ORGANISATION MONDIALE  
DU COMMERCE  S/DCS/W/SGP 
24 janvier 2003 
 (03-0519) 
Commerce des services Original:   anglais 
 
 
 
 
SINGAPOUR 
 
Projet de version codifiée de la Liste d'engagements spécifiques1 
 
 
 On trouvera ci-joint un projet de version c odifiée de la Liste d'engagements spécifiques de 
Singapour en format Word.  Ce document ne remplace pas les engagements juridiquement 
contraignants souscrits par Singapour dans sa Li ste d'engagements spécifiques (GATS/SC/76; 
GATS/SC/76/Suppl.2 et GATS/SC/76/Suppl.3).  
 Est joint au projet de liste codifiée un projet de version codifiée de la Liste d'exemptions de 
l'article II (NPF) de Singapour (GATS/EL/76 et GATS/EL/76/Suppl.1) en format Word.   Les projets de versions codifiées de la liste et de la Liste d'exemptions de l'obligation NPF ont 
été établis par le Secrétariat, à la demande des Me mbres, pour faciliter le processus de négociation, y 
compris la présentation des offres initiales. 
 
__________
 
                                                           
1 Le présent document a été établi, en anglais seulemen t, par le Secrétariat sous sa propre responsabilité 
et sans préjudice des positions des Membres ni de le urs droits et obligations dans le cadre de l'OMC. S/DCS/W/SGP 
Page 2 
 
 
  
 
  
 
Numbering of sectors and sub-sectors is that of the Se rvices Sectoral Classification List (MTN.GNS/W/120).  
However, if reference to another definition  is also made ,  the specific commitment relates only to the services 
covered by that definition.  Where an "ex" is attached to a CPC code, only part of the services defined under the 
relevant code of the UN Central Product Classification is covered. 
 
  
  S/DCS/W/SGP
 Page 3SINGAPORE – SCHEDULE OF SPECIFIC COMMITMENTS 
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
I. HORIZONTAL COMMITMENTS 
 
 ALL SECTORS  
 INCLUDED IN THIS   SCHEDULE 
    
 
 I. Presence of natural persons unbound,  
 except for intra-cor porate transferees  
 (see below) 
 I. Unbound 
   
 II. Temporary movement of skilled  
 personnel unbound except for the  
 temporary movement of intra-corporate  
 transferees at the level of managers,   executives and specialists. Intra- 
 corporate transferees refers to  
 managers, executives and specialists, as   defined below, who are employees of  
 firms that provide services within  
 Singapore through  II. Unbound  
  a branch, subsidiary, or affiliate  
 established in Singapore and who have   been in the prior employ of their firms  
 outside Singapore for a period of not  
 less than one year immediately   preceding the date of their application  
 for admission and who are one of the  
 following:     
 S/DCS/W/SGP 
Page 4 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  (a) Managers - persons within an  
 organization who primarily direct the  
 organization, or a department or sub-  
 division of the organization, supervise   and control the work of other  
 supervisory, professional or managerial  
 employees, have the authority to hire   and fire or recommend hiring, firing, or other   
  personnel actions (such as promotion or  
 leave authorization), and exercise  
 discretionary authority over day-to-day   operations.  Does not include first-line  
 supervisors, unless the employees  
 supervised are profe ssionals, nor does it  
 include employees who primarily  
 perform tasks necessary for the  
 provision of the service.    
  
  (b) Executives  - persons within the  
 organization who primarily direct the  
 management of the organization,  
 exercise wide latitude in decision-  making, and receive only general  
 supervision or direction from higher- 
 level executives, the board of directors,   or stockholders of the business.   
 Executives would not directly perform  
 tasks related to the actual provision of   the service or services of the  
 organization. 
    
  S/DCS/W/SGP
 Page 5Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  (c) Specialists  - persons within an  
 organization who possess knowledge at  
 an advanced level of expertise and who  
 possess proprietary knowledge of the   organization's service, research  
 equipment, techniques, or management.   
 (Specialists may include, but are not   limited to, members of licensed  
 professions). 
   
  Entry for these intra-corporate  
 transferees is limited to a three year  
 period that may be extended for up to  
 two additional years for a total term not   to exceed five years   
  III. Commercial presence, right of  
 establishment and movement of   juridical persons are subject to  
 compliance with the following  
 provisions: 
  
  - A foreigner who wishes to register a  
 business firm must have a local  
 manager who should be a Singapore  
 citizen or a Singapore Permanent   Resident or a Singapore Employment  
 Pass holder.  (However, a foreigner  
 who is a Singapore Permanent   Resident or a Singapore Employment  
 Pass holder can register a business  
 without appointing a local manager.)   
  - At least one director of the company  
 must be locally resident    
 S/DCS/W/SGP 
Page 6 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  - All branches of foreign companies  
 registered in Singapore must have at  
 least 2 locally resident agents.  (To  
 qualify as locally resident, a person   should be either a Singapore citizen or  
 Singapore Permanent Resident or  
 Singapore Employment Pass holder.)  
   
