Issue of licence or permit
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.