5. These Regulations shall not apply where the foreign investor (other than an individual, a fund referred to in regulation 2(2) or a trust fund referred to in regulation 2(3)) —
(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 total number of issued shares of any company incorporated in Singapore; or
(d)
has 20% or more of the total number of its issued shares 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.