Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2017

Financial sector incentive companies

4.—(1) For the purposes of section 43J of the Act and these Regulations, a financial sector incentive company may be approved as one of the following:

(a)	a financial sector incentive (capital market) company;
(b)	a financial sector incentive (credit facilities syndication) company;
(c)	a financial sector incentive (derivatives market) company;
(d)	a financial sector incentive (fund management) company;
(e)	a financial sector incentive (headquarter services) company;
(f)	a financial sector incentive (standard tier) company; [S 111/2019 wef 01/06/2017]
(g)	a financial sector incentive (trustee companies) company. [S 111/2019 wef 01/06/2017]

[S 939/2022 wef 31/12/2021]

(2) A company must not be approved as a financial sector incentive company if the company —

(a)	is not licensed or approved by the Monetary Authority of Singapore, or is exempt from such licensing or approval, under any Act; and
(b)	provides treasury, investment or financial services in Singapore for any of its offices or its associated companies.

(3) Despite paragraph (2), a company may be approved as a financial sector incentive (fund management) company if —

(a)	the company is exempt from holding a capital markets services licence for fund management under the Securities and Futures Act 2001; and [S 939/2022 wef 31/12/2021]
(b)	the company provides treasury, investment or financial services in Singapore for any of its offices or its associated companies. [S 111/2019 wef 01/06/2017]

(4) Despite paragraph (2), a company may be approved as a financial sector incentive (headquarter services) company if —

(a)

the company provides treasury, investment or financial services in Singapore for any of its offices or its associated companies; and

(b)

the company —

(i)	directly or indirectly wholly owns, or is directly or indirectly wholly‑owned by, another company in Singapore that is licensed or approved by the Monetary Authority of Singapore under any written law administered by the Monetary Authority of Singapore; or
(ii)	directly or indirectly wholly owns, or is directly or indirectly wholly‑owned by, another company outside Singapore that is licensed or approved under any written law administered by the financial supervisory authority of the other company. [S 111/2019 wef 01/06/2017]

(5) Subject to paragraph (7), the Minister or approving authority may, subject to such conditions as the Minister or approving authority may impose, approve a company as a financial sector incentive company.

[S 111/2019 wef 01/06/2017]

(5A) Subject to paragraph (6A), a company may be approved as a financial sector incentive company more than once.

[S 111/2019 wef 01/06/2017]

(5B) Each period of approval is 5 years.

[S 111/2019 wef 01/06/2017]

(6) Subject to paragraph (7), the Minister or approving authority may, subject to such conditions as the Minister or approving authority may impose, extend the approval granted before 1 June 2017 of a company as a financial sector incentive company, for a period of 5 years.

(6A) A company may only be approved as a financial sector incentive (trustee companies) company for a single period of 5 years.

[S 111/2019 wef 01/06/2017]

(7) No approval or extension of any approval may be given or made on or after 1 January 2024.

[S 111/2019 wef 01/01/2019]

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