the case may be) of the approved master fund;
Definition
“approved master fund‑SPV structure” means a master fund‑SPV structure approved under section 13U of the Act;
Definition
“approved person” means an approved person to which the tax exemption under section 13U of the Act applies;
Definition
“approved petrochemical manufacturing company” means a petrochemical manufacturing company in Singapore which is approved under paragraph (g) of the definition of “physical trading” in regulation 2 of the Income Tax (Concessionary Rate of Tax for Approved Global Trading Companies) Regulations 2003 (G.N. No. S 204/2003);
Definition
“Approved Securities Company” means a company approved before 1st January 2004 for derivatives activities under section 43A(1)(c) of the Act;
Definition
“approved standard commodity derivatives trading company” means a commodity derivatives trading company approved as such under section 43S of the Act (as in force immediately before 29 December 2016);
Definition
“approved start-up fund manager” has the same meaning as in —
the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003);
the Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 7/2010); or
the Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010),as the case may be;
Definition
“commodity derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying commodity;
Definition
“corporate futures member” means a futures member of the Singapore Exchange whose membership is of a class or description known as “corporate membership”;
Definition
“debt securities” has the same meaning as in section 43H of the Act;
Definition
“designated investments” and “designated person” have the same meanings as in the Income Tax (Exemption of Income of Prescribed Persons Arising From Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010);
Definition
“designated securities” means —
stocks, shares, bonds and other securities, denominated in any foreign currency, issued by a company which is neither incorporated in Singapore nor resident in Singapore; or
bonds denominated in any foreign currency issued by any foreign government;
Definition
“eligible holding company” has the same meaning as in regulation 2 of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24);
Definition
“emission derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of underlying emission allowances;
Definition
“Equity Capital Market Intermediary” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003) in force immediately before 1st January 2004;
Definition
“financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but excludes derivatives the payoffs of which are wholly linked to the payoffs or performance of commodities;
Definition
“financial sector incentive (bond market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (capital market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (credit facilities syndication) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (debt capital market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) (financial) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (equity market) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (fund management) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (headquarter services) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (Islamic finance) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (project finance) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (standard tier) company” means a company approved as such under section 43J of the Act;
Definition
“financial sector incentive (trustee companies) company” means a company approved as such under section 43J of the Act;
Definition
“foreign account” has the same meaning as in section 13L of the Act;
Definition
“foreign bond or loan stock issue” means any bond or loan stock issued by a person who (excluding any permanent establishment it may have in Singapore) is not resident in Singapore, or by a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment, where —
the bond or loan stock is denominated in any currency other than the Singapore dollar;
the proceeds of the bond or loan stock issue are to be used outside Singapore; and
the expenses incurred in respect of the bond or loan stock issue are not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore;
Definition
“foreign business trust” means a business trust that is registered, licensed or approved outside Singapore, or exempted from such registration, licensing or approval, under any written law administered by the agency tasked with the regulation of such a business trust;
Definition
“foreign collective investment scheme” means a collective investment scheme that —
is constituted outside Singapore (excluding any permanent establishment it may have in Singapore);
is not resident in Singapore (other than by virtue of a trustee in Singapore in its capacity as a trustee of that collective investment scheme); and
has its units denominated in any currency other than the Singapore dollar;
[Deleted by S 212/2016 wef 01/01/2014]
Definition
“foreign debt securities” means any bonds, notes, commercial papers, treasury bills or certificates of deposits which are —
issued by a company which is neither incorporated in Singapore nor resident in Singapore (excluding any permanent establishment it may have in Singapore), or by any foreign government; or
listed on the Singapore Exchange, and issued by a company which —
is incorporated in Singapore;
has at least 50% of its annual turnover derived from outside Singapore; and
is approved, for the purpose of these Regulations, by the Minister or such person as he may appoint;
Definition
“foreign equity securities” means stocks, shares or other equity securities which are —
issued by a company which is neither incorporated in Singapore nor resident in Singapore; or
listed on the Singapore Exchange, and issued by a company which —
is incorporated in Singapore;
has at least 50% of its annual turnover derived from outside Singapore; and (iii)is approved, for the purpose of these Regulations, by the Minister or such person as he may appoint;
Definition
“foreign investor” means —
an individual who is neither a citizen of Singapore nor resident in Singapore and who is the beneficial owner of funds managed by any fund manager in Singapore;
a company not resident in Singapore —
