What are the regulatory requirements that will be relaxed or waived for qualifying grantmakers under the lighter-touch regime?
The COC’s Office will waive the requirements for qualifying grantmakers (where applicable) and accept a minimum of one (1) local board member (which could be a corporate entity such as a bank or a law firm).
Qualifying grantmakers will not need to apply their funds wholly or substantially in Singapore. However, as charities enjoy income tax exemption, there is an expectation that they should still conduct activities that benefit the community in Singapore. Hence, qualifying grantmakers registered as charities should still apply some of their funds in Singapore.
Grantmakers will be exempted from submitting the Online Financial Summary (OFS) and the Governance Evaluation Checklist (GEC). However, they are still required to submit their Annual Reports and Financial Statements via the Charity Portal.
Related questions
What is the lighter touch regime for Grantmakers?
Who qualifies for the Grantmaker scheme under the lighter-touch regime?
What are the requirements to register a Grantmaker as a charity under the regular scheme?
Are qualifying grantmakers under the lighter-touch regime allowed to conduct fund-raising appeals?
