3.—(1) For the purposes of section 13P of the Act, each of the following is a related party of an approved shipping investment enterprise (called in this rule the approved enterprise):| (a) | another approved shipping investment enterprise that is related to the approved enterprise —| (i) | where the approved enterprise is a company — in accordance with paragraph (2) or (3); or | | (ii) | where the approved enterprise is a registered business trust or partnership — in accordance with paragraph (3); |
| | (b) | a company — | (i) | being one —| (A) | that is incorporated and resident in Singapore; or | | (B) | that is incorporated outside Singapore; and |
| | (ii) | at least 25% of the total number of the issued ordinary shares of which are beneficially owned (whether directly or indirectly) by —| (A) | the approved enterprise; or | | (B) | another approved shipping investment enterprise that is a related party of the approved enterprise under sub‑paragraph (a); |
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| | (c) | a partnership that is registered or formed outside Singapore —| (i) | where the approved enterprise is entitled (whether directly or indirectly) to at least 25% of the partnership’s income; or | | (ii) | one of the partners of which —| (A) | is another approved shipping investment enterprise that is a related party of the approved enterprise under sub‑paragraph (a); and | | (B) | is entitled to at least 25% of the partnership’s income. |
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[S 39/2023 wef 31/12/2021] (2) For the purposes of paragraph (1)(a)(i), an approved shipping investment enterprise (called in this paragraph the related enterprise) is related to the approved enterprise if at least 25% of the total number of the issued ordinary shares of —| (a) | the approved enterprise; and | | (b) | the related enterprise, |
| are beneficially owned (whether directly or indirectly) by the same shareholder or shareholders. |
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(3) For the purposes of paragraph (1)(a)(i) and (ii), an approved shipping investment enterprise (called in this paragraph the related enterprise) is related to the approved enterprise if —| (a) | the approved enterprise and related enterprise are managed by the same approved shipping investment manager; or | | (b) | all the issued ordinary shares of —| (i) | the approved shipping investment manager that manages the approved enterprise; and | | (ii) | the approved shipping investment manager that manages the related enterprise, |
| are beneficially owned (whether directly or indirectly) by the same shareholder or shareholders. |
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