IV. Specific commitments in market access  
 in any sector or subsector, through any  
 mode of delivery, shall not be construed   to override the limitations established in  
 the financial services sector 
  
IV. None 
 
   
  S/DCS/W/SGP
 Page 7Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
II. SECTOR SPECIFIC COMMITMENTS 
 
 Accounting/Auditing  
 Services 
 1) None, other than public accountants  
 must be effectively resident in  
 Singapore or at least one of the partners   of the firm must be effectively resident  
 in Singapore 
 2) None 
3) As in mode 1) 
4) Unbound except as indicated in the horizontal   section 
 1) None 
 
  
 
 2) None 
3) None 
4) Unbound   
 
 Taxation Services 
 1) None, other than public accountants  
 must be effectively resident in   Singapore or at least one of the partners  
 of the firm must be effectively resident  
 in Singapore.  Only Public Accountants   registered with the Public Accountants  
 Board Singapore can practise as tax  
 consultants for local tax laws. 
2) None 
3) As in mode 1) 4) Unbound except as indicated in the  
 horizontal section 
 1) None 
  
 
  
 
 
2) None 
3) None 4) Unbound 
  
 
 Medical Services 
 1) Unbound* 
2) None 
3) None, other than the number of new   foreign doctors regi stered each year  
 may be limited depending on the total  
 supply of doctors 4) Unbound except as indicated in the  
 horizontal section 
 1) None 
2) None 
3) None  
 
 4) Unbound 
   
 
                                                           
 * Unbound due to lack of technical feasibility.   
 S/DCS/W/SGP 
Page 8 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Dental Services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Veterinary Services  1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
  
 
 Engineering Services   The sectors 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 1) None 
 
 
2) None 
3) Limited Corporations
 
- Only registered Professional Engineers  
 or allied professionals (registered  
 Architects or Land Surveyors) shall be   director of the corporations 1) None, other than engineers should be  
 effectively resident in Singapore 
 
2) None 
3) None   
  S/DCS/W/SGP
 Page 9Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(f) Aeronautical engineering  
 services 
(g) Marine engineering  
 services (h) Naval architectural  
 engineering services 
(i) Industrial engineering   services 
(j) Chemical engineering  
 services  - Not less than two-thirds or such lower  
 proportion as the Minister for National  
 Development may specify in relation to  
 any corporation of each class of shares   of the corporation shall be beneficially  
 owned by and registered in the names of  
 registered Professional Engineers or   allied professionals   
 - Professional engineering work in  
 Singapore will be under the control and  
 management of a director of the   corporation who is a registered owner  
 of at least one share of the corporation;  
 who is a registered Professional   Engineer ordinarily resident in  
 Singapore and who has a valid  
 certificate 
   
  Unlimited Corporation  
- Only registered Professional Engineers  
 or allied professionals (registered  
 Architects or Land Surveyors) shall be a   director of the corporation   
 - The articles of association of the  
 corporation provide that any person   who is neither a registered Professional  
 Engineer nor an allied professional, or  
 is a nominee of such a person, or is not   a director, manager or employee of the  
 corporation, shall not be registered as a  
 member of that corporation   
 - The business of the corporation, so far  
 as it relates to professional engineering  
 work, will be under the control and   management of a director of the  
 corporation who:    
 S/DCS/W/SGP 
Page 10 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  - is a registered Professional Engineer  
  ordinarily resident in Singapore; 
 - has in force a practising certificate  
  authorizing him to engage in such    professional engineering work;  and 
 -  is a member, or a registered owner of at  
  least one share, of the corporation    
  Partnership  
 
- The partnership consists of only   registered Professional Engineers with  
 valid practising certificates and allied  
 professionals;  and    
 
  
 - Professional engineering work in each  
 discipline of engineering in Singapore   will be under the control and  
 management of a partner who is a  
 registered Professional Engineer in the  
 relevant discipline, ordinarily resident  
 in Singapore and who has a valid   practising certificate. 
  
