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SINGAPORE-AUSTRALIA FREE TRADE AGREEMENT (SAFTA) |
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ANNEX 4-I(B)
SINGAPOREíS RESERVATIONS TO CHAPTER 7 (TRADE IN SERVICES) AND CHAPTER 8 (INVESTMENT)
Sector All
Sub-Sector -
Industry -
classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Insurance Act, Cap. 142, MAS Notice 149
Banking Act, Cap. 19, MAS Notice
757
Finance Companies Act, Cap. 108, MAS Notice 816
Monetary Authority of
Singapore Act, Cap. 186, MAS Notice 1105
Securities and Futures Act 2001, Act
42 of 2001, MAS Notice 1201
Description of
Reservation
Financial institutions extending Singapore dollar (S$) credit
facilities
exceeding S$5 million per entity to non-resident financial
entities or arranging S$ equity or bond issues for non-residents, shall ensure
that where the S$ proceeds are to be used outside Singapore, they are
swapped or converted into foreign currency upon draw-down or before remittance
abroad.
Financial institutions shall not extend S$ credit facilities to non- resident financial entities if there is reason to believe that the S$ proceeds may be used for S$ currency speculation.
4-I(B)-1
Sector All
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
The aggregate of foreign shareholdings in PSA Corporation and/or
its
successor body shall be subject to a 49% limit.
The ìaggregate of foreign shareholdingsî is defined as the total number of shares owned by:
(i) any individual who is not a Singapore citizen;
(ii) any corporation
which is not more than 50% owned by Singapore
citizens or by the Singapore
Government; and/or
(iii) any other enterprise which is not owned or
controlled by the
Singapore Government.
4-I(B)-2
Sector All
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
All individual investors, apart from the Singapore government, shall
be
subject to the following equity ownership limits in the
enterprises,
and/or its successor bodies, as listed below: Singapore
Technologies Engineering - 15% PSA Corporation ñ 5%,
Singapore
Airlines ñ 5%
Singapore Power, Power Grid, Power Supply, Power Gas ñ 10%
For the purposes of this reservation, ownership of equity by an
investor
in these enterprises and/or its successor bodies includes both
direct and indirect ownership of equity.
4-I(B)-3
Sector All
Sub-Sector -
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Business Registration Act, Cap. 32, 2001 Revised Edition
Companies Act,
Cap. 50, 1994 Revised Edition
Description of
Reservation
Only a service supplier who is a Singapore citizen, Singapore
permanent
resident or Singapore Employment Pass holder shall be
allowed to register a business without appointing a local manager.
A local manager shall be a Singapore citizen, Singapore permanent resident or Singapore Employment Pass holder.
All locally incorporated companies shall comply with the following requirements:
(i) at least 1 director of the company shall be resident in
Singapore.
(ii) all branches of foreign companies registered in Singapore
shall have
at least 2 agents resident in Singapore.
To be resident in Singapore, a person shall be either a Singapore
citizen
or Singapore permanent resident or Singapore Employment Pass
holder.
4-I(B)-4
Sector Business Services
Sub-Sector Architectural Services
Architectural services includes selling or supplying for gain or reward any architectural plan, drawing, tracing 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 fire safety regulations.
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Architects Act, Cap.12, 2000 Revised Edition
Description of
Reservation
All corporations 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 Board of Architects (BOA) and/or its successor body. To qualify
for the licence, the corporation or partnership shall:
(i) 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
(ii) where limited corporations are concerned, the Chairman and at least two thirds of the directors of a corporation shall be Singapore-registered architects or allied professionals; where unlimited corporations are concerned, the directors or members shall be registered professional engineers or allied professionals; 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.
Allied professionals are Singapore-registered land surveyors and engineers.
4-I(B)-5
Sector Business Services
Sub-Sector Financial Auditing services
Industry
Classification
CPC 86211 Financial auditing services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Accountants Act, Cap. 2, 2001 Revised Edition
Description of
Reservation
Only service suppliers who are registered with the Institute of
Certified
Public Accountants of Singapore (ICPAS) and the Public Accountants
Board (PAB) and/or their successor bodies and resident in Singapore shall
be appointed as an approved company auditor.
At least one of the partners of the firm shall be effectively resident
in
Singapore.
4-I(B)-6
Sector Business Services
Sub-Sector Other tax-related services
Industry
Classification
CPC 86309 Other tax-related services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Public accountants shall be effectively resident in Singapore or at
least
one of the partners of the firm shall be effectively
resident in Singapore. Only public accountants registered with the
Public Accountants Board (PAB) and/or its successor body shall practise as
tax consultants for local tax laws.
4-I(B)-7
Sector Business services
Sub-Sector Collection agency services
Industry
Classification
CPC 87902 Collection agency services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Only service suppliers designated by the relevant government
bodies
and which have local presence shall be allowed to supply
collection
agency services.
