GENERAL AGREEMENT GATS/SC/76
15April 1994
ONTRADE INSERVICES (94-1073)
SINGAPORE
Schedule ofSpecific Commitments
(This isauthentic inEnglish only)
____________________SINGAPORE -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS INCLUDED
INTHIS SCHEDULE
I. Presence ofnatural persons unbound,
except forintra-corporate transferees (see
below)
II. Temporary movement ofskilled personnel
unbound except forthetemporary
movement ofintra-corporate transferees at
thelevel ofmanagers, executives and
specialists. Intra-corporate transferees
refers tomanagers, executives and
specialists, asdefined below, whoare
employees offirms thatprovide services
within Singapore through abranch,
subsidiary, oraffiliate established in
Singapore andwhohave been intheprior
employ oftheir firms outside Singapore for
aperiod ofnotlessthanoneyear
immediately preceding thedateoftheir
application foradmission andwhoareone
ofthefollowing:
a)Managers -persons within an
organization whoprimarily direct the
organization, oradepartment orsub-
division oftheorganization, supervise
andcontrol thework ofotherI. Unbound
II. Unbound
GATS/SC/76
Page1SINGAPORE (continued)GATS/SC/76
Page2
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
supervisory, professional or
managerial employees, have the
authority tohireandfireor
recommend hiring, firing, orother
personnel actions (such aspromotion
orleave authorization), andexercise
discretionary authority over day-to-day
operations. Does notinclude first-line
supervisors, unless theemployees
supervised areprofessionals, nordoes
itinclude employees whoprimarily
perform tasks necessary forthe
provision oftheservice.
b)Executives -persons within the
organization whoprimarily direct the
management oftheorganization,
exercise wide latitude indecision-
making, andreceive onlygeneral
supervision ordirection from higher-
level executives, theboard of
directors, orstockholders ofthe
business. Executives would not
directly perform tasks related tothe
actual provision oftheservice or
services oftheorganization.SINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
c) Specialists -persons within anorganization
whopossess knowledge atanadvanced
level ofexpertise andwhopossess
proprietary knowledge oftheorganization 's
service, research equipment, techniques, or
management. (Specialists mayinclude, but
arenotlimited to,members oflicensed
professions).
Entry forthese intra-corporate transferees is
limited toathree yearperiod thatmaybe
extended foruptotwoadditional years fora
totalterm nottoexceed fiveyears
III. Commercial presence, right of
establishment andmovement ofjuridical
persons aresubject tocompliance withthe
following provisions:
- Aforeigner whowishes toregister a
business firmmust have alocal manager
whoshould beaSingapore citizen ora
Singapore Permanent Resident ora
Singapore Employment Passholder.
(However, aforeigner whoisaSingapore
Permanent Resident oraSingapore
Employment Passholder canregister a
business without appointing alocal
manager.)
- Atleast onedirector ofthecompany must
belocally resident
GATS/SC/76
Page3SINGAPORE (continued)GATS/SC/76
Page4
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
- Allbranches offoreign companies
registered inSingapore must have atleast 2
locally resident agents. (Toqualify as
locally resident, aperson should beeither a
Singapore citizen orSingapore Permanent
Resident orSingapore Employment Pass
holder.)
IV.Specific commitments inmarket access in
anysector orsubsector, through anymode
ofdelivery, shall notbeconstrued to
override thelimitations established inthe
financial services sectorIV. NoneSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
II. SECTOR-SPECIFIC COMMITMENTS
Accounting/Auditing
Services1) None, other thanpublic accountants must
beeffectively resident inSingapore orat
least oneofthepartners ofthefirmmust
beeffectively resident inSingapore
2) None
3) Asinmode 1
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Taxation Services 1) None, other thanpublic accountants must
beeffectively resident inSingapore orat
least oneofthepartners ofthefirmmust
beeffectively resident inSingapore. Only
Public Accountants registered withthe
Public Accountants Board Singapore can
practise astaxconsultants forlocal tax
laws.