  
  
 
 4) Unbound except as indicated in the  
 horizontal section 4) Unbound 
   
  S/DCS/W/SGP
 Page 11Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Architectural Services 1) None 
2) None 
3) Limited Corporations  
- Only registered architect   or allied professionals (Professional Engineers 
 or Land Surveyors) shall be director of the 
 corporation  1) None 
2) None 
3) None  
 - Not less than two-thirds or such lower  
 proportion as the Minister for National  
 Development may specify in relation to   any corporation of each class of shares  
 of the corporation shall be beneficially  
 owned by and registered architects or   allied professionals who are either  
 directors, managers or employees of the  
 corporation.    
 - Architectural work in Singapore will be  
 under the control and management of a  
 director of the corporation who is a  
 registered architect ordinarily resident   in Singapore and who has a valid  
 certificate and is registered owner of at  
 least one share of the corporation.    
  Unlimited Corporation  
- Only registered architects or allied   professionals (Professional Engineers or  
 Land Surveyors) shall be a director of  
 the corporation     
 S/DCS/W/SGP 
Page 12 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 - The articles of association of the  
 corporation provide that any person  
 who is neither a registered architect nor  
 an allied professional, or is a nominee   of such a person, or is not a director,  
 manager or employee of the  
 corporation, shall not be registered as a   member of that corporation 
   
 - The business of the corporation, so far  
 as it relates to architectural services,   will be under the control and  
 management of a director of the  
 corporation who:    
  - is a registered architect ordinarily  
  resident in Singapore;  -  has in force a practising certificate  
  authorizing him to engage in the  
  practice of architecture;  and 
 - is a member, or a registered owner of at 
  least one share, of the corporation    
  Partnership  
- The partnership consists of only   registered architects with valid  
 practising certificates and allied  
 professionals;  and    
 - The supply of architectural services in  
 Singapore will be under the control and   management of a partner who is a  
 registered architect, ordinarily resident  
 in Singapore and who has a valid   practising certificate.   
  
4) Unbound except as indicated in the   horizontal section. 
  
4) None   
  S/DCS/W/SGP
 Page 13Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Library Services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Translation/  Interpretation Services  1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
  
 
 Biotechnology Services  1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
  
 
 Exhibition Management   Services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Public Relations   Consultancy Services 1) None 
2) None 
3) None 
4) Unbound except as indicated in the  horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 Management Consultancy  
 Services, including Office  
 Management and  
 Administrative Services 1) None 
2) None 
3) None 
4) Unbound except as indicated in the  
 horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
  
 S/DCS/W/SGP 
Page 14 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Advertising Consultancy  
 Services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the  
 horizontal section 
 1) None 
2) None 
3) None 
4) Unbound  
 
 
 Information Technology  
 Consultancy Services  1) Non 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
   
 Buildings and Facilities  
 Management Services,   including Cleaning of  
 Building Services 
 1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
  
 Industrial Research 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 1) None 
2) None 
3) None 
4) Unbound   
 Commercial Market  
 Research  1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
  
 Economic and Behavioural  
 Research  1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  1) None 
2) None 3) None 
4) Unbound 
   
  S/DCS/W/SGP
 Page 15Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Interior Design Services,  
 excluding Architecture 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Courier Services in respect   of documents and parcels,  
 excluding letters and  
 postcards  1) Unbound 
2) None 
3) Unbound 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Hotel Services  1) Unbound* 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound    
 
 Travel Agent and Tour  
 Operators;  Tourist Guide  
 Services 
  1) None 
2) None 
3) None, other than travel agency and tour  
 operators must be a private limited   company 
4) Unbound except as indicated in the  
 horizontal section  1) Unbound 
2) None 
3) Unbound 
  
4) Unbound 
  
 
 Restaurant and Catering   Services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
                                                           
 * Unbound due to lack of technical feasibility.  
 S/DCS/W/SGP 
Page 16 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Professional, Advisory and  
 Consulting Services  
 relating  to Agriculture, 
 Forestry, Fishery   and Mining, including  
 Oilfield Services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Construction Services  1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 Audiovisual Services    
(i) the services covered are  
 production, distribution and  
 public display of   - motion pictures 
 - video recordings 
 - sound recordings,  
  except where excluded  
  under (ii)  1) None 
2) None 
3) None 4) Unbound except as indicated in the  
 horizontal section 
 1) None 
2) None 
3) None 4) Unbound 
  
 
 (ii) All broadcasting and  
 AV services and materials   that are broadcasting- 
 related are excluded, 
 examples   being  
 - Free-to-air  
 - broadcasting Cable and 
pay television 
 - Direct broadcasting by 
  satellite  - Teletext     
  S/DCS/W/SGP
 Page 17Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
2. COMMUNICATION  
 SERVICES 
    
 General Conditions statement  
  Commitments undertaken in this schedule are subject to the following conditions: 
 
1.   Each service listed in    subsectors 1 and 2 must be licensed through a public  
  tender process. 
2.  The number of licences  
  may be limited due to scarce re sources, such as rights of way. 
 
