A non-resident financial institution may in certain circumstances be unable to borrow in Singapore dollars (S$) more than S$5 million from a resident financial institution owing to the following restrictions placed on financial institutions lending of the Singapore dollar to non-resident financial institutions.
A financial institution shall not extend to any non- resident financial institution S$ credit facilities exceeding S$5 million per non-resident financial institution:
(a) where the S$ proceeds are to be used outside of Singapore, unless:
(i) such proceeds are swapped or converted into foreign currency upon draw-down or before remittance abroad; or
(ii) such proceeds are for the purpose of preventing settlement failures where the financial institution extends a temporary S$ overdraft to any vostro account of any non-resident financial institution, and the financial institution takes reasonable efforts to ensure that the overdraft is covered within two business days; and
(b) where there is reason to believe that the S$ proceeds may be used for S$ currency speculation, regardless of whether the S$ proceeds are to be used in Singapore or outside of Singapore.
A financial institution shall not arrange S$ equity or bond issues for any non-resident financial institution where the S$ proceeds are to be used outside Singapore, unless the proceeds are swapped or converted into foreign currency upon draw-down or before remittance abroad.
"Non-residents financial institution" means any financial institution which is not a resident as defined in the relevant notice.
Source of Measure:
Insurance Act 1996, MAS Notice 109 Banking Act 1970, MAS Notice 757 Finance Companies Act 1967, MAS Notice 816
Monetary Authority of Singapore Act 1970, MAS Notice 1105
Securities and Futures Act 2001, MAS Notice SFA 04-No4
2. Sector: All
Subsector: -
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access
Description: Trade in Services and Investment:
The aggregate of foreign shareholdings in PSA Corporation or its successor body is subject to a 49 per cent limit.
The "aggregate of foreign shareholdings" is defined as the total number of shares owned by:
(a) any individual who is not a Singapore citizen;
(b) any corporation which is not more than 50 per cent owned by Singapore citizens or by the Singapore Government; or
(c) any other enterprise which is not owned or controlled by the Singapore Government.
Source of Measure:
This is an administrative policy of the Singapore Government and is inscribed in the Memorandum and Articles of Association of PSA Corporation.
3. Sector: All
Subsector: -
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access
Description: Trade in Services and Investment:
All individual investors, apart from the Singapore Government, will be subject to the following equity ownership limits in the enterprises, or its successor bodies, as listed below:
(a) Singapore Technologies Engineering - 15 per cent;
(6) PSA Corporation - 5 per cent;
(c) Singapore Airlines - 5 per cent; and
(d) PowerGas, SP PowerGrid, SP PowerAssets, Singapore LNG Corporation - 10 per cent.
For the purposes of this reservation, ownership of equity by an investor in these enterprises or its successor bodies includes both direct and indirect ownership of equity.
Source of Measure:
This is an administrative policy of the Singapore Government and is inscribed in the Memorandum and Articles of Association of the relevant enterprises.
Gas Act 2001, 2020 Revised Edition, Section 63B
Electricity Act 2001, 2020 Revised Edition, Section 30B
4. Sector: All
Subsector: -
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence. Senior Management and Board of Directors
Description: Trade in Services and Investment
Where a person required to be registered under the Business Names Registration Act 2014, or, in the case of any corporation, the directors, or secretaries of the corporation, do not reside in Singapore, an authorised representative who must be ordinarily resident* in Singapore must be appointed.
*Persons who qualify to be appointed in such a capacity are primarily Singapore citizens, Singapore permanent residents and EntrePass holders (all with local address).
Source of Measure:
Business Names Registration Act 2014, 2020 Revised Edition
Business Names Registration Regulations 2015
5. Sector: Business Services
Subsector: Architectural Services. Architectural services includes preparing and selling or supplying for gain or reward any architectural plan, drawing, tracing, design, specification, or the like for use in the construction, enlargement, or alteration of any building or part thereof. It includes the certification and inspection of buildings for compliance with a building authority or public authority.
Industry Classification:
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Local Presence
Description: Trade in Services and Investment
Only persons who are registered with the Board of Architects (BOA) or its successor body and resident in Singapore are allowed to provide architectural services.