2) None
3) Asinmode 1
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
GATS/SC/76
Page 5SINGAPORE (continued)GATS/SC/76
Page 6
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Medical Services 1) Unbound*
2) None
3) None, other thanthenumber ofnew
foreign doctors registered each yearmay
belimited depending onthetotal supply of
doctors
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Dental Services 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
* Unbound duetolackoftechnical feasibility.SINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Veterinary Services 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Engineering Services
Thesectors covered by
engineering services are:
a) Civil engineering
services
b) Production engineering
services
c) Mechanical engineering
services
d) Electrical engineering
services
e) Electronic engineering
services
f) Aeronautical engineering
services
g) Marine engineering
services
h) Naval architectural
engineering services1) None
2) None
3) Limited Corporations
- Only registered Professional Engineers or
allied professionals (registered Architects
orLand Surveyors) shall bedirector ofthe
corporations
- Notlessthantwo-thirds orsuch lower
proportion astheMinister forNational
Development mayspecify inrelation toany
corporation ofeach class ofshares ofthe
corporation shall bebeneficially owned by1) None, other thanengineers should be
effectively resident inSingapore
2) None
3) None
GATS/SC/76
Page 7SINGAPORE (continued)GATS/SC/76
Page 8
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
i) Industrial engineering
services
j) Chemical engineering
servicesandregistered inthenames ofregistered
Professional Engineers orallied
professionals
- Professional engineering work inSingapore
willbeunder thecontrol andmanagement
ofadirector ofthecorporation whoisa
registered owner ofatleast oneshare of
thecorporation; whoisaregistered
Professional Engineer ordinarily resident in
Singapore andwhohasavalid certificate
Unlimited Corporation
- Only registered Professional Engineers or
allied professionals (registered Architects
orLand Surveyors) shall beadirector of
thecorporation
- Thearticles ofassociation ofthe
corporation provide thatanyperson whois
neither aregistered Professional Engineer
noranallied professional, orisanominee
ofsuch aperson, orisnotadirector,
manager oremployee ofthecorporation,
shall notberegistered asamember ofthat
corporationSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
- Thebusiness ofthecorporation, sofarasit
relates toprofessional engineering work,
willbeunder thecontrol andmanagement
ofadirector ofthecorporation who:
-isaregistered Professional Engineer
ordinarily resident inSingapore;
-hasinforce apractising certificate
authorizing himtoengage insuch
professional engineering work; and
-isamember, oraregistered owner of
atleast oneshare, ofthecorporation
Partnership
- Thepartnership consists ofonlyregistered
Professional Engineers withvalid practising
certificates andallied professionals; and
- Professional engineering work ineach
discipline ofengineering inSingapore will
beunder thecontrol andmanagement ofa
partner whoisaregistered Professional
Engineer intherelevant discipline,
ordinarily resident inSingapore andwho
hasavalid practising certificate.
4) Unbound except asindicated inthe
horizontal section4) Unbound
GATS/SC/76
Page 9SINGAPORE (continued)GATS/SC/76
Page 10
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Architectural Services 1) None
2) None
3) Limited Corporations
- Only registered architect orallied
professional (Professional Engineers or
Land Surveyors) shall beadirector ofthe
corporation1) None
2) None
3) None
- Notlessthantwo-thirds orsuch lower
proportion astheMinister forNational
Development mayspecify inrelation toany
corporation ofeach class ofshares ofthe
corporation shall bebeneficially owned by
andregistered inthenames ofregistered
architects orallied professionals whoare
either directors, managers oremployees of
thecorporation
- Architectural work inSingapore willbe
under thecontrol andmanagement ofa
director ofthecorporation whoisa
registered architect ordinarily resident in
Singapore; whohasavalid practising
certificate andisaregistered owner ofat
least oneshare ofthecorporationSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Unlimited Corporations
- Only registered architect orallied
professional (Professional Engineers or
Land Surveyors) shall beadirector ofthe
corporation
- Thearticles ofassociation ofthe
corporation provide thatanyperson whois
neither aregistered architect noranallied
professional, orisanominee ofsuch a
person, orisnotadirector, manager or
employee ofthecorporation, shall notbe
registered asamember ofthatcorporation
- Thebusiness ofthecorporation, sofarasit
relates tothesupply ofarchitectural
services, willbeunder thecontrol and
management ofadirector ofthe
corporation who:
-isaregistered architect ordinarily
resident inSingapore;
-hasinforce apractising certificate
authorizing himtoengage inthe
practice ofarchitecture; and
-isamember, oraregistered owner of
atleast oneshare, ofthecorporation
GATS/SC/76
Page 11SINGAPORE (continued)GATS/SC/76
Page 12
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Partnership
- Thepartnership consists ofonlyregistered
architects withvalid practising certificates
andallied professionals; and
- Thesupply ofarchitectural services in
Singapore willbeunder thecontrol and
management ofapartner whoisa
registered architect, ordinarily resident in
Singapore andwhohasavalid practising
certificate
4) Unbound except asindicated inthe
horizontal section4) Unbound
Library Services 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Translation/Interpretation
Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Biotechnology Services 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Exhibition Management
Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
GATS/SC/76
Page 13SINGAPORE (continued)GATS/SC/76
Page 14
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Public Relations
Consultancy Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Management Consultancy
Services, including
Office Management and
Administrative Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Advertising Consultancy
Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Information Technology
Consultancy Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Buildings andFacilities
Management Services,
including Cleaning of
Building Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Industrial Research 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
GATS/SC/76
Page 15SINGAPORE (continued)GATS/SC/76
Page 16
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Commercial Market
Research1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Economic and
Behavioural Research1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Interior Design Services,
excluding Architecture1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Courier Services in
respect ofdocuments and
parcels, excluding letters
andpostcards1) Unbound
2) None
3) Unbound
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Hotel Services 1) Unbound*
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Travel Agent andTour
Operators; Tourist
Guide Services1) None
2) None
3) None, other thantravel agency andtour
operators must beaprivate limited
company
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) None
3) Unbound
4) Unbound
* Unbound duetolackoftechnical feasibility.
