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What if the entity had admitted foreign persons without first obtaining approval?
The entity would have committed an offence and upon conviction, be liable to a fine not exceeding $50,000.
In addition, the officers of the entity would also have committed an offence and upon conviction, be liable to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.
Unless approval has been granted, the entity is also required to transfer all its restricted properties to Singapore citizens or approved purchasers within a year of it becoming a converted foreign entity.
Related questions
Would I be allowed to retain the restricted property if I am no longer a Singapore permanent resident (other than on the ground that I am now a Singapore citizen)?
What if the entity decides to admit a foreign person?
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What if the company is granted approval to become a converted foreign company but not allowed to retain its restricted properties?
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What are the penalties if I breach the condition imposed when purchasing a Sentosa Cove property?
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