C. Telecommunication  
 Services  
    
1. Basic Telecommunication  
 Services (facilities-based): 
 (a) Public Switched Services
1  
 (local and international) 
(b) Leased Circuit Services 
 (local and international) 
 1) Subject to commercial arrangements  
 with licensed operator(s) 
2) None 3) Up to two additional operators will be  
 licensed in 1998 for the provision of  
 these services co mmencing 1 April  
 2000. Thereafter, additional licences  
 will be granted.  1) None 
 
2) None 3) None, except as indicated in  
 horizontal commitments. 
 
 
 As annexed
  
 
  A cumulative total of 73.99% foreign  
 shareholding, based on 49% direct   investment and 24.99% indirect  
 investment in these operators is  
 allowed. 4) Unbound except as indicated in the  
 horizontal commitments.  
  
 
 4) Unbound except as indicated in the  
 horizontal commitments. 
  
                                                           
 1 This includes voice, data and facsimile services. 
   
 S/DCS/W/SGP 
Page 18 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
2. Mobile Services: 
 
(a) Public Mobile Data Service  
 (PMDS) (b) Public Trunked Radio  
 Service (PTRS) 
(c) Public Radio Paging   Service  
 (PRPS) 
(d) Public Cellular Mobile   Telephone Service  
 (PCMTS) 
 1) Subject to commercial arrangements  
 with licensed operator(s). 
2) None 
3) None except for d), where more   licences will be granted from 1 April  
 2000.  
 A cumulative total of 73.99% foreign   shareholding, based on 49% direct  
 investment and 24.99% indirect investment in  
 these operators is allowed. 4) Unbound, except as indicated in the  
 horizontal commitments. 
 1) None 
 
2) None 
3) None, except as indicated in   horizontal commitments. 
 
  
 
 4) Unbound, except as indicated in the  
 horizontal commitments. 
 As annexed 
 
3. Resale basis:  
 
(a) Public Switched Services  
 (local and international)   (not including the use of 
 leased circuits connected to  
 the public switched 
 network) 1) None 
2) None 
3) None 
 4) Unbound, except as indicated in  
 horizontal commitments. 
 1) None 
2) None 
3) None, except as indicated in  
 horizontal commitments. 4) Unbound, except as indicated in  
 horizontal commitments. 
 
  
 
(b) Leased Circuit Services   (local and international)  
 (without connection to the   
 public switched network) (c) Public Cellular Mobile  
 Telephone Services 
(d) Public Radio Paging   Services 
     
  S/DCS/W/SGP
 Page 19Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Value-added Network  
 (VAN) services 
 
 The services covered  are: - electronic-mail 
- voice-mail 
- on-line information and   data-base retrieval 
- electronic data interchange 
- on-line information and/or   data processing 
 1) Provision of VAN services is subjected  
 to licence from the Telecommunication  
 Authority of Singapore (TAS) 
 The basic requirements for VAN   licence are: 
 - Foreign companies are required to  
  either set up a local branch of their    company duly registered with the  
  Registry of Companies and Businesses  
  in Singapore, or grant a power of    attorney to a local agent for the  
  provision of their VAN services in  
  Singapore 1) None 
 
 
   
 
  - VAN does not carry traffic which  
  resembles any of the basic  
  telecommunication services 
2) None 3) Same as mode 1) 
4) Unbound except as indicated in the  
 horizontal section  
 
 
2) None 3) None 
4) Unbound 
 
  
 Computer Services 
 
 The services covered  are: 
 - Software development  - Systems Integration  
  Services 
 - Data processing  - Data base services 
 
  
 
1) None 
2) None 3) None 
4) Unbound except as indicated in the  
 horizontal section  
 
1) None 
2) None 3) None 
4) Unbound 
  
 Telecommunication-related  
 services are excluded  (See  
 Value-Added Network   (VAN) services) 
     
 S/DCS/W/SGP 
Page 20 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Maritime Transport  
 Services 
 
 The services covered are:  - Freight Transportation,  
  CPC 7212 less 
cabotage 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound  
  When the following 
 services are not 
 otherwise covered by 
 the obligation  enshrined in Article 
 XXVIII(c) (ii), they 
 will be made available  to international 
 maritime transport 
 suppliers on  reasonable and non-
 discriminating terms 
 and  conditions: 
     - pilotage; 
- towing and tug 
 assistance; 
- provisioning fuelling   and watering; 
- garbage collecting and  
 ballast;  waste  
 disposal 
- port captain's services; - navigation aids 
 emergency; 
- repair facilities; - anchorage; and 
- other shore-based  
 operational services   essential to ship  
 operations, including  
 communications,   water and electrical  
 suppliers. 
 Maritime Auxiliary  
 Services: 
 
 Shipping agency services  1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
 
  
  S/DCS/W/SGP
 Page 21Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 Maritime Auxiliary  
 Services: 
 