GATS/SC/76
Page 17SINGAPORE (continued)GATS/SC/76
Page 18
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Restaurant andCatering
Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Professional, Advisory
andConsulting Services
relating toAgriculture,
Forestry, Fishery and
Mining, including
Oilfield Services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Construction Services 1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Audio-visual Services
i) theservices covered are
production, distribution
andpublic display of
-motion pictures
-video recordings
-sound recordings,
except where excluded
under (ii)1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
ii) Allbroadcasting andAV
services andmaterials
thatarebroadcasting-
related areexcluded,
examples being
-Free-to-air
broadcasting
-Cable andpay
television
-Direct broadcasting
bysatellite
-Teletext
GATS/SC/76
Page 19SINGAPORE (continued)GATS/SC/76
Page 20
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Value-added Network
(VAN) services
Theservices covered
are:
-electronic-mail
-voice-mail
-on-line information
anddata-base
retrieval
-electronic data
interchange
-on-line information
and/or data
processing1) Provision ofVAN services issubjected to
licence from theTelecommunication
Authority ofSingapore (TAS)
Thebasic requirements forVAN licence
are:
-Foreign companies arerequired to
either setupalocal branch oftheir
company dulyregistered withthe
Registry ofCompanies andBusinesses
inSingapore, orgrant apower of
attorney toalocal agent forthe
provision oftheir VAN services in
Singapore
-VAN does notcarry traffic which
resembles anyofthebasic
telecommunication services1) None
2) None 2) None
3) Same asmode 1 3) None
4) Unbound except asindicated inthe
horizontal section4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Computer Services
Theservices covered
are:
-Software
development
-Systems Integration
Services
-Data processing
-Data baseservices1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Telecommunication-related
services areexcluded [See
Value-Added Network (VAN)
services]
Maritime Transport
Services
Theservices covered
are:
-Freight
Transportation,
CPC 7212 less
cabotage1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundWhen thefollowing
services arenototherwise
covered bytheobligation
enshrined inArticle
XXVIII(c) (ii),theywill
bemade available to
international maritime
transport suppliers on
reasonable and
non-discriminating terms
andconditions:
GATS/SC/76
Page 21SINGAPORE (continued)GATS/SC/76
Page 22
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
- pilotage;
- towing andtug
assistance;
- provisioning fuelling
andwatering;
- garbage collecting
andballast; waste
disposal
- portcaptain 's
services;
- navigation aids
emergency;
- repair facilities;
- anchorage; and
- other shore-based
operational services
essential toship
operations,
including
communications,
water andelectrical
suppliers.SINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Maritime Auxiliary
Services:
Shipping agency services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
Maritime Auxiliary
Services:
Shipping brokerage
services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
GATS/SC/76
Page 23SINGAPORE (continued)GATS/SC/76
Page 24
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Financial Services, including
insurance:
A. Insurance andInsurance-
Related Services
Thecommitments onfinancial services aremade inaccordance withtheGeneral Agreement onTrade inServices (GATS) andtheAnnex onFinancial
Services. Allthespecific commitments inthissector aresubject toentry requirements, domestic laws, guidelines, rules andregulations, terms andconditions
oftheMonetary Authority ofSingapore (MAS) oranyother relevant authority orbody inSingapore, asthecasemaybe,which arenotinconsistent withthe
commitments herein.
a) Lifeinsurance services
including annuity,
disability income,
accident andhealth
insurance services1) Unbound
2) None
3) Unbound forforeign acquisition ofequity
stakes inlocally-owned insurance
companies. Unbound forissuance ofnew
insurance licences andestablishment of
newrepresentative offices.
