Modification or exception to section 13J of Act (Equity remuneration incentive scheme (start-ups))
5.  Where all the amalgamating companies cease to exist on the date of amalgamation, then the amalgamated company shall not be a qualifying company for the purposes of section 13J of the Act (notwithstanding the definition of “qualifying company” in subsection (7) of that section) unless ––
(a)the amalgamated company is a company incorporated in Singapore which, at the time of the grant to its employees of any right or benefit to acquire its shares —
(i)carries on business in Singapore;
(ii)has been incorporated for 3 years or less;
(iii)has its total share capital beneficially held directly by no more than 20 shareholders —
(A)all of whom are individuals; or
(B)at least one of whom is an individual holding at least 10% of the total number of issued ordinary shares of the qualifying company; and
(iv)has gross assets the market value of which does not exceed $100 million; and
(b)at the time of the grant by the amalgamated company to its employees of any right or benefit to acquire its shares, at least one of the amalgamating companies would have been incorporated for 3 years or less, had the amalgamation not taken place.
[S 170/2022 wef 31/12/2021]