Singapore legislation
Regulation 13
of Variable Capital Companies (Transfer of Registration) Regulations 2020
Regulation 13
Modification of section 98 of Act
Subregulation 1
In the application of section 98 of the Act to a foreign corporate entity registered as a VCC under Part 12 of the Act —
subsection (1)(a) of that section is omitted; (b)the first financial year of the foreign corporate entity as a VCC registered under the Act —
where one or more financial years of the foreign corporate entity had passed prior to its registration under Part 12 of the Act — starts immediately after the last day of the foreign corporate entity’s previous financial year specified in its application under section 134(1) of the Act and (subject to section 98(3) of the Act as modified in sub‑paragraph (c)) ends at the end of the foreign corporate entity’s intended first financial year specified in the application; or
where no financial year of the foreign corporate entity had passed before its registration under Part 12 of the Act — starts immediately on the date of incorporation of the foreign corporate entity at its place of incorporation and (subject to section 98(3) of the Act as modified in sub‑paragraph (c)) ends at the end of the foreign corporate entity’s intended first financial year specified in the application; and
the reference in subsection (3) of that section to the previous or current financial year of a VCC is to the previous or current financial year of the foreign corporate entity, but only where the financial year ends on or after the date of registration of the foreign corporate entity as a VCC under Part 12 of the Act.
Subregulation 2
In this regulation, “financial year”, in relation to a foreign corporate entity before its registration under Part 12 of the Act, means the period (whether that period is a year or not) in respect of which the financial statements of the foreign corporate entity are required to be prepared in accordance with the law of the place of incorporation of the foreign corporate entity.