The relevant company must continue to be wholly owned by one or more of the following:
(a)
a citizen of Singapore;
(b)
a Singapore company, Singapore limited liability partnership or Singapore society;
(c)
any person, company, limited liability partnership, society, association or other organisation or body who or which has been exempted by the Minister under section 32 of the Act;
(d)
any entity listed in Part 2 of the Fifth Schedule to the Constitution of the Republic of Singapore.
2.
The chairperson of the board of directors of the relevant company must be a citizen of Singapore.
3.
The majority of the board of directors of the relevant company must be citizens of Singapore.
4.
The relevant company must continue to have its principal place of business in Singapore.
5.
The relevant company must inform the Controller of any material change within 7 business days after the relevant company becomes aware of such a change and for this purpose, a material change is any change that affects or may affect the relevant company’s ability to comply with any condition, including (but not limited to) the following:
(a)
a change in the percentage level of the interest in the relevant company of any substantial shareholder (as defined in section 81 of the Companies Act 1967) of the relevant company;
(b)
a change in the nationality of the relevant company’s chairperson, or the nationality of any of its directors or substantial shareholders (as defined in section 81 of the Companies Act 1967).
6.
The relevant company must submit to the Controller a statutory declaration by 1 April of every year, using the format enclosed in the letter of approval dated 2 September 2024 addressed to the relevant company, along with the required documents for validation.
7.
If the relevant company intends to retain any completed landed dwelling house in a development after completing the development, the relevant company must apply to and obtain the approval of the Minister for Law for such retention under section 25 of the Act.