4.—(1) Upon receiving an application under rule 3, the Director may, subject to paragraph (2) and such conditions as he may think fit to impose, issue a licence or permit to the applicant.
(2) The Director shall not issue a licence or permit to any applicant unless the applicant is carrying on business in Singapore and is registered under the Business Registration Act [Cap. 32] or in the case of a company, incorporated under the Companies Act [Cap. 50].
(3) Every licence or permit shall be in such form as the Director may determine.
(4) Notwithstanding paragraph (1), the Director may refuse to issue a licence or permit without assigning any reason.
(5) The Director may at any time add to, vary or revoke, any of the conditions subject to which a licence or permit has been issued.