Approval
3.—(1)  The Minister or an authorised body may approve a related party of an ACIE as an approved related party of the ACIE for the purposes of this Order.
[S 301/2024 wef 12/04/2024]
(2)  The approval in sub‑paragraph (1) may be given only if the Minister or authorised body is satisfied that —
(a)the related party is incorporated, registered or formed outside Singapore;
(b)the related party carries on a business relating to the leasing of one or more containers owned by it, for the international transportation of goods, or intends to carry on that business;
(c)the related party carries on the business, or intends to carry on that business, from a place outside Singapore;
(d)the related party intends to pay dividends or partnership profits (as the case may be) derived from the business to the ACIE, and these payments will promote or enhance the economic development of Singapore; and
(e)the containers which the related party owns or intends to acquire, or leases or intends to lease from the ACIE or another related party, for that business are controlled and managed, or will be controlled and managed, by the ACIE.
[S 301/2024 wef 12/04/2024]
(3)  For the purposes of this Order, a company or partnership that is an approved company or approved partnership of an ACIE under paragraph 3(1) of the Income Tax (Concessionary Rate of Tax for Foreign Income of Approved Container Investment Enterprise) Order 2017 (G.N. No. S 289/2017), and which approval has not expired or been withdrawn as at 11 December 2018, is deemed to be approved by the Minister or authorised body as an approved related party of the ACIE under sub‑paragraph (1).
[S 301/2024 wef 12/04/2024]