What constitutes "local investments" to satisfy the 10% or $10 million minimum spending on local investments under 13O and 13U requirements?
Local investments may include:
equities listed on Singapore-licensed exchanges;
qualifying debt securities;
funds distributed by Singapore-licensed/registered fund managers; and/or
private equity investments into non-listed Singapore-incorporated companies (e.g., start-ups) with operating business(es) in Singapore. Note that there will be a one (1) year grace period to make the local investments.