All corporations, limited liability partnerships and partnerships (including those which are providing architectural services as part of a multi- disciplinary corporation or practice) providing architectural services shall obtain a licence from the BOA or its successor body. To qualify for the licence, the corporation or partnership shall:
(a) be under the control and management of a director or partner who is a Singapore- registered architect; where a multi-disciplinary corporation or partnership is concerned, the business of the corporation or partnership relating to architectural services shall be under the control and management of a director or partner who is a Singapore- registered architect; and
(b) where limited corporations are concerned, the majority of the directors of a corporation shall be Singapore- registered architects or allied professionals; where unlimited corporations are concerned, the majority of directors shall be registered professional architects or allied professionals who have in force practicing certificates; where partnerships are concerned, the beneficial interest in the capital assets and profits of the partnership shall be held by Singapore-registered architects or allied professionals who have in force practicing certificates.
"Allied professionals" are Singapore-registered land surveyors and engineers.
Source of Measure:
Architects Act 1991, 2020 Revised Edition
6. Sector: Business Services
Subsector: Public Accountancy Services (including statutory audit)
Industry Classification: CPC 86211 Financial auditing services ; CPC 86309 Other Tax-related services
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Local Presence. Senior Management and Board of Directors
Description: Trade in Services and Investment
Only public accountants, accounting firms, accounting corporations or accounting limited liability partnerships (LLPs) may provide public accountancy services. Public accountants must be registered with the Accounting and Corporate Regulatory Authority (ACRA) and fulfil the registration requirements under the Accountants Act 2004, including requirements pertaining to qualifications, experience as well as membership with the Institute of Singapore Chartered Accountants (ISCA).
Accounting firms, accounting corporations and accounting LLPs must be approved by the Public Accountants Oversight Committee, which is a Board Committee of ACRA under the Accountants Act 2004. The business of an accounting firm, accounting corporation or an accounting LLP, so far as it relates to the provision or supply of public accountancy services in Singapore, shall be under the control and management of one or more directors (in the case of accounting corporation) ora partner (in the case of accounting firm) who is a public accountant ordinarily resident in Singapore. (1)
Source of Measure:
Accountants Act 2004, 2020 Revised Edition, Sections 2, 10(1), 17(3)(d), 18(3)(c), and 18A(3)(e)
Accountants (Public Accountants) Rules, Second Schedule, Paragraph 7
Companies Act 1967, 2020 Revised Edition, Section 10
7. Sector: Business Services - Professional Services
Subsector: Land Surveying Services
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Local Presence. Senior Management and Board of Directors
Description: Trade in Services and Investment
All persons seeking to provide land surveying services in Singapore are required to register with the Land Surveyors Board (LSB) or its successor body, and be physically present in Singapore for the duration of the land surveying project which requires his supervision or certification.
All corporations, limited liability partnerships and partnerships (including those which are providing land surveying services as part of a multi- disciplinary corporation or practice) seeking to provide land surveying services must obtain a licence from the LSB. To qualify for the licence, the corporation or partnership must:
(a) be under the control and management of a director or partner who is a Singapore- registered surveyor; where a_ multi- disciplinary corporation or partnership is concerned, the business of the corporation or partnership relating to land surveying services must be under the control and management of a director or partner who is a Singapore-registered surveyor; and
(b) where limited corporations are concerned, a simple majority of its directors must be Singapore-registered surveyors or allied professionals; where unlimited corporations are concerned, the directors or members shall be Singapore-registered surveyors or allied professionals; where partnerships are concerned, only Singapore-registered surveyors and allied professionals can have a beneficial interest in the capital assets and profits of the partnership.
"Allied professionals" are Singapore-registered engineers and architects.
Source of Measure :
Land Surveyors Act 1997, 2020 Revised Edition, Sections 12 to 23
Land Surveyors Rules, Rules 2 to 20
8. Sector: Business Services
Subsector: Patent Agent Services
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Local Presence. Senior Management and Board of Directors
Description: Trade in Services and Investment
Only service suppliers registered with the Intellectual Property Office of Singapore (IPOS) or its successor body and resident in Singapore shall be allowed to carry on a business, practise or act as a patent agent in Singapore.
Only service suppliers which have at least one Singapore-registered patent agent resident in Singapore either as a director or partner, shall be allowed to carry on a business, practise or act as a patent agent in Singapore.
