{"id":120581,"date":"2021-06-30T03:04:10","date_gmt":"2021-06-29T20:04:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/minlaw-refines-two-criteria-for-qualifying-certificate-exemption\/"},"modified":"2021-07-18T17:03:18","modified_gmt":"2021-07-18T10:03:18","slug":"minlaw-refines-two-criteria-for-qualifying-certificate-exemption","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/minlaw-refines-two-criteria-for-qualifying-certificate-exemption\/","title":{"rendered":"MinLaw refines two criteria for qualifying certificate exemption"},"content":{"rendered":"


\nMinLaw refines two criteria for qualifying certificate exemptionPublicly listed developers with shares that are held by Singapore shareholders\u00a0via white-listed nominee companies will now be counted towards fulfilling the shareholding interest criterion. Collective interest held by members of the same family may also be considered, subject to certain criteria.
\nThe Ministry of Law (MinLaw) on Tuesday (29 June) unveiled two refinements to the criteria for exemption from the Qualifying Certificate (QC) regime for publicly listed housing developers with substantial connection to Singapore.
\nSpecifically, the shares that are held via white-listed nominee companies held by Singapore shareholders will now be counted towards fulfilling the shareholding interest criterion.
\nUnder this refinement, the Singaporean substantial shareholder or shareholders should retain control over the voting rights to such shares.
\nMinLaw shared that the whitelist of approved nominee firms will be published on the website of Singapore Land Authority (SLA) and will be \u201creviewed and updated from time to time\u201d.
\nMeanwhile, collective interest held by members of the same family may also be considered in fulfilling the shareholding interest criterion, subject to certain criteria.
\n\u201cA housing developer will be considered to have a significantly Singaporean substantial shareholding interest if Singaporean shareholders from the same family collectively form the largest substantial shareholder and hold at least 30% interest in the total voting rights and issued shares in the company,\u201d said MinLaw. At least one of the shareholder family members should be a substantial shareholder and clearly identified as the primary shareholder.
\nMoreover, the biggest single foreign substantial shareholder should not hold over 30% of the voting rights and the company\u2019s issued shares.
\n\u201cOnly direct interest or interest held through companies that are fully owned by family members will be considered; interest held through nominee companies will not be considered,\u201d said MinLaw.
\nPublicly listed housing developers can be exempted from the QC regime \u2013 which subjects developers to completion and disposal deadlines \u2013 once they prove that they follow certain criteria, which include incorporation in Singapore and primary listing on the Singapore Exchange, among others.
\nMinLaw revealed that the refinements took into account \u201cfeedback received since the introduction of the exemption framework last year\u201d.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…MinLaw refines two criteria for qualifying certificate exemption<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MinLaw refines two criteria for qualifying certificate exemptionPublicly listed developers with shares that are held...<\/p>\n","protected":false},"author":1,"featured_media":120582,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-120581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/06\/singapore-prime-districts.jpg?fit=810%2C421&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vmR","jetpack-related-posts":[{"id":114099,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-listed-developers-welcome-qualifying-certificate-exemption\/","url_meta":{"origin":120581,"position":0},"title":"Public-listed developers welcome qualifying certificate exemption","date":"February 7, 2020","format":false,"excerpt":"\r Public-listed companies with \u2018substantial connections to Singapore\u2019 can now be exempted from the QC regime. 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Shares are being sold in the land and buildings at Miners Creek station, about 13km west of the...\r \r Source : nzherald.co.nz\/Property\r Read more...Hunters have their sites on shareholding","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/120581"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=120581"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/120581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/120582"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=120581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=120581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=120581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}