Application
5.  These Regulations shall not apply where the foreign investor (other than an individual) —
(a)has a permanent establishment in Singapore (other than a fund manager);
(b)carries on a business in Singapore;
(c)beneficially owns more than 20% of the issued share capital of any company incorporated in Singapore; or
(d)has 20% or more of its issued share capital beneficially owned, directly or indirectly, by a company which falls within paragraph (a), (b) or (c),
unless approval is granted by the Minister or such person as he may appoint.