which is incorporated before 15th February 2007 and where the percentage, determined in accordance with the formula specified in paragraph (1A), of the total number of the issued shares of the company that are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore, does not exceed 20%; or
which is incorporated on or after 15th February 2007 and where the percentage, determined in accordance with the formula specified in paragraph (1A), of the total value of the issued securities of the company that are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore, does not exceed 20%; or
a trust fund where the percentage, determined in accordance with the formula specified in paragraph (1A), of the value of the fund that is beneficially held, directly or indirectly, by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, does not exceed 20%,but excludes —
any company or trust fund that —
has a permanent establishment in Singapore (other than a fund manager);
carries on a business in Singapore; or
beneficially owns more than 20% of the total number of the issued shares of any company incorporated in Singapore; and
any company —
which is incorporated before 15th February 2007 and of which 20% or more of the total number of the issued shares are beneficially owned, directly or indirectly, by a company referred to in paragraph (i); or
which is incorporated on or after 15th February 2007 and of which 20% or more of the total value of the issued securities are beneficially owned, directly or indirectly, by a company referred to in paragraph (i),unless approval is granted by the Minister or approving authority;
Definition
“foreign mutual fund corporation” means a mutual fund corporation where the percentage, determined in accordance with the formula specified in paragraph (1A), of the total number of the issued shares of the corporation that are beneficially owned, directly or indirectly, by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of the definition of “foreign investor”, does not exceed 20%;
Definition
“foreign trust” has the meaning given to it in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24);
Definition
“freight derivatives” means derivatives the payoffs of which are wholly linked to the payoffs or performance of the underlying freight rates;
Definition
“futures member of the Singapore Exchange” means any company that holds membership of any class or description of a futures market, or of a clearing house for the futures market, maintained by the Singapore Exchange Limited or any of its subsidiaries;
Definition
“incidental physical trading” means —
trading by a financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company —
in any commodity with any specified person on a spot or forward basis; and
in connection with and incidental to the trading by that company in any commodity derivatives transacted over-the-counter with that or any other specified person;
trading by a financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company —
in any commodity with any specified person on a spot or forward basis; and
in connection with and incidental to the trading by that company in any commodity derivatives transacted on an exchange with that or any other specified person;
trading by a financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company —
in any commodity with any specified person on a spot or forward basis; and
in connection with and incidental to the trading by that company in any commodity derivatives, whether transacted over-the-counter or on an exchange, with that or any other specified person;
trading by a financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company —
in any commodity with any specified person on a spot or forward basis; and
in connection with and incidental to the trading by that company in any commodity derivatives, whether transacted over-the-counter or on an exchange, with that or any other specified person; or
trading by a financial sector incentive (derivatives market) company —
in any commodity with any specified person on a spot or forward basis; and
in connection with and incidental to the trading by that company in any commodity derivatives, whether transacted over‑the‑counter or on an exchange, with that or any other specified person,where the intention of the parties at the time of the transaction in relation to the commodity is that actual delivery of the commodity is required (whether or not the delivery is actually made), but does not include any transaction in which —
the commodity is purchased for the purpose of consumption in Singapore;
the commodity, being fuel, is purchased for the supply of the same to an aircraft or a vessel within Singapore; or
the commodity, being petroleum or a petroleum product, is both purchased from and sold to an approved petrochemical manufacturing company;
Definition
“initial public offering” means a public offering of securities of a company, the stocks or shares of which have not previously been listed on the Singapore Exchange, in conjunction with the listing of those securities on the Singapore Exchange, and includes a listing of securities of such a company on the Singapore Exchange by way of an introduction;
Definition
“issued securities” means —
issued debentures, stocks or shares;
any right, option or derivative in respect of any such debentures, stocks or shares; or
any right under a contract for differences, or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations, in —
the value or price of any such debentures, stocks or shares;
the value or price of any group of any such debentures, stocks or shares; or
an index of any such debentures, stocks or shares,and includes derivatives of a buy-sell nature for funding purpose, but does not include —
futures contracts which are traded on a futures market;
bills of exchange;
promissory notes; or
certificates of deposit issued by a bank or finance company;
Definition
“mutual fund corporation” means a collective investment scheme or closed-end fund, as defined in section 2(1) of the Securities and Futures Act 2001, that is constituted as a corporation;
Definition
“non-qualifying investor”, in relation to a prescribed person or an approved company as at the relevant day of its basis period for any year of assessment, means —
a relevant owner referred to in section 13D or 13O of the Act, as the case may be;