 Shipping brokerage   services 
 1) None 
2) None 
3) None 
4) Unbound except as indicated in the   horizontal section 
 1) None 
2) None 
3) None 
4) Unbound   
 
7. FINANCIAL SERVICES  
A. Insurance and Insurance-related Services  
 
 The commitments on  financial services are made in accordance w ith the General Agreement on Trad e in Services (GATS) and the A nnex on Financial Services.  All 
 the commitments in this Schedule are subject to horizontal commi tments in Singapore's GATS Sche dule of Specific Commitments.  All the commitments in this 
 Schedule are also subject to entry requirements, domestic laws , guidelines, rules and regulations, terms and conditions of the  Monetary Authority of Singapore (MAS) 
 or any other relevant authority or body in Singapore, as the case may be, which are consistent w ith Article VI of the GATS and  paragraph 2 of the Annex on Financial 
 Services.  
(a) Life insurance services   including annuity, disability   income, accident and health  
 insurance services 1) Unbound 
2) None 1) Unbound 
2) None  
 3) Foreign parties can only acquire equity  
 stakes of up to 49% in aggregate in  
 locally-owned insurance companies  
 provided the acquisition does not result   in any foreign party being the largest  
 shareholder.  Unbound for issuance of  
 new insurance licences and   establishment of new representative  
 offices. 
4) Unbound except as indicated in the  
 horizontal section. 
 3) None 
 
 
  
 
  
 
4) Unbound except as indicated in the   horizontal section   
 S/DCS/W/SGP 
Page 22 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(b) Non-life insurance services  
 including disability income,  
 accident and health  
 insurance and contracts of   fidelity bonds, performance  
 bonds or similar contracts  
 of guarantee  1) Unbound 
2) None except for compulsory insurance  
 of Motor Third Party Liability and  
 Workmen's Compensation which can be   purchased only from licensed insurance  
 companies in Singapore. 1) Unbound 
2) None 
 
  
  
 3) Foreign parties can only acquire equity  
 stakes of up to 49% in aggregate in  
 locally-owned insurance companies   provided the acquisition does not result  
 in any foreign party being the largest  
 shareholder.  Unbound for issuance of   new insurance licences and  
 establishment of new representative  
 offices.  
4) Unbound except as indicated in the  
 horizontal section. 
 3) None 
 
  
 
  
 
  
4) Unbound except as indicated in the  
 horizontal section.  
(c) Reinsurance and  
 retrocession 
 1) None 
2) None 
3) Reinsurance companies can establish as  
 branches or subsidiaries. 4) Unbound except as indicated in the  
 horizontal section. 
 1) None 
2) None 
3) None 
 4) Unbound except as indicated in the  
 horizontal section. 
   
  S/DCS/W/SGP
 Page 23Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(d) Insurance intermediation  
 comprising broking and  
 agency services 
 1) Unbound 
2) Agents are not allowed to act for  
 unregistered insurers.  With the  
 exception of reinsurance risks and risks   insured by protection and indemnity  
 clubs, brokers can only place domestic  
 risks outside Singapore with the   approval of MAS. 
3) Unbound except for admission of  
 reinsurance brokers as locally   incorporated subsidiaries. 
4) Unbound except as indicated in the  
 horizontal section.  1) Unbound 
2) None 
 
  
 
  
3) Unbound 
  
4) Unbound except as indicated in the  
 horizontal section.   
(e) Services auxiliary to  
 insurance comprising  
 actuarial, loss adjustors,   average adjustors and  
 consultancy services 
 1) None 
2) None 
3) None 4) Unbound except as indicated in the  
 horizontal section. 
 1) None 
2) None 
3) None 4) Unbound except as indicated in the  
 horizontal section. 
  
B. Banking and other financial services  
  The commitments on financial services are made in accordance w ith the GATS and the Annex on Financial Services.  All the commi tments in this schedule are subject 
 to horizontal commitments in Singapore's GATS Schedule of Sp ecific Commitments.  All the commitm ents in this Schedule are also  subject to entry requirements, 
 domestic laws, guidelines, rules and regulations, terms and conditions of MAS or any other relevant authority or body in Singa pore, as the case may be, which are 
 consistent with Article VI of the GATS and paragraph 2 of the Annex on Financial Services. 
 