4-I(B)-8
Sector Business services
Sub-Sector Non-financial intangible assets
Industry
Classification
CPC 892 Non-financial intangible assets
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Only service suppliers with local presence shall be allowed to set
up
and register royalty collection management entities.
4-I(B)-9
Sector Business Services
Sub-Sector Land Surveying Services
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Land Surveyors Act, Cap. 156, 1992 Revised Edition
Description of
Reservation
Only service suppliers who are registered with the Land
Surveyors
Board (LSB) and/or its successor body, resident in Singapore and
have had practical experience in surveying in Singapore shall be allowed to
provide land surveying services.
All corporations and partnerships (including those which are providing land surveying services as part of a multi-disciplinary corporation or practice) providing land surveying services shall obtain a licence from the LSB. To qualify for the licence, the corporation or partnership shall:
(i) be under the control and management of a director or partner who is
a
Singapore-registered surveyor resident in Singapore; where a multi-
disciplinary corporation or partnership is concerned, the business of the
corporation or partnership relating to land surveying services shall be
under the control and management of a director or partner who is a
Singapore-registered surveyor resident in Singapore;
(ii) where limited corporations are concerned, all its directors shall be
Singapore-registered surveyors or allied professionals and not less than
two-thirds of each class of shares shall be beneficially owned by and
registered in the names of registered surveyors and/or allied professionals;
where unlimited corporations are concerned, the directors
or members
shall be registered professional engineers or
allied
professionals; where partnerships are concerned, only
Singapore- registered surveyors and allied professionals shall have a
beneficial interest in the capital assets and profits of the partnership.
For limited, unlimited and multi-disciplinary corporations, the director who
has control and management shall be the registered owner of at least
one share of the corporation and shall also have a valid
practising
certificate.
4-I(B)-10
Allied professionals are Singapore-registered engineers and architects.
4-I(B)-11
Sector Business services
Sub-Sector Leasing or rental services concerning private cars, goods transport
vehicles and other land transport equipment without operator
Industry
Classification
CPC 83101, 83102, 83105 Leasing or rental services concerning
private
cars, goods transport vehicles and other land transport equipment without
operator
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Road Traffic Act, Cap. 276, 1994 Edition
Description of
Reservation
The cross-border rental of private cars, goods transport vehicles
and
other land transport equipment without operator by
Singapore
residents with the intent to use the vehicles in Singapore is
prohibited.
4-I(B)-12
Sector Business services
Sub-Sector Mailing List compilation and mailing services
Industry
Classification
CPC 87906 Mailing list compilation and mailing services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Commitments in mailing list compilation and mailing services shall
be
subject to the reservations in the postal service sector.
4-I(B)-13
Sector Business Services
Sub-Sector Patent Agent Services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Patents Act, Cap. 221, 1995 Revised Edition
Description of
Reservation
Only service suppliers registered with the Intellectual Property Office
of
Singapore (IPOS) and/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.
4-I(B)-14
Sector Business services
Sub-Sector Placement and supply services of personnel
Industry
Classification
CPC 87204 Supply services of domestic help personnel
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Employment Agencies Act, Cap. 92
Description of
Reservation
Only service suppliers with local presence shall be allowed to set
up
employment agencies and place foreign workers in Singapore.
These agencies are not the direct employer of foreign workers in
Singapore. They serve as intermediaries to help source and supply
foreign workers to employers of these workers. Thus, this reservation shall be
read with the Annex 4-II(B) reservation relating to the supply
of a service
by a natural person.
4-I(B)-15
Sector Business Services
Sub-Sector 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
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Description of
Reservation
Professional Engineers Act, Cap. 253, 1992 Revised Edition
The implementation in Singapore of 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 and partnerships (including those which are providing professional engineering services as part of a multi-disciplinary corporation or practice) providing professional engineering services shall obtain a licence from Professional Engineers Board and/or its successor body. To qualify for the licence, the corporation or partnership shall:
(i) be under the control and management of a director or partner who is
a
Singapore-registered professional engineer and who has a valid
(ii) where limited corporations are concerned, the Chairman and at least two thirds of the directors shall be Singapore-registered professional engineers or allied professionals; where unlimited corporations are concerned, the directors or members shall be registered professional engineers or allied professionals; where partnerships are concerned, the
4-I(B)-16
beneficial interest in the capital assets and profits of the partnerships shall be held by Singapore-registered professional engineers or allied professionals.
Allied professionals are Singapore-registered land surveyors and architects.
4-I(B)-17
Sector Business Services
Sub-Sector Real Estate Services
Industry
Classification
CPC 82202 Non-residential property management services on a fee
or
contract basis
Type of
Reservation
Source of
Measure
Market Access
National Treatment
Sentosa Development Corporation Revised Edition 1998 (30th
May
1998)
Description of
Reservation
Only the Sentosa Development Corporation and/or its successor
body
shall be allowed to develop and manage the resort island of
Sentosa
and its waterways and the Southern Islands of Singapore.
