The two specified companies
The order identifies Asia-Europe Foundation, UEN 199700781D, and Singapore Deposit Insurance Corporation Limited, UEN 200600593Z. Its definition is a closed list of these two named entities rather than all foundations, deposit insurers or non-profit companies.
Company-level provisions exempted
Each specified company is exempt from sections 386AF(1), (2), (3), (7), (8), (9) and (11); 386AFA(3), (4), (5) and (6); 386AG(1) and (2); 386AH(1); 386AKA(1), (3), (4) and (5); and 386AN(3). The selected subsections should not be simplified into an exemption from every subsection of each cited section.
Controller and director exemptions are separate
A registrable controller of a specified company is exempt from section 386AF(10), section 386AJ and section 386AK. A director of a specified company is exempt from section 386AL(2) and (3). The role-based distinction prevents treating a company exemption as automatically identical to an individual’s exemption.
Authority and commencement
The order was made under section 386AP on 17 June 2023, first published on 21 June as S 384/2023 and came into operation on 28 June 2023. The document lists the legal exclusions but does not give an application route for other companies to become specified companies.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