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
b) Non-life insurance
services including
disability income,
accident andhealth
insurance andcontracts
offidelity bonds,
performance bonds or
similar contracts of
guarantee1) Unbound
2) None except forcompulsory insurance of
Motor Third Party Liability and
Workmen 'sCompensation which canbe
purchased onlyfrom licensed insurance
companies inSingapore
3) Unbound forforeign acquisition ofequity
stakes inlocally-owned insurance
companies. Unbound forissuance ofnew
insurance licences andestablishment of
newrepresentative offices.
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) None
3) None
4) Unbound
c) Reinsurance and
retrocession1) None
2) None1) None
2) None
3) Reinsurance companies canestablish as
branches orsubsidiaries. Existing
representative offices must upgrade to
branches orsubsidiaries, subject toMAS '
criteria forupgrading, by1January 1997.
4) Unbound except asindicated inthe
horizontal section3) None
4) Unbound
GATS/SC/76
Page 25SINGAPORE (continued)GATS/SC/76
Page 26
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
d) Insurance intermediation
comprising broking and
agency services1) Unbound
2) Agents arenotallowed toactfor
unregistered insurers. With theexception
ofreinsurance risks andrisks insured by
protection andindemnity clubs, brokers can
onlyplace domestic risks outside Singapore
withtheapproval ofMAS.1) Unbound
2) None
3) Unbound
4) Unbound except asindicated inthe
horizontal section3) Unbound
4) Unbound
e) Services auxiliary to
insurance comprising
actuarial, lossadjustors,
average adjustors and
consultancy services1) None
2) None
3) None
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B. Banking andOther
Financial Services
Thecommitments onfinancial services aremade inaccordance withtheGATS andtheAnnex onFinancial Services. Allthespecific commitments inthis
sector aresubject toentry requirements, domestic laws, guidelines, rules andregulations, terms andconditions ofMAS oranyother relevant authority or
body inSingapore, asthecasemaybe,which arenotinconsistent withthecommitments herein.
a) Acceptance ofdeposits
andother repayable
funds from thepublic1) Unbound
2) None1) Unbound
2) None
3) Only institutions approved asbanks,
merchant banks andfinance companies can
accept deposits
Where aforeign financial institution is
subject tolegislation initshome country
which requires thatinstitution toconfer
lower priority todepositors ofitsforeign
offices vis-à-vis thehome country
depositors inreceivership orwinding up
proceedings, theMAS mayexercise
appropriate differentiated measures against
thatforeign financial institution in
Singapore tosafeguard theinterest ofthe
Singapore office 'sdepositors3) Commercial banks
Foreign banks canoperate from onlyone
office (excluding back-office operations).
They cannot establish off-premise ATMs
andATM networking andnew
sub-branches. Provision ofallother
electronic banking services require MAS '
prior approval.
Location ofbanks andrelocation ofbanks
andsub-branches require prior approval
from MAS
Establishment andoperation offoreign
banks, merchant banks andfinance
companies arealsosubject tothe
limitations listed under activities B(a)to
B(l)andthefollowing limitations:
GATS/SC/76
Page 27SINGAPORE (continued)GATS/SC/76
Page 28
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Commercial banks
Nonewfullandrestricted banks.
Unbound fornewoffshore banks.
Representative offices cannot conduct
business oractasagents.
Asingle/related group offoreign
shareholders canonlyholdupto5percent
ofalocal bank'sshares. Aggregate
foreign ownership ofeach domestic bank's
shares hasbeen increased from 20percent
to40percent.Banks, withMAS 'approval, canoperate
foreign currency savings accounts onlyfor
non-residents
Restricted banks canonlyaccept foreign
currency fixed deposits from andoperate
current accounts forresidents and
non-residents. ForSingapore dollar
deposits, theycanonlyaccept fixed
deposits ofS$250,000 ormore perdeposit.
