Can Singapore persons hold interest in a Section 13O approved fund?
Prior to 2020, what was then known as S13CA and S13R were not applicable to fund entities which were wholly owned by Singapore persons and where investments were held under a trust, With effect from the year of assessment 2020 (i.e. financial year ending 2019), the condition that the fund must not have 100% of the value of its issued securities beneficially owned, directly or indirectly, by Singapore persons was removed.