4-I(B)-18
Sector Business Services
Sub-Sector Technical testing and analysis services
Industry
Classification
CPC 86769 Other technical testing and analysis services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Agri-Food and Veterinary Authority Act, Cap. 5, 2001
Revised
Edition
Animals and Birds Act, Cap. 7, 1985 Revised
Edition
Control of Plants Act, Cap. 57A, 2000 Revised Edition
Description of
Reservation
Only service suppliers with local presence shall be allowed to
provide
testing, analytical and certification services on animals,
plants, and
products derived from animals and plants which are physically
present
in Singapore, including but not limited to, where such items
are
intended for import, export and import for the purposes of re-export.
Singapore reserves the right and flexibility to modify and/or increase the
items as defined and/or listed in the Animals and Birds Act and the
Control
of Plants Act.
4-I(B)-19
Sector Business services
Sub-Sector Testing and analysis services of automobiles
Industry
Classification
CPC 86763 Testing and analysis services of automobiles
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Road Traffic Act, Cap. 276, 1994 Edition
Description of
Reservation
Only service suppliers with local presence shall be allowed to
supply
testing and analysis services of automobiles.
4-I(B)-20
Sector Business services
Sub-Sector 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)
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Private Investigation and Security Agencies Act, Cap. 249, 1985
Revised
Edition
Description of
Reservation
Foreigners are permitted to set up legal persons to provide
unarmed
guards for hire but must register a company with local
participation.
At least two of the directors must be a Singapore citizen or
Singapore permanent resident.
Foreigners shall not be allowed to work as guards, but can be involved
in
the administration of the company.
The foreign directors shall produce a certificate of no criminal conviction from their country of origin or a statutory declaration before a local commissioner of oaths.
All service suppliers providing unarmed guard services shall be precluded from escorting cash-in transit operations of S$250,000 and above.
Private investigators do not have police powers of seizure, search or arrest.
4-I(B)-21
Sector Business - Professional Services (Legal Services)
Sub-Sector Supply of legal services in Australian law, international law and/or
third country law by Australian law firms and Australian lawyers (but excluding activities of representatives offices of Australian law firms and Australian lawyers; and the supply of legal services in Australian law, international law and third country law by Australian law firms and Australian lawyers engaged in joint law ventures, formal law alliances or any other informal or strategic alliances or any newly- created entities with Singapore law firms as defined and provided under Singapore law)
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Description of
Reservation
(1) Australian law firms shall apply for registration as foreign
law
firms (as defined under Singapore law) for their practice of Australian
law, international law and/or third country law with offices
in Singapore, and upon registration, they can employ :
(i) qualified foreign
lawyers (as defined under Singapore law) of
any nationality to practise Australian law, international law and/or third country law;
(ii) Singapore lawyers (as defined under Singapore law) to practise only Australian law, international law and/or third country law
but not Singapore law; and
(iii) non-legally trained local staff in their
Singapore offices.
(2) Australian lawyers shall apply for registration as foreign lawyers for their practice of Australian law, international law and/or third country law with physical presence in Singapore in order to work in foreign law firms (either from Australia or any other jurisdiction) in Singapore.
(3) Australian lawyers who are registered as foreign lawyers for
practice of Australian law, international law and/or third country law with
local presence in Singapore and are working in foreign law firms
(either from
Australia or any other jurisdiction) in Singapore shall be allowed to prepare
and appear in international commercial arbitration
in Singapore; except that,
where the applicable law in the case of any arbitration proceedings is the law
of Singapore, the Australian lawyer
concerned shall appear in the
proceedings jointly with a Singapore advocate and solicitor who has in force
a practising certificate or with
4-I(B)-22
a legal officer of the Singapore Legal Service as defined under
Singapore law.
Source of
Measure
(1) Legal Profession Act, Cap. 161 (2001 Revised Edition)
(2) Legal
Profession (International Services) Rules (2002 Revised
Edition)
(3)
Notice to Foreign Law Firms and Foreign Lawyers dated 5 May
2000
4-I(B)-23
Sector Communication Services
Sub-Sector Production, distribution and public display of sound recordings
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Commitments in production, distribution and public display of
sound
recordings shall not include all the broadcasting and
audiovisual services and materials that are broadcasting-related. Examples
of services that are not included are: free-to-air broadcasting, cable
and
pay television, direct broadcasting by satellite and teletext.
4-I(B)-24
Sector Education Services
Sub-Sector 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)
Type of
reservation
Market Access
National Treatment
Source of
Measures
Administrative
Description of
Reservation
Only local tertiary institutions shall be allowed to operate
undergraduate
or graduate programmes for the training of doctors.
Local tertiary institutions are tertiary institutions which are established pursuant to an Act of Parliament.
4-I(B)-25
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial Intermediation Services, except insurance and
pension
fund services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Banking Act, Cap. 19
MAS Notice 619
Guidelines for Operation of
Wholesale Banks, Guidelines for Operation of Offshore Banks
Description of
Reservation
Foreign banks may only establish as Singapore branch offices of
a
corporation or Singapore-incorporated companies.