(a) Acceptance of deposits and  
 other repayable funds from   the public 
 1) Unbound 
2) None 3) Only institutions approved as banks,  
 merchant banks and finance companies  
 can accept deposits. 1) Unbound 
2) None 3) Commercial banks
 
   
 S/DCS/W/SGP 
Page 24 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  Where a foreign financial institution is  
 subject to legislation in its home  
 country which requires that institution  
 to confer lower priority to depositors of   its foreign offices vis-à-vis the home  
 country depositors in receivership or  
 winding-up proceedings, the MAS may   exercise appropriate differentiated  
 measures against that foreign financial  
 institution in Singapore to safeguard the   interest of the Singapore office's  
 depositors.  
  Establishment and operation of foreign  
 banks, merchant banks and finance  
 companies are also subject to the   limitations listed under activities B(a) to  
 B(l) and the following limitations:   Foreign banks can operate from only  
 one office (excluding back-office  
 operations).  They cannot establish  
 off-premise ATMs and ATM   networking and new sub-branches.   
 Unbound for provision of all  
 electronic banking services.  Location of banks and relocation of  
 banks and sub-branches require prior  
 approval from MAS.  
 
  Restricted banks can only accept  
 foreign currency fixed deposits from  
 and operate current accounts for   residents and non-residents.For  
 Singapore dollar deposits, they can  
 only accept fixed deposits of   S$250,000 or more per deposit. 
  
    Offshore banks can accept foreign  
 currency fixed deposits from residents  
 and non-residents.  For Singapore  
 dollar deposits, th ey can only accept  
 fixed deposits of S$250,000 or more  
 per deposit from non-residents.  
  Commercial banks  
 No new full and restricted banks.  New  
 foreign banks may only establish as  
 offshore bank branches or   representative offices.  Representative  
 offices cannot conduct business or act  
 as agents.    
  S/DCS/W/SGP
 Page 25Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  Banks, with MAS' approval, can operate  
 foreign currency savings accounts only  
 for non-residents. 
 A single/related group of foreign   shareholders can only hold up to 5 per  
 cent of a local bank's  shares.  The limit  
 on aggregate foreign ownership of each   domestic bank's shares has been  
 increased from 20 per cent to 40 per  
 cent.   
  Merchant banks  
 Foreign banks and merchant banks may  
 establish as merchant bank subsidiaries  
 or merchant bank branches.  Merchant banks  
 Merchant banks can operate from only  
 one office (excluding back-office  
 operations).  Location and relocation   of merchant banks require MAS' prior  
 approval.  
   Merchant banks can, with MAS'  
 authorization, raise foreign currency  
 funds from residents and non- 
 residents, operate foreign currency  
 savings accounts for non-residents and  
 raise Singapore dollar funds from   their shareholders and companies  
 controlled by their shareholders,  
 banks, other merchant banks and   finance companies.   
 S/DCS/W/SGP 
Page 26 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
  Finance companies  
 No new finance companies.  Unbound  
 for foreign acquisition of shares in  
 finance companies and transfer or sale   of foreign shareholdings in existing  
 finance companies to foreign parties.   
 All finance companies, local and   foreign-owned, can only conduct  
 Singapore dollar business.  With MAS'  
 prior approval, eligible finance   companies can also deal in foreign  
 currencies, gold or other precious  
 metals, and acquire foreign currency   stocks, shares or debt/convertible  
 securities.  Finance companies
 
 Location of finance companies and relocation  
 of sub-branches require MAS' prior approval.   
 Foreign-owned finance companies cannot   establish off-premise ATMs, ATM networking  
 and new sub-branches. 
  
 4) Unbound except as indicated in the  
 horizontal section. 4) Unbound except as indicated in the  
 horizontal section.   
(b) Lending of all types  
 including consumer credit,  
 mortgage credit, factoring  
 and financing of  commercial transaction 1) Unbound 
2) None 
3) (i) Credit and charge cards may be  
 issued by card issuers approved by   MAS subject to MAS' guidelines. 
 1) None 
2) None 
3) Each offshore bank's lending in  
 Singapore dollars to residents shall   not exceed S$200m in aggregate.  
 
  (ii) Singapore dollar loans by local and  
 foreign-owned financial institutions, to  
 non-residents, non-resident controlled  
 companies and to residents for use   outside Singapore require MAS' prior  
 approval. 
  (iii) Establishment of credit companies  
 which do not conduct activities  
 requiring MAS' approval is allowed.  
4) Unbound except as indicated in the  
 horizontal section.   Offshore banks should not use their  
 related merchant banks to circumvent  
 the S$200m lending limit. 
 Unbound for establishment of off-  premise cash dispensing machines for  
 credit and charge cards. 
  
 
  
4) Unbound except as indicated in the  
 horizontal section.    
  S/DCS/W/SGP
 Page 27Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(c) Financial leasing 
 1) None 
2) None 
3) None except as indicated for activity  
 B(b) above. 4) Unbound except as indicated in the  
 horizontal section. 
 1) None 
2) None 
3) None except as indicated for activity  
 B(b) above. 4) Unbound except as indicated in the  
 horizontal section. 
  