Source of Measure:
Patents Act 1994, 2020 Revised Edition
9. Sector : Business Services
Subsector : Placement and supply services of personnel
Industry Classification: -
Obligations Concerned : Local Presence
Description : Trade in Services:
Only service suppliers with local presence shall be allowed to set up employment agencies and place foreign workers in Singapore.
Source of Measure : Employment Agencies Act 1958, 2020 Revised Edition
10. Sector Business Services
Subsector: Professional Engineering Services. Professional engineering services includes any professional service, consultation, investigation, evaluation, planning, design or responsible supervision of construction or operation in connection with any public or privately owned public utilities, buildings, machines, equipment, processes, works or projects wherein the public interest and welfare, or the safeguarding of life, public health or property is concerned or involved, and that requires the application of engineering principles and data.
Industry Classification: -
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Local Presence
Description: Trade in Services and Investment
Only persons who are registered with or firms which are licensed by the Professional Engineers Board (PEB) are allowed to provide professional engineering services in Singapore in prescribed branches of engineering, namely: civil, electrical and mechanical engineering.
The implementation in Singapore of professional engineering works which require approval by the authorities shall be carried out by a professional engineer physically present in Singapore for the duration when the project is being implemented.
All corporations, multi-discipline partnerships and limited liability partnerships providing professional engineering services shall obtain a licence from the PEB or its successor body. To qualify for the licence, the corporation, multi-disciplinary partnership or limited liability partnership shall meet the following requirements:
(a) the business of the corporation, multi- disciplinary partnership or limited liability partnership relating to professional engineering services shall be under the control and management of a director or a partner who is a Singapore-registered professional engineer and who has a valid practising certificate and who, in the case of corporations or limited liability partnerships, is authorised under a resolution of the board of directors of the corporation or partners of the limited liability partnership to make all final engineering decisions on behalf of the corporation or limited liability partnership; and
(b) where limited or unlimited corporations are concerned, not less than 51 per cent of the directors shall be Singapore-registered professional engineers or allied professionals; where multi-disciplinary partnerships are concerned, the beneficial interest in the capital assets and profits of the partnerships shall be held by Singapore-registered professional engineers or allied professionals; where limited liability partnerships are concerned, partners shall be Singapore-registered professional engineers or allied professionals, licensed corporations or licensed limited liability partnerships.
"Allied professionals" are Singapore-registered land surveyors and architects.
Source of Measure:
Professional Engineers Act 1997, 2020 Revised Edition, Sections 10, 11, and 20 to 26
11. Sector: Business Services
Subsector: Real Estate Services
Industry Classification: CPC 82202 Non-residential property management services on a fee or contract basis
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access
Description: Trade in Services and Investment
Only the Sentosa Development Corporation or its successor body shall be allowed to develop and manage the resort island of Sentosa and its waterways.
Only the Singapore Land Authority, the National Parks Board, or their successor bodies shall be allowed to develop and manage the Southern Islands of Singapore.
For the purpose of this reservation, the "Southern Islands of Singapore" are St. John's Island, Lazarus Island, Kusu Island, Pulau Renggit, Sister's Island, Pulau Hantu, Pulau Biola, Pulau Jong and Pulau Tekukor.
Source of Measure:
Sentosa Development Corporation Act 1972, 2020 Revised Edition, Section 9
Singapore Land Authority Act 2001, 2020 Revised Edition, Section 6(1)(e) (ii)
12. Sector: Business Services
Subsector: Private Investigation Services. Unarmed Guard Services
Industry Classification: CPC 87301 Investigation Services CPC 87302 Security Consultation Services CPC 87305 Guard Services (only applies to unarmed security guard services)
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access. Most-Favoured-Nation Treatment (Trade in Services and Investment). Local Presence. Senior Management and Board of Directors
Description: Trade in Services and Investment
Singapore reserves the right to adopt or maintain any measure affecting the supply of Unarmed Guard Services, Private Investigation Services, and Security Services, which are regulated under the Private Security Industry Act 2007 for the protection of vital security interests.
Source of Measure:
Private Security Industry Act 2007, 2020 Revised Edition
13. Sector: Education Services
Subsector: Higher Education Services in relation to the training of doctors
Industry Classification: CPC 92390 Other Higher Education Services (Only applies to Higher Education Services in relation to the training of doctors)
Obligations Concerned: National Treatment (Trade in Services and Investment). Market Access.