Wholesale Banks
Wholesale banks are not permitted to:
a) accept Singapore dollar fixed deposits of less than S$250,000;
b) offer savings accounts;
c) operate interest-bearing Singapore dollar current accounts for natural persons who are Singapore residents;
d) issue Singapore dollar bonds and negotiable certificates of
deposit, unless the requirements pertaining to minimum maturity period, minimum denomination or class of investors contained in the Guidelines for Operation of Wholesale Banks issued by the Monetary Authority of Singapore and/or its successor body are complied with.
Only a maximum of 20 new Wholesale Bank licenses will be granted by the Monetary Authority of Singapore and/or its successor body between
30 June 2001 and 30 June 2003.
Offshore banks
Offshore banks are not permitted to:
a) provide credit facilities to non-bank residents of Singapore in Singapore dollars exceeding a total of S$500 million at any one time;
b) offer savings account;
c) accept any fixed or other interest-bearing deposits in Singapore
4-I(B)-26
dollars from non-bank residents of Singapore;
d) operate current accounts for non-bank residents unless the
accounts are offered:
i. in connection with credit facilities granted to, or
other business dealings with the customer; or ii. to customers of the bank's head office;
e) operate interest-bearing Singapore dollar current accounts for natural persons who are Singapore residents;
from non-bank non-residents;
g) issue Singapore dollar bonds and negotiable certificates of deposit, unless the requirements pertaining to minimum maturity period, minimum denomination or class of investors contained in the Guidelines for Operation of Offshore Banks issued by the Monetary Authority of Singapore and/or its successor body are complied with.
4-I(B)-27
Sector Financial Services
Sub-Sector Banking
Industrial
Classification
CPC 811 Financial Intermediation Services, except insurance and
pension
fund services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Finance Companies Act, Cap. 108
Description of
Reservation
No new finance company licenses will be granted.
Finance companies may only establish as Singapore-incorporated companies.
Finance companies are not permitted to establish off-premise ATMs, ATM networking or allow their accounts to be debited through an Electronic Funds Transfer at Point of Sale (EFTPOS).
4-I(B)-28
Sector Financial Services
Sub-Sector Banking
Industrial
Classification
CPC 8111 Services of Monetary Intermediaries
Type of
Reservation
Market Access
Source of
Measure
Banking Act, Cap. 19
Monetary Authority of Singapore Act, Cap.
186
Guidelines for Operation of ìMerchantî Banks
Description of
Reservation
Merchant banks may only establish as Singapore branch offices of
a
corporation or Singapore-incorporated companies.
No merchant bank may establish more than one office (excluding back- office operations).
4-I(B)-29
Sector Financial Services
Sub-Sector Banking
Industry
Classification
CPC 811 Financial Intermediation Services, except insurance and
pension
fund services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Banking Act, Cap. 19
Monetary Authority of Singapore Act, Cap. 186
MAS
Notice No. 622
Description of
Reservation
No foreign shareholder shall, acting alone or in concert with
other
shareholders, assume control of any Singapore-incorporated bank or
a company belonging to a class of financial institutions approved as
financial holding companies under section 28 of the Monetary Authority
of
Singapore Act (ìreferred to as financial holding companyî).
A majority of the directors of a bank incorporated in Singapore must be either Singapore citizens or Singapore permanent residents.
Approval from the Minister is required before a person, either alone or together with associated persons, is allowed to acquire 5%, 12% or 20% shareholdings in a Singapore-incorporated bank or a financial holding company, and before a Singapore-incorporated bank or a financial holding company is merged or taken over by any other body.
In approving applications to exceed the threshold limits, the Minister may impose conditions that are considered necessary to prevent undue control, protect public interests, and ensure the integrity of the financial system.
A foreign shareholder is a person that is:
(a) in the case of a natural
person, not a citizen of Singapore; and
(b) in the case of a corporation, not
controlled by citizens of Singapore.
4-I(B)-30
Sector Financial Services
Sub-Sector Settlement and clearing services for financial assets
Industry
Classification
CPC 813 Services auxiliary to financial intermediation other than
to
insurance and pension funding
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Banking Act, Cap. 19
Description of
Reservation
Only a clearing house established under the Banking Act may
provide
clearing services for cheques and other credit instruments
which are
drawn on a bank in Singapore (whether payable in Singapore dollars
or other currency), and services for interbank GIRO transfers.
4-I(B)-31
Sector Financial Services
Sub-Sector -
Industry
Classification
CPC 8131 Services related to the administrative of financial markets
CPC
8132 Services related to securities markets
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Securities and Futures Act 2001, Act 42 of 2001
Description of
Reservation
The establishment or operation of securities and futures markets
as
exchanges, exempt exchanges or recognized trading system providers,
is
subject to the authorization, including the imposition of conditions
for authorization, by the Monetary Authority of Singapore and/or
its successor body.