a relevant beneficiary referred to in section 13D of the Act; or
a person referred to in section 13D(6) or 13O(5) of the Act that has equity interest in the prescribed person or approved company, as the case may be,who is liable to pay a penalty as determined in accordance with section 13D or 13O of the Act as the case may be, which is based on the income of the prescribed person or approved company for its basis period relating to the same year of assessment;
Definition
“offshore credit facility” means —
any facility where —
loans, advances or funds are made available to a person referred to in paragraph (b)(i) of the definition of “specified person”;
the loans, advances or funds made available are to be used —
wholly outside Singapore; or
partly inside Singapore and partly outside Singapore if —
(BA)the agreement for the facility is made on or after 1st May 2009;
(BB)the part used in Singapore is for the sole purpose of discharging any professional fees incurred in respect of the facility or for the first payment of any interest incurred in respect of the facility; and
(BC)the part used in Singapore does not exceed 10% of the value of the facility;
no interest, commission, fee or other payment in respect of the facility is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore;
any facility where —
loans, advances or funds are made available to a person referred to in paragraph (b)(ii) of the definition of “specified person”;
the loans, advances or funds made available are to be used —
wholly outside Singapore; or
partly inside Singapore and partly outside Singapore if —
(BA)the agreement for the facility is made on or after 1st May 2009;
(BB)the part used in Singapore is for the sole purpose of discharging any professional fees incurred in respect of the facility or for the first payment of any interest incurred in respect of the facility; and
(BC)the part used in Singapore does not exceed 10% of the value of the facility;
no interest, commission, fee or other payment in respect of the facility is deductible against any income of that person accruing in or derived from Singapore;
any facility where —
guarantees or letters of credit are made available to, and issued in favour of, a non-resident person (other than his permanent establishment in Singapore) or a person resident in Singapore in respect of any business carried on outside Singapore through a permanent establishment outside Singapore; and
no interest, commission, fee or other payment in respect of the facility is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore;
any facility where —
the issue of bonds, notes, certificates of deposit or other instruments of indebtedness is provided to a person referred to in paragraph (b)(i) of the definition of “specified person”;
the funds raised from the issue of such bonds, notes, certificates of deposit or other instruments of indebtedness are to be used outside Singapore; and
no interest, commission, fee or other payment in respect of the facility is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore; or
any facility where —
the issue of bonds, notes, certificates of deposit or other instruments of indebtedness is provided to a person referred to in paragraph (b)(ii) of the definition of “specified person”;
the funds raised from the issue of such bonds, notes, certificates of deposit or other instruments of indebtedness are to be used outside Singapore; and
no interest, commission, fee or other payment in respect of the facility is deductible against any income of that person accruing in or derived from Singapore;
Definition
“offshore guarantee facility” means any facility where —
guarantees or letters of credit are made available to and issued in favour of a bank that holds a licence under section 7 or 79 of the Banking Act 1970, or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act 1970 on or before 30 June 2021, for the purpose of providing or participating in a loan made to a non-resident person (other than his permanent establishment in Singapore);
the loan is to be used outside Singapore; and
no interest in respect of the loan is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore;
Definition
“offshore trade transaction” means any trade transaction where —
neither the buyer nor the seller is a resident of Singapore or a permanent establishment in Singapore;
the goods are not exported from or imported into Singapore except for transhipment; and
the transaction is carried out in one or more foreign currencies;
Definition
“philanthropic purpose trust” has the same meaning as in section 13L of the Act;
Definition
“prescribed asset or project” means an infrastructure asset or project prescribed in regulation 5 of the Income Tax (Qualifying Project Debt Securities) Regulations 2008 (G.N. No. S 315/2008);
Definition
“prescribed person” means a person prescribed in regulation 2 of the Income Tax (Exemption of Income of Prescribed Persons Arising From Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010) to which tax exemption under section 13D of the Act applies;
Definition
“prescribed trust fund” means a trust fund prescribed in the Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 7/2010);
Definition
“qualifying debt securities” has the same meaning as in section 13(16) of the Act;
Definition
“qualifying derivatives” means financial derivatives transacted over-the-counter;
Definition
“qualifying exchange” means a corporation which is an approved exchange, a recognised market operator or an exempt market operator under the Securities and Futures Act 2001;
Definition
“qualifying project debt securities” has the same meaning as in section 13(16) of the Act;
Definition
“qualifying project loan” means a loan which satisfies the following conditions: (a)the interest payment in respect of the loan is funded primarily by the cash flows from one or more prescribed assets or projects;
the proceeds from the loan are only used to acquire, develop or invest in any prescribed asset or project or to refinance a previous loan where the previous loan is only used to acquire, develop or invest in any prescribed asset or project;
the proceeds from the loan are used outside Singapore;
