FAQs: Requests for Approval

The FAQs are intended to provide guidance to parties on the policy provisions and the administration of SIRA. They do not constitute as legal advice.

If you have further clarifications, feel free to contact us at contact@osir.gov.sg.

• How long will it take to know the outcome of a request for approval?

  OSIR will process all applications promptly. Applicants would be notified should more time or documents be required. Applicants can contact OSIR regarding the status or next steps of their application.

  Parties may wish to contact contact@osir.gov.sg on any clarifications prior to the commencement of any formal application.

  Please may refer to the pages below for the step-by-step process flows for:

  • Acquiring Equity Interest or Voting Power in a Designated Entity

  • Disposal of Equity Interest or Voting Power in a Designated Entity

  • Acquisition of the Business or Undertaking of a Designated Entity

  • Appointing Key Personnel in a Designated Entity

• What are some of the considerations for approval of transactions?

  In consideration for the approval of a transaction, the Minister may consider the following:

  • Whether the relevant person is fit and proper where the criteria include but are not limited to honesty, integrity, reputation, and financial soundness;
  • Whether the designated entity would be able to continue providing its critical function following the proposed transaction; and
  • Whether the transaction is aligned with Singapore’s national security interests.

  Please refer to the Guidelines on Fit and Proper Criteria for more information.

  Mitigation measures may also be imposed as part of approval of a transaction.

  Parties may wish to contact contact@osir.gov.sg to discuss appropriate mitigation measures, which would depend on the facts and circumstances of each case.

• What are the possible outcomes of a request for approval by the Minister?

  The Minister would assess the application and the response may take the following forms:

  • Approval;
  • Approval with condition(s); or
  • Rejection

  Where conditional approval is granted, the conditions attached would be determined on a case-by-case basis.

  Parties can seek reconsideration from the Minister within 14 calendar days after his decisions; after which, they may appeal to a Reviewing Tribunal within 30 calendar days after the reconsideration decision.

• What happens if a party does not get the necessary approval prior to a transaction?

  Transactions that are completed without the necessary prior approvals from Minister will be void.

  Materially affected parties may apply to the Minister to validate the transaction and the Minister may do so by issuing a validation notice. The Minister may also proactively issue such a notice if he is satisfied that it is in the interest of Singapore’s national security to do so.

  Non-compliant parties may be subject to penalties under the Significant Investments Review Act.

• What does it mean for a transaction to be void?

  A transaction which is void has no legal effect and is unenforceable.

• Can multiple parties submit a single application for the same transaction?

  The Significant Investments Review Act has been designed to be business-friendly.

  If multiple parties to a particular transaction wish to submit a consolidated notification or application for approval (as applicable to their respective scenarios), they may do so.

  They will need to provide appropriate evidence of authorisation that the party responsible for the submission is doing so on behalf of the relevant parties.

  Parties may seek clarification from OSIR at contact@osir.gov.sgbefore the commencement of any formal application.

• Are there any filing fees for notifications or application for approvals?

  There are no filing fees.