4-I(B)-32
Sector Financial Services
Sub-Sector Trading for own account or for account of customers, whether on an
exchange, in an over-the-counter market or otherwise; participation in
all kinds of securities, including underwriting and placement as agent and provision of service related to such issues
Industry
Classification
CPC 8132 Services related to securities markets
Type of
Reservation
Market Access
Source of
Measure
Banking Act, Cap. 19
Description of
Reservation
Banks and merchant banks are required to establish separate
subsidiaries
to trade financial futures for customers.
4-I(B)-33
Sector Financial Services
Sub-Sector Asset management
Industry
Classification
CPC 8132 Services related to securities market
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Admission Criteria, Guidelines and Application Forms for
Fund
Management and Insurance Companies included under CPFIS
Description of
Reservation
In considering the admission of Fund Management Companies (FMCs)
under
the Central Provident Fund Investment Scheme (CPFIS), the
Central
Provident Fund Board and/or its successor body takes into consideration
the following factors:
(a) whether the FMC has a minimum one-year track record as a capital markets services license holder under the Securities and Futures Act 2001 (or its equivalent under the Securities Industry Act) in the fund management industry in Singapore while the group as a whole has a minimum of 3 years track record in fund management;
(b) whether the FMC manages at least S$500 million worth of funds
in Singapore;
(c) whether the FMC has a minimum of 3 fund managers, two of whom must have at least 5 years of fund management experience;
(d) whether the FMC is able to show evidence of its commitment to
grow in its Singapore operations;
(e) whether the FMC demonstrates a commitment to contribute to
the future development of the fund management industry in Singapore, such as the transfer of fund management and other related skills to personnel employed locally and in investor education.
4-I(B)-34
Sector Financial Services
Sub-Sector Participation in all kinds of securities, including underwriting and
placement as agent and provision of service related to such issues
Industry
Classification
CPC 8132 Services related to securities markets
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Banking Act, Cap. 19
Description of
Reservation
Banks' and merchant banks' membership on any securities exchange
or
futures exchange established in Singapore must be held
through subsidiaries.
4-I(B)-35
Sector Financial Services
Sub-Sector Asset management, such as cash or portfolio management, all forms of
collective investment management, pension fund management,
custodial, depository and trust services
Industry
Classification
CPC 9119 Other financial intermediation services, other than insurance
and
pension fund services
CPC 8131 Services related to the administration of
financial markets] CPC 8132 Services related to securities markets
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Companies Act, Cap. 50
Description of
Reservation
Only the Central Depository Pte Ltd and/or its successor body
is
authorised to provide custodial services for book-entry securities.
4-I(B)-36
Sector Financial Services
Sub-Sector Securities
Industry
classification
CPC 8132 Services related to securities markets
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Securities and Futures Act 2001, Act 42 of 2001
Description of
Reservation
Holders of a capital markets services licence may only establish
as
Singapore-incorporated companies or Singapore branch offices of
a
corporation.
4-I(B)-37
Sector Financial Services
Sub-Sector Payment and non-money transmission services
Industry
Classification
CPC 811 Financial Intermediation Services, except insurance and
pension
fund services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Money-Changing and Remittance Businesses Act, Cap. 187
Description of
Reservation
Remittance shops and money-changing businesses, except where
the
remittance or money-changing business is conducted by banks, merchant
banks and finance companies, must be majority-owned by Singapore citizens (i.e.
ownership of more than 50% shareholding).
4-I(B)-38
Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 812 Insurance (including reinsurance) and pension fund services
except
compulsory social security services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Admission Criteria, Guidelines and Application Forms for
Fund
Management and Insurance Companies included under CPFIS
Description of
Reservation
In considering the admission of insurers under the Central
Provident
Fund Investment Scheme (CPFIS), the Board takes into
consideration the following factors:
b) whether the insurer has a minimum one-year track record as a registered insurer in Singapore;
c) whether the insurer employs a minimum of three fund management staff, two of whom have at least five years of fund management experience. The third may only have two years of fund management experience if he or she:
Institute of Actuaries, or
actuarial bodies recognised in Singapore;
d) whether the insurer and its related group of companies have a sound financial position;
e) whether the insurer and its related group of companies have a good
regulatory compliance record in Singapore and in other countries
where they
operate;
f) whether the insurer is able to show evidence of its commitment to grow its Singapore operations in areas such as:
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g) whether the insurer demonstrates a commitment to contribute to the future development of the insurance industry in Singapore eg. in the transfer of insurance, fund management and other related skills to
personnel employed locally and in investor education.
Note: The above listed is the basic criteria for insurers to be included under CPFIS. The Board, in consultation with MAS, may consider an applicant for admission, on case by case basis, if the applicant does not meet a specific criterion but has other strengths.
Insurers that pass the qualifying criteria stated above will be allowed to offer new investment-linked insurance products (ILPs) and manage
ILP sub-funds.