Offshore banks canaccept foreign currency
fixed deposits from residents and
non-residents. ForSingapore dollar
deposits, theycanonlyaccept fixed
deposits ofS$250,000 ormore perdeposit
from non-residents.
Merchant banks
Unbound forestablishment ofnew
merchant banksMerchant banks
Merchant banks canoperate from onlyone
office (excluding back-office operations).
Location andrelocation ofmerchant banks
require MAS 'prior approval.SINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Merchant banks can,withMAS '
authorization, raise foreign currency funds
from residents andnon-residents, operate
foreign currency savings accounts for
non-residents andraise Singapore dollar
funds from their shareholders and
companies controlled bytheir shareholders,
banks, other merchant banks andfinance
companies
Finance Companies Finance Companies
Nonewfinance companies. Unbound for
foreign acquisition ofshares infinance
companies andtransfer orsaleofforeign
shareholdings inexisting finance companies
toforeign parties. Allfinance companies,
local andforeign-owned, canonlyconduct
Singapore dollar business.Location offinance companies and
relocation ofsub-branches require MAS '
prior approval. Foreign-owned finance
companies cannot establish off-premise
ATMs, ATM networking andnew
sub-branches.
4) Unbound except asindicated inthe
horizontal section4) Unbound
b) Lending ofalltypes
including consumer
credit, mortgage credit,
factoring andfinancing
ofcommercial
transaction1) Unbound
2) None
3) i)Provision ofcredit andcharge card
services require MAS 'prior approval1) None
2) None
3) Each offshore bank'slending inSingapore
dollars toresidents shall notexceed
S$100m inaggregate
GATS/SC/76
Page 29SINGAPORE (continued)GATS/SC/76
Page 30
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
ii)Singapore dollar loans, bylocal and
foreign-owned financial institutions, to
non-residents, non-resident controlled
companies andtoresidents foruse
outside Singapore require MAS'prior
approval
4) Unbound except asindicated inthe
horizontal sectionOffshore banks should notusetheir related
merchant banks tocircumvent theS$100m
lending limit
Unbound forestablishment ofoff-premise
cashdispensing machines forcredit and
charge cards
4) Unbound
c) Financial leasing 1) None
2) None
3) None except asindicated foractivity B(b)
above
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None except asindicated foractivity B(b)
above
4) Unbound
d) Payment andmoney
transmission services,
including credit, charge
anddebit cards,
travellers cheques and
bankers drafts1) Unbound
2) None
3) Remittance shops, except where the
remittance business isconducted bybanks
andmerchant banks, arerequired tobe
majority owned bySingapore citizens and
arerequired tobelicensed byMAS1) Unbound
2) None
3) NoneSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
Bankers 'drafts canonlybeissued by
banks
Only thefollowing canissue stored value
cards:-
- abank inSingapore licensed byMAS; and
- ajuridical person forthepayment onlyof
goods orservices orbothgoods and
services provided bythatperson
Thelimitations indicated inB(b)(3) above
alsoapply totheactivities listed inB(d)
4) Unbound except asindicated inthe
horizontal section4) Unbound
e) Guarantees and
commitments1) None
2) None
3) None except forthelimitations indicated in
activity A(b) forinsurance companies
providing contracts offidelity bonds,
performance bonds orsimilar contracts of
guarantee, andB(b)(3ii) above
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) Unbound
GATS/SC/76
Page 31SINGAPORE (continued)GATS/SC/76
Page 32
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
f) Trading forownaccount
orforaccount of
customers, whether on
anexchange, inan
over-the-counter market
orotherwise, the
following:-
- money market
instruments (including
cheques, bills,
certificates ofdeposits)
- foreign exchange
- derivative products,
including financial
futures andoptions
- exchange rateand
interest rateinstruments,
including swaps and
forward rateagreements
- transferable securities
- other negotiable
instruments andfinancial
assets, including bullion1) Unbound except fortrading inproducts
listed inB(f)forownaccount. Trading in
money market instruments, foreign
exchange, aswellasexchange rateand
interest rateinstruments canbeconducted
withfinancial institutions only.
2) None
3) Banks andmerchant banks arerequired to
setupseparate subsidiaries totrade
financial futures forcustomers
Financial futures brokers canestablish as
branches orsubsidiaries. They cantrade
inexisting financial futures products.
Unbound fortrading ofnewfinancial
futures products.
