2.—(1) In these Regulations, unless the context otherwise requires —| “approved company” means an approved company to which the tax exemption under section 13R of the Act applies; [S 212/2016 wef 17/02/2006] |
| “Approved Derivatives Trader” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003) in force immediately before 1st January 2004; |
| “Approved Fund Manager” means a Fund Manager approved before 1st January 2004 under section 43A(1)(b) of the Act; |
| “Approved Headquarters Company” means a headquarters company approved under section 43E of the Act by the Monetary Authority of Singapore in its capacity as a person appointed by the Minister for the purposes of that section; |
| “Approved Securities Company” means a company approved before 1st January 2004 for derivatives activities under section 43A(1)(c) of the Act; |
| “approved start-up fund manager” has the same meaning as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003); [S 260/2006 wef 18/02/2005] |
| “debt securities” has the same meaning as in section 43N of the Act; |
| “designated investments” and “designated person” have the same meanings as in the Income Tax (Income from Funds Managed for Foreign Investors) Regulations 2003 (G.N. No. S 640/2003) ; |
“designated securities” means —| (a) | stocks, shares, bonds and other securities, denominated in any foreign currency, issued by a company which is neither incorporated in Singapore nor resident in Singapore; or | | (b) | bonds denominated in any foreign currency issued by any foreign government; |
|
| “Equity Capital Market Intermediary” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003) in force immediately before 1st January 2004; |
| “financial derivatives” means derivatives the payoffs of which are linked, whether in whole or in part, to the payoffs or performance of any financial assets, securities, financial instruments or indices, but excludes derivatives the payoffs of which are wholly linked to the payoffs or performance of commodities; |
| “financial sector incentive (bond market) company” means a company approved as such under section 43Q of the Act; |
| “financial sector incentive (credit facilities syndication) company” means a company approved as such under section 43Q of the Act; |
| “financial sector incentive (derivatives market) company” means a company approved as such under section 43Q of the Act; |
| “financial sector incentive (equity market) company” means a company approved as such under section 43Q of the Act; |
| “financial sector incentive (fund management) company” means a company approved as such under section 43Q of the Act; |
| “financial sector incentive (headquarter services) company” means a company approved as such under section 43Q of the Act; |
| “financial sector incentive (standard tier) company” means a company approved as such under section 43Q of the Act; |
“foreign bond or loan stock issue” means any bond or loan stock issued by a person who (excluding any permanent establishment it may have in Singapore) is not resident in Singapore, or by a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment, where —| (a) | the bond or loan stock is denominated in any currency other than the Singapore dollar; | | (b) | the proceeds of the bond or loan stock issue are to be used outside Singapore; and | | (c) | the expenses incurred in respect of the bond or loan stock issue are not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore; |
|
“foreign debt securities” means any bonds, notes, commercial papers, treasury bills or certificates of deposits which are —| (a) | issued by a company which is neither incorporated in Singapore nor resident in Singapore (excluding any permanent establishment it may have in Singapore), or by any foreign government; or | | (b) | listed on the Singapore Exchange, and issued by a company which —| (i) | is incorporated in Singapore; | | (ii) | has at least 50% of its annual turnover derived from outside Singapore; and | | (iii) | is approved, for the purpose of these Regulations, by the Minister or such person as he may appoint; |
|
|
“foreign equity securities” means stocks, shares or other equity securities which are —| (a) | issued by a company which is neither incorporated in Singapore nor resident in Singapore; or | | (b) | listed on the Singapore Exchange, and issued by a company which —| (i) | is incorporated in Singapore; | | (ii) | has at least 50% of its annual turnover derived from outside Singapore; and | | (iii) | is approved, for the purpose of these Regulations, by the Minister or such person as he may appoint; |
|
|
“foreign investor” means —| (a) | an individual who is neither a citizen of Singapore nor resident in Singapore and who is the beneficial owner of funds managed by any fund manager in Singapore; | | (b) | a company not resident in Singapore and not more than 20% of the total number of the issued shares of which are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore (after excluding the total percentage owned directly by any designated person); or | | (c) | a trust fund not more than 20% of the value of which is beneficially held, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) (after excluding the total percentage held directly by any designated person), |
| (i) | any company or trust fund that —| (A) | has a permanent establishment in Singapore (other than a fund manager); | | (B) | carries on a business in Singapore; or | | (C) | beneficially owns more than 20% of the total number of the issued shares of any company incorporated in Singapore; and |
| | (ii) | any company 20% or more of the total number of the issued shares of which are beneficially owned, directly or indirectly, by a company referred to in paragraph (i), |
| unless approval is granted by the Minister or approving authority; |
|
| “foreign mutual fund corporation” means a mutual fund corporation not more than 20% of the total number of the issued shares of which are beneficially held, directly or indirectly, by persons who are not referred to in paragraphs (a) and (b) of the definition of “foreign investor” (after excluding the total percentage held directly by any designated person); |
| “foreign trust” has the meaning given to it in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24); |
| “futures member of the Singapore Exchange” has the same meaning as in section 43D(4) of the Act; |
| “initial public offering” means a public offering of securities of a company, the stocks or shares of which have not previously been listed on the Singapore Exchange, in conjunction with the listing of those securities on the Singapore Exchange, and includes a listing of securities of such a company on the Singapore Exchange by way of an introduction; |
| “mutual fund corporation” means a collective investment scheme or closed-end fund, as defined in section 2 of the Securities and Futures Act (Cap. 289), that is constituted as a corporation; |
| “offshore credit facility” and “offshore guarantee facility” have the same meanings as in the Income Tax (Exemption of Income from Syndicated Offshore Facilities) Regulations 2003 (G.N. No. S 183/2003); |
“offshore trade transaction” means any trade transaction where —| (a) | neither the buyer nor the seller is a resident of Singapore or a permanent establishment in Singapore; | | (b) | the goods are not exported from or imported into Singapore except for transhipment; and | | (c) | the transaction is carried out in one or more foreign currencies; |
|
| “qualifying debt securities” has the same meaning as in section 13(16) of the Act; |
| “qualifying derivatives” means financial derivatives transacted over-the-counter; |
| “relevant foreign trust” means a foreign trust as defined in regulation 2A of the Income Tax (Exemption of Income of Foreign Trusts) Regulations (Rg 24), other than a unit trust referred to in paragraph (1)(b) of that regulation; |
| “securities lending or repurchase arrangement” has the same meaning as in section 10N of the Act; [S 260/2006 wef 18/02/2005] |
| “subsequent incentive period” means a further period referred to in regulation 3(5)(a) ; |
| “unit” means a right or an interest (whether described as a unit, a sub-unit or otherwise) which may be acquired under a unit trust; |
| “unit trust” means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property. |
| (2) Any reference in these Regulations to an approving authority is a reference to such person as the Minister may appoint for the purposes of the provision in which that reference appears. |
|