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Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 81 Services auxiliary to insurance
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Insurance Act, Cap. 142
Description of
Reservation
All insurance (including reinsurance) brokers must be established
as
Singapore-incorporated companies.
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Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 812 Insurance (including reinsurance) and pension fund services
except
compulsory social security services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Insurance Act, Cap. 142
Description of
Reservation
Direct life insurers may only establish as
Singapore-incorporated
companies. Reinsurers and non-life direct insurers may
only establish as Singapore-incorporated companies or Singapore branch offices
of a corporation.
Captive insurers may only establish as Singapore-incorporated companies.
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Sector Financial Services
Sub-Sector Insurance
Industry
Classification
CPC 812 Insurance (including reinsurance) and pension fund
services
except compulsory social security services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Motor Vehicles (Third Party Risks and Compensation) Act, Cap.
189
Workmen's Compensation Act, Cap. 354
Description of
Reservation
Compulsory insurance of Motor Third Party Liability and
Workmen's
Compensation can only be purchased directly or through an
intermediary from registered insurers in Singapore.
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Sector Health and Social Services
Sub-Sector Contact Lens Practitioners
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Contact Lens Practitioner Act, Cap. 53A, 1996 Revised Edition
Description of
Reservation
Only service suppliers who are resident in Singapore shall be allowed
to
be Contact Lens Practitioners.
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Sector Health and Social Services
Sub-Sector Deliveries and related services, nursing services, physiotherapeutic
and para-medical services (only for nursing and midwifery services)
Industry
Classification
CPC 93191 Deliveries and related services, nursing
services,
physiotherapeutic and para-medical services
(Only applies to
nursing and midwifery services)
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Nurses and Midwives Act, Cap. 209, 2000 Revised Edition
Description of
Reservation
Only service suppliers who are registered with the Singapore Nursing
Board
and/or its successor body and resident in Singapore shall be
allowed
to supply nursing and midwifery services.
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Sector Health and Social Services
Sub-Sector Medical Services
Industry
Classification
CPC 9312 Medical Services
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Medical Registration Act, Cap. 174, 1998 Revised Edition
Description of
Reservation
Only service suppliers who are registered with the Singapore
Medical
Council and/or its successor body and resident in Singapore shall be
allowed to supply medical services.
This reservation shall be read in conjunction with the Annex 4-II(B) reservation on the limit on the number of doctors who can practise in Singapore.
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Sector Health and Social Services
Sub-Sector Pharmacy Services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Pharmacists Registration Act, Cap. 230, 1985 Revised Edition
Medicines Act, 1985 Revised Edition
Description of
Reservation
Only service suppliers who are registered with the
Singapore
Pharmacy Board and/or its successor body and resident in Singapore
shall be allowed to supply pharmacy services.
This reservation shall be read in conjunction with the Annex 4-II(B) reservation relating to the limit on the number of pharmacists who can practise in Singapore.
Only Singapore-registered pharmacists (apart from medical professionals) shall be able to do the following: prepare, dispense, assemble or sell medicinal products as defined under the Medicines Act.
Singapore reserves the right and flexibility to modify and/or increase the list of products as defined and/or listed in the Medicines Act.
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Sector Import, export and trading services
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Regulation of Imports and Exports Act, Cap. 272 A, 1996
Revised
Edition
Description of
Reservation
Only services suppliers with local presence shall be allowed to apply
for
import/export permits, certificates of origin or other trade
documents from the relevant authorities.
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Sector Post and Telecommunications Services
Sub-Sector Postal Services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Postal Services Act, Cap. 237A
Description of
Reservation
(i) Only Singapore Post Pte Ltd is allowed to convey letters and
postcards and perform all incidental services of receiving, collecting, sending, dispatching and delivering of letters and postcards.
A letter is defined as any written or printed communication in the nature of current and personal correspondence. Current correspondence refers to daily correspondence between individuals and organisations, while personal correspondence refers to any correspondence that is addressed to any person, company or organisation by name or designation. A postcard means a card recognised as a postcard in accordance with the terms of the Convention regulating the affairs of the Universal Postal Union.
(ii)Paragraph (i) of this reservation does not apply to express letter services, which is defined as a local, or an international express letter service or both. This service is administered under the Telecommunications (Class License for Postal Services) Regulations 1997.
Local express letters must be delivered and received in the same working day and charges must be more than S$1 per item or 3 times Singapore Postís postage for a 20 gram non-express letter, whichever is higher.
An outgoing international express letter must be delivered faster than Singapore Postís published delivery standards for outgoing
(non-express) airmail letters and must have a price which is at least 3 times higher than Singapore Postís non-express rate for a
20 gram airmail letter to the same country of destination.
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Incoming international express letters must be delivered within the same working day.
(iii)Service suppliers providing express letter services must have a local presence in Singapore.
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Sector Telecommunications Services
Sub-Sector Telecommunication Services
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Info-communications Development Authority of Singapore Act,
Cap.