the loan is substantially advised on and structured by a financial sector incentive (project finance) company or a financial institution in Singapore where the employees of the financial institution who are based in Singapore have a leading and substantial role in advising on and structuring the loan;
the loan agreement takes effect any time on or after 1st November 2006 but not after 31st December 2008; and
no interest, commission, fee or other payment in respect of the loan is deductible under the Act against any income of any person accruing in or derived from Singapore;
Definition
“related party”, in relation to any specified person, means any other person who —
controls the specified person, whether directly or indirectly;
is controlled by the specified person, whether directly or indirectly; or
together with the specified person, is controlled by a common person, whether directly or indirectly;
Definition
“relevant day”, in relation to the basis period for a year of assessment, means —
in relation to a prescribed person —
the last day of the basis period;
if on a day within that basis period, the prescribed person becomes an approved person under section 13U(1)(a) of the Act, the day immediately before that day; or
if on a day within that basis period, the prescribed person becomes the approved master fund or an approved feeder fund of —
an approved master‑feeder fund structure under section 13U(1)(b) of the Act;
an approved master‑feeder fund‑SPV structure under section 13U(1)(c) of the Act; or
an approved master fund‑SPV structure under section 13U(1)(d) of the Act,the day immediately before that day; or
in relation to an approved company —
the last day of the basis period; or
if within that basis period, the approved company ceases to be so approved, the last day it was so approved;
Definition
“relevant foreign trust” means a foreign trust as defined in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24), other than a unit trust referred to in paragraph (1)(b) of that regulation;
Definition
“securities lending or repurchase arrangement” has the same meaning as in section 10H of the Act;
Definition
“shipping enterprise” has the same meaning as in section 13A(16) of the Act;
Definition
“special purpose vehicle” has the same meaning as in section 13U(5) of the Act;
Definition
“specified person” —
in relation to any —
financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company;
financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company;
financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company;
financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company; or
financial sector incentive (derivatives market) company,means any of the following:
a financial sector incentive company which is —
(AA)a bank that holds a licence under section 7 or 79 of the Banking Act 1970; or
(AB)a merchant bank approved under section 28 of the Monetary Authority of Singapore Act 1970 on or before 30 June 2021;
an approved global trading company;
a person who is neither a resident of nor a permanent establishment in Singapore;
a branch office outside Singapore of a company resident in Singapore;
a member of the Singapore Commodity Exchange;
a person who carries on the business of refining petroleum in Singapore; (G)an approved petrochemical manufacturing company;
a or another financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company;
a or another financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company;
a or another financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company;
a or another financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company;
a or another financial sector incentive (derivatives market) company; and
in relation to any offshore credit facility, means —
a non-resident person (other than his permanent establishment in Singapore) or a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment; or
a person resident in Singapore (other than in respect of any business carried on outside Singapore by him through a permanent establishment outside Singapore) or a permanent establishment in Singapore of a non-resident person;
Definition
“subsequent incentive period” means a further period referred to in regulation 3(5);
Definition
“unit” means a right or an interest (whether described as a unit, a sub-unit or otherwise) which may be acquired under a unit trust;
Definition
“unit trust” means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property.
Subregulation 1A
For the purposes of the definitions of “foreign investor” and “foreign mutual fund corporation” in paragraph (1), the relevant percentage shall be determined in accordance with the formulawhere A is (a)in the case of paragraph (b)(i) of the definition of “foreign investor”, the total number of the issued shares that are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore; (b)in the case of paragraph (b)(ii) of the definition of “foreign investor”, the total value of the issued securities that are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore; (c)in the case of paragraph (c) of the definition of “foreign investor”, the total value of the trust fund that is beneficially held, directly or indirectly, by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of that definition; and (d)in the case of the definition of “foreign mutual fund corporation”, the total number of the issued shares that are beneficially owned, directly or indirectly, by persons who are not individuals or companies referred to in paragraph (a) or (b), as the case may be, of the definition of “foreign investor” in paragraph (1); Bis the total number of the issued shares, the total value of the issued securities, or the total value of the trust fund, as the case may be, beneficially owned or held, directly or indirectly, by designated persons; and Cis the total number of the issued shares, the total value of the issued securities or the total value of the trust fund, as the case may be.
Subregulation 2
Any reference in these Regulations to an approving authority is a reference to such person as the Minister may appoint for the purposes of the provision in which that reference appears.
Subregulation 3
Any reference in these Regulations to the value of issued securities of a company is a reference to the value of those securities ––
at the time of their issue by the company; or
in the case of derivatives of a buy-sell nature for funding purpose, at the time of their buy-sell transaction.