Theoffer ofderivative products byboth
local andforeign owned financial
institutions under MAS 'supervision are
subject toMAS 'prior approval and
conditions which include thefollowing:-
-theproduct hasbeen offered bythe
financial institution inother
internationally reputable financial1) None
2) None
3) None except asindicated foractivity B(b)
aboveSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
centres andthesupervisory authorities
ofthose centres agree totheoffer of
such products intheir markets;
-thefinancial institution 'sparent
supervisor anditshead office must be
aware andhave noobjection tothe
offer ofsuch products inthe
Singapore branch/subsidiary, and
-MAS issatisfied thatthefinancial
institution hasandcontinues tohave
thefinancial strength andadequate
internal controls totrade inthese
products
Money changers, except where the
moneychanging business isconducted by
banks andmerchant banks, arerequired to
bemajority owned bySingapore citizens
andarerequired tobelicensed byMAS
4) Unbound except asindicated inthe
horizontal section4) Unbound
g) Participation inissues of
allkinds ofsecurities,
including underwriting
andplacement asagent
andprovision ofservice
related tosuch issues1) Unbound except forparticipation inissues
ofsecurities forownaccount, and
underwriting andplacement ofsecurities
through stock broking companies, banks or
merchant banks inSingapore
2) None1) None
2) None
GATS/SC/76
Page 33SINGAPORE (continued)GATS/SC/76
Page 34
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
3) Foreign stockbroking companies can
establish onlyasnon-members oftheStock
Exchange ofSingapore (SES).
Representative offices cannot conduct
business oractasagents. Unbound for
newmembership onSESandforforeign
acquisition ofnewandexisting equity
interests inSESmember companies.3) None except asindicated foractivity B(b)
above
Unbound fornewinternational
memberships. International members can
dealinforeign securities andSES-quoted
securities withnon-residents andresident
companies which aresubstantially or
beneficially owned bynon-residents. They
canalsodealwithresidents inforeign
currency denominated securities quoted on
SES. ForSingapore dollar denominated
securities quoted onSES, theycandeal
withresidents onlyfortransactions above
S$5m each.
Banks 'andmerchant banks 'membership
onSESmust beheldthrough subsidiaries
Unbound fornewprimary andregistered
dealers ofSingapore Government Securities
4) Unbound except asindicated inthe
horizontal section4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
h) Money broking 1) Unbound
2) None
3) Unbound fornewmoney brokers
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) None
3) None
4) Unbound
i) Asset management, such
ascashorportfolio
management, allforms
ofcollective investment
management, pension
fund management,
custodial depository and
trustservices1) Unbound
2) None
3) Both asset management companies and
custodial depositories, withMAS '
approval; andtrustservices companies can
establish asbranches orsubsidiaries.
Unbound forcustodial depository services
forscripless securities. TheCentral
Depositary PteLtdisauthorized toprovide
securities custodial depository services
under thescripless trading system.
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) None
3) None
4) Unbound
GATS/SC/76
Page 35SINGAPORE (continued)GATS/SC/76
Page 36
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
j) Settlement andclearing
services forfinancial
assets, including
securities, derivative
products andother
negotiable instruments1) Unbound
2) None
3) Unbound. Thesettlement andclearing
services forsecurities, financial futures and
Singapore dollar cheques andinterbank
funds transfer areprovided bytheStock
Exchange ofSingapore, theSingapore
International Monetary Exchange and
Banking Computer Services PteLtd,
respectively.
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) None
3) Unbound
4) Unbound
k) Advisory andother
auxiliary financial
services, including credit
reference andanalysis,
investment andportfolio
research andadvice,
advice onacquisitions
andoncorporate
restructuring andstrategy1) Commercial presence isrequired for
provision ofinvestment andportfolio
research andadvice tothepublic
2) None
3) Investment advisers canestablish as
branches, subsidiaries orrepresentative
offices. Representative offices cannot
conduct business oractasagents.
4) Unbound except asindicated inthe
horizontal section1) None
2) None
3) None
4) UnboundSINGAPORE (continued)
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
1) Provision andtransfer of
financial information,
andfinancial data
processing andrelated
software byproviders of
other financial services1) Unbound
2) Unbound
3) MAS 'approval isrequired andsubject to
domestic laws onprotection of
confidentiality ofinformation ofcustomers
ofbanks andmerchant banks
4) Unbound except asindicated inthe
horizontal section1) Unbound
2) Unbound
3) None
4) Unbound
GATS/SC/76
Page 37