Association
2A.—(1)  For the purposes of these Regulations, a company (X) is associated with an approved qualifying company (Y) if any of the requirements relating to the control of operations in paragraph (2), or to beneficial ownership of issued shares in paragraph (3), are satisfied.
(2)  The requirements relating to the control of operations for the purpose of paragraph (1) are any of the following:
(a)X controls or can control the operations of Y;
(b)Y controls or can control the operations of X;
(c)one other person, or 2 or more other persons together control or can control the operations of both X and Y.
(3)  The requirements relating to beneficial ownership of issued shares for the purpose of paragraph (1) are any of the following:
(a)X beneficially owns at least 25% of the total number of the issued shares of Y;
(b)Y beneficially owns at least 25% of the total number of the issued shares of X.
(4)  For the purposes of paragraphs (2) and (3), the control or beneficial ownership may be direct or indirect, or both direct and indirect.
[S 236/2017 wef 25/03/2016]