137A
Telecommunications Act, Cap. 323
Description of
Reservation
Facilities-based operators and service-based operators must
be
locally incorporated under the Companies Act, Cap. 50,
1994
Revised Edition.
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Sector Telecommunications Services
Sub-Sector Telecommunications Services
Domain name allocation policies in Internet country code top level domains (ccTLDs) corresponding to Singapore territories (.sg)
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Info-communications Development Authority of Singapore Act,
Cap. 137A
Telecommunications Act (Cap. 323)
The Internet Corporation for Assigned Names and
Numbers
(ICANN), which recognises the ultimate authority of
sovereign
Governments over ccTLDs corresponding to their territories.
Description of
Reservation
Registrars for the .sg domain name must be locally incorporated under
the
Companies Act, Cap. 50, 1994 Revised Edition.
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Sector Power supply
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Electricity Act, Cap. 89A, 2002 Revised Edition
Description of
Reservation
Power producers, whether or not foreign-owned and whether located
within
or outside Singapore, shall only sell power through the
Singapore
electricity wholesale market and shall not be allowed to sell directly to
consumers.
The amount of power supplied cumulatively by power producers located outside of Singapore to Singaporeís wholesale power market shall not exceed 600 MW.
Singapore reserves the right and flexibility to revise and/or reduce the power supply threshold of 600MW.
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Sector Power supply
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Electricity Act, Cap. 89A, 2002 Revised Edition
Description of
Reservation
Only Power Supply Ltd and/or its successor body shall be allowed to
supply
electricity to:
(i) all household consumers of electricity; and
(ii) non-household consumers of electricity whose maximum demand is below 5 MW.
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Sector Power transmission and distribution
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Electricity Act, Cap. 89A, 2002 Revised Edition
Description of
Reservation
Only Power Grid Ltd and/or its successor body shall be
the
transmission licensee as defined in the Electricity Act.
Power Grid Ltd and/or its successor body shall be the sole owner
and
operator of the electricity transmission and distribution network in
Singapore.
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Sector Private households with employed persons
Sub-Sector Private households with employed persons
Industry
Classification
CPC 980 Private households with employed persons
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Circular No: URA/PB/2001/20-PPD
Technopreneur Home Office Scheme
Description of
Reservation
Only service suppliers who qualify under the home office
schemes
shall be allowed to set up businesses in their homes.
As set
out in Circular No: URA/PB/2001/20-PPD, home office businesses are
only allowed on limited sites which are zoned ìCommercial
& Residentialî and ìResidential with Commercial on First
Storey Onlyî.
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Sector Tourism and Travel Related services
Sub-Sector Beverage serving services for consumption on the premises
Meal serving services in eating facilities run by the government
Retail sales of foods
Industry
Classification
CPC 643 Beverage serving services for consumption on the premises.
CPC 642
Food serving services
CPC 6310 Retail sales of food
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Environmental Public Health Act, Cap. 95, 1999 Revised Edition
Description of
Reservation
Only a Singapore citizen or permanent resident can apply for a licence
to
operate a food establishment in places such as hawker centres,
restaurants and cafes, in their personal capacity.
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Sector Trade services
Sub-Sector Distribution and Sale of Hazardous Substances
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Environmental Pollution Control Act, Cap. 94A, 2000 Revised
Edition
Description of
Reservation
Only service suppliers with local presence shall be allowed to
Environmental Pollution Control Act.
Singapore reserves the right and flexibility to modify and/or increase the list of hazardous substances as defined and/or listed in the Environmental Pollution Control Act.
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Sector Trade services
Sub-Sector Distribution Services
Retailing Services
Wholesale Trade Services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Medicines Act, Cap. 176, 1985 Revised Edition
Description of
Reservation
Only service suppliers who appoint a local agent shall be allowed
to
supply wholesale, retail and distribution services for medical
and
health-related products and materials as defined under the Medicines
Act, intended for purposes such as treating, alleviating, preventing or
diagnosing any medical condition, disease or injury, as well as any other
such items that may have an impact on the health and well- being of
the human body.
Singapore reserves the right and flexibility to modify and/or increase
the
list of medical and health-related products and materials as
defined
and/or listed in the Medicines Act.
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Sector Transport Services
Sub-Sector Air Transport Services - Ground Handling Services (including but
not limited to cargo handling services)
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Civil Aviation Authority of Singapore Act, Cap. 41, 1985
Revised
Edition
Description of
Reservation
Only Singapore Airport Terminal Services (SATS) and
Changi
International Airport Services (CIAS) and/or their
respective successor bodies shall be allowed to provide ground handling
services, including but not limited to cargo handling services at
airports.