 
(d) Payment and money   transmission services,  
 including credit, charge and  
 debit cards, travellers   cheques and bankers' drafts 
 1) Unbound 
2) None 
3) Remittance shops, except where the  
 remittance business is conducted by   banks and merchant banks, are required  
 to be majority owned by Singapore  
 citizens. 1) Unbound 
2) None 
3) None  
  Bankers' drafts can only be issued by  
 banks. 
 Only the following can issue stored   value cards: 
- a bank in Singapore licensed by MAS;   
 and 
- a juridical person for the payment only  
 of goods or services or both goods and   services provided by that person. 
 The limitations indicated in B.b)3)  
 above also apply to the activities listed   in B.d). 
4) Unbound except as indicated in the  
 horizontal section.   
 
  
 
 
 
  
 
  
4) Unbound except as indicated in the  
 horizontal section.   
  
 S/DCS/W/SGP 
Page 28 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(e) Guarantees and  
 commitments 
 1) None except for the limitations  
 indicated in activity A.b) for insurance  
 companies providing contracts of  
 fidelity bonds, performance bonds or   similar contracts of guarantee. 
2) None 
3) None except for the limitations   indicated in activity A.b) for insurance  
 companies providing contracts of  
 fidelity bonds, performance bonds or   similar contracts of guarantee, and  
 B.b)3)(ii) above. 
4) Unbound except as indicated in the   horizontal section. 
 1) None 
 
 
  
2) None 
3) None  
 
  
 
4) Unbound except as indicated in the   horizontal section. 
  
 
(f) Trading for own account or   for account of customers,   whether on an exchange, in  
 an over-the-counter market  
 or otherwise, the following: 1) Unbound except for trading in products  
 listed in B.(f) for own account.  Trading   in money market instruments, foreign  
 exchange, as well as exchange rate and  
 interest rate instruments can be  
 conducted with financial institutions  
 only. 1) None  
 - money market 
instruments  
  (including cheques, 
bills, certificates of 
deposit) 
 - foreign exchange  - derivative products,  
  including financial 
futures and options 
 - exchange rate and 
interest rate 
  instruments, including    swaps and forward rate  
  agreements 2) None 
3) Banks and merchant banks are required  
 to set up separate subsidiaries to trade  financial futures for customers. 
 Financial futures brokers can establish  
 as branches or subsidiaries.   The offer of derivative products by both  
 local and foreign-owned financial  
 institutions is allowed provided: 2) None 
3) None except as indicated for activity  
 B(b) above.   
  S/DCS/W/SGP
 Page 29Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 - transferable securities 
 - other negotiable  
  instruments  
  and financial assets,    including bullion - the product has been offered by the  
 financial institution in other  
 internationally-reputable financial  
 centres and the supervisory authorities   of those centres agree to the offer of  
 such products in their markets;   
 - the financial institution's parent  
 supervisor and its head office must be   aware and have no objection to the offer  
 of such products in the Singapore  
 branch/subsidiary;  and   
 - MAS is satisfied that the financial  
 institution has and continues to have the  
 financial strength and adequate internal   controls and risk management systems  
 to trade in these products.  
 
  
 
  
 
  The offer of derivative products  
 involving the Singapore dollar is subject  
 to the requirement indicated in  
 Bb)3)(ii). 
 Moneychangers, except where the   moneychanging business is conducted  
 by banks and merchant banks, are  
 required to be majority owned by   Singapore citizens.   
 4) Unbound except as indicated in the  
 horizonal section. 4) Unbound except as indicated in the  
 horizontal section.   
(g) Participation in issues of all  
 kinds of securities,   including underwriting and  
 placement as agent and  
 provision of service related   to such issues 1) Unbound except for participation in  
 issues of securities for own account, and   underwriting and placement of  
 securities through stockbroking  
 companies, banks or merchant banks in   Singapore. 1) None   
 S/DCS/W/SGP 
Page 30 Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 2) None 
3) Foreign stockbroking companies can  
 establish only as non-members of the  
 Stock Exchange of Singapore (SES).   Non-members of SES can apply to  
 become Approved Foreign Brokers  
 (AFBs) of SES to trade directly in non-  Singapore dollar denominated securities  
 quoted on SES through terminals  
 provided by SES to such AFBs 2) None 
3) None except as indicated for activity  
 B(b) above.  
  
 Representative offices cannot conduct  
 business or act as agents.  Unbound for  
 new membership on SES and for   foreign acquisition of new and existing  
 equity interests in SES member  
 companies.   
  Unbound for new international  
 memberships.  International members  
 can deal in foreign securities and SES- 
 quoted securities with non-residents and  
 resident companies which are   substantially or beneficially owned by  
 non-residents.  They can also deal with  
 residents in foreign currency   denominated securities quoted on SES. 
 For Singapore dollar denominated  
 securities quoted on SES, they can deal   with residents only for transactions  
 above S$5m each.  
 