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Sector Transport Services
Sub-Sector Air Transport Services - Passengers Transportation by Air
Freight Transportation by Air
Industry
Classification
CPC 731 Passenger Transportation by Air
CPC 732 Freight Transportation by
Air
Type of
Reservation
Market Access
National Treatment
Source of -
Measure
Description of
Reservation
Service suppliers providing air transport services (for both passenger
and
freight) as a Singapore designated airline shall have to comply
with the ìeffective controlî and/or ìsubstantial ownershipî
requirements of Singaporeís bilateral and multilateral air
services agreements.
Compliance with the requirements of these agreements may require these service suppliers to comply with conditions on effective control and limits on the foreign ownership as stipulated in Singaporeís bilateral and multilateral air services agreements.
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Sector Transport services
Sub-Sector Maintenance and repair of transport equipment and related
manufacturing activities
Industry
Classification
CPC 61120 Maintenance and repair services of motor vehicles
CPC 88**
Maintenance and repair services of parts of motor vehicles
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Only service suppliers with local presence shall be allowed to
supply
maintenance and repair services of transport equipment and
related
manufacturing activities.
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Sector Transport Services
Sub-Sector Air transport services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of -
Measure
Description of
Reservation
Only the Civil Aviation Authority of Singapore (CAAS) and/or its
successor
body shall be allowed to provide rescue and firefighting services at all civil
and military airports in Singapore.
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Sector Transport Services
Sub-Sector Maritime Transport Services
Cargo Handling Services
Pilotage Services
Supply of Desalinated Water to Ships berthed at Singapore ports or in Singapore territorial waters
Industry
Classification
CPC 741 Cargo Handling Services
CPC 74520 Pilotage and Berthing Services
(only applies to Pilotage
Services)
Supply of Desalinated Water to Ships
berthed at Singapore ports or
in Singapore territorial waters
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Maritime and Port Authority of Singapore Act, Cap. 170A, 1997
Revised
Edition
Description of
Reservation
Only PSA Corporation Ltd and Jurong Port Pte Ltd and/or
their
respective successor bodies shall be allowed to provide
cargo handling services.
Only PSA Marine (Pte) Ltd and/or its successor body shall be allowed to provide pilotage services and supply desalinated water to ships berthed at Singapore ports or in Singapore territorial waters.
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Sector Transport Services
Sub-Sector Maritime Transport Services
Industry
Classification
Type of
Reservation
-
Market Access
National Treatment
Source of
Measure
Maritime and Port Authority of Singapore Act, Cap. 170A, 1997
Revised
Edition
Description of
Reservation
Only local service suppliers shall be allowed to operate and manage
cruise
and ferry terminals.
Local service suppliers are either Singapore citizens or legal persons which are more than 50% owned by Singapore citizens.
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Sector Transport Services
Sub-Sector Maritime Transport Services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Merchant Shipping Act, Cap. 179, 1996 Revised Edition
Description of
Reservation
Only a Singapore citizen or permanent resident or Singapore
legal
person shall be allowed to register a ship under the Singapore
flag.
To register a ship in Singapore, the company shall have a paid-up capital of a minimum of S$50,000 or at least 10% of the value of the first vessel registered under its ownership whichever is higher. Its holding company, if any, shall also have the same amount of paid-up capital.
All Singapore legal persons seeking to register ships under the Singapore flag shall appoint a ship manager who is resident in Singapore.
Vessels or ships owned by Singapore legal persons that are not majority owned by Singapore citizens or Singapore permanent residents shall be of at least 1,600 Gross Tonnage and be self- propelled before they can be registered under the Singapore flag.
For the purposes of this reservation, a Singapore legal person is a locally incorporated company.
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Sector Transport Services
Sub-Sector Maritime Transport Services
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Maritime and Port Authority of Singapore Act, Cap. 170A, 1997
Revised
Edition
Maritime and Port Authority of Singapore (Registration
and
Employment of Seamen) Regulations
Description of
Reservation
Only Singapore citizens and permanent residents can register
as
Singapore seamen as defined in the Maritime and Port Authority
of
Singapore Act.
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Sector Production, retail, transportation and distribution of manufactured gas
and natural gas (piped gas)
Sub-Sector -
Industry -
Classification
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Gas Act, Cap. 116A
Description of
Reservation
Only City Gas Ltd and/or its successor body shall be allowed
to
produce and retail manufactured gas.
Only Power Gas Ltd and/or its successor body shall be allowed to transport and distribute manufactured and natural gas (piped gas).
Power Gas Ltd and/or its successor body shall be the sole owner and operator of the gas pipeline in Singapore.
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Sector Transport Services
Sub-Sector Transportation services via pipeline
Industry
Classification
Transportation of goods via pipeline of goods such as chemical
and
petroleum products and petroleum, and other related products
Type of
Reservation
Market Access
National Treatment
Source of
Measure
Administrative
Description of
Reservation
Only service suppliers with local presence shall be allowed
to
provide transportation services via pipeline of goods such
as
chemical and petroleum products and petroleum, and other related
products.
Singapore reserves the right and flexibility to modify and/or increase the list of the chemical and petroleum products, and other related products that are subject to this reservation.
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