  
  Banks' and merchant banks'  
 membership on SES must be held  
 through subsidiaries. 
 Unbound for new primary and   registered dealers of Singapore  
 Government Securities. 
  
  
  
  S/DCS/W/SGP
 Page 31Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 4) Unbound except as indicated in the  
 horizontal section. 4) Unbound except as indicated in the  
 horizontal section. 
  
(h) Money broking 1) Unbound 
2) None 3) Unbound for new money brokers. 
4) Unbound except as indicated in the  
 horizontal section.  1) Unbound 
2) None 3) None 
4) Unbound except as indicated in the 
 horizontal section.  
(i) Asset management, such as  
 cash or portfolio   management, all forms of  
 collective investment  
 management, pension fund   management, custodial,  
 depository and trust  
 services  1) Unbound 
2) None 3) Asset management companies,  
 custodial depositories, and trust services  
 companies can establish as branches or   subsidiaries.  Only the Central  
 Depositary Pte Ltd is authorised to  
 provide securities custodial depository   services under the scripless trading  
 system. 
4) Unbound except as indicated in the  
 horizontal section. 
 1) Unbound 
2) None 3) None 
 
  
 
  
 
4) Unbound except as indicated in the  
 horizontal section. 
  
(j) Settlement and clearing  
 services for financial assets,  
 including securities,   derivative products and  
 other negotiable 
 instruments  1) Unbound, except for the provision of  
 settlement and clearing services for  
 financial assets which are listed on   overseas exchanges only. 
2) None 
3) Settlement and clearing services for   exchange traded securities and financial  
 futures, and Singapore dollar cheques  
 and interbank funds transfer can only be   provided by SES, SIMEX and Banking  
 Computer Services Pte Ltd,  
 respectively. 4) Unbound except as indicated in the  
 horizontal section. 1) Unbound 
 
  
2) None 
3) Unbound  
 
  
 
 4) Unbound except as indicated in the  
 horizontal section.   
 S/DCS/W/SGP 
Page 32  
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
(k) Advisory and other auxiliary  
 financial services, including 
 credit reference and   analysis, investment and  
 portfolio research and  
 advice, advice on   acquisitions and on  
 corporate restructuring and  
 strategy  1) Commercial presence is required for  
 provision of investment and portfolio  
 research and advice to the public. 2) None 
3) Investment advisers can establish as  
 branches, subsidiaries or representative   offices. Representative offices cannot  
 conduct business or act as agents. 
 4) Unbound except as indicated in the 
 horizontal section. 
 1) None 
 
  
2) None 
3) None  
 
 4) Unbound except as indicated in the  
 horizontal section.  
(l) Provision and transfer of  
 financial information, and  
 financial data processing  
 and related software by   providers of other financial  
 services 
 1) Unbound except for the provision of  
 financial information by providers such  
 as Reuters and Bloomberg. 
 The Singapore branches of foreign   banks can transmit data to their head  
 offices and sister branches for  
 processing provided proper controls  
 exist, the integrity and confidentiality of 
 the data/information are safeguarded,   and MAS is allowed on-site access to  
 the data/information at the place where  
 the data/information is processed. 1) None for the provision of financial  
 information by providers such as  
 Reuters and Bloomberg. 
  
 
  
 2) Only the provision of financial  
 information by providers such as Reuter 
 and Bloomberg is allowed. 2) None   
  S/DCS/W/SGP
 Page 33Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on  National Treatm ent Additional Commitments 
 3) The provision of financial information  
 by providers, such as Reuters and  
 Bloomberg, is allowed.  The provision  
 of financial data processing services to   banks and merchant banks is subject to  
 domestic laws on protection of  
 confidentiality of information of   customers of banks and merchant  
 banks. 
4) Unbound except as indicated in the  horizontal section. 
 3) None 
 
 
  
 
  
 
4) Unbound except as indicated in the   horizontal section.  S/DCS/W/SGP 
Page 34 
 
 
 ANNEX 
REFERENCE PAPER 
 Scope
 
 The following are definitions and principl es on the regulatory framework for the basic 
telecommunications services.   
 Definitions  Users
 mean service consumers and service suppliers.   
 
Essential facilities mean facilities of a public telecommunications transport network or service that 
 (a) are exclusively or predominantly provided by  a single or limited number of suppliers;  and 
 (b) cannot feasibly be economically or technically substituted in order to provide a service. 
 
A major supplier 
is a supplier which has the ability to materi ally affect the terms of participation 
(having regard to price and supply) in the releva nt market for basic telecommunications services as a 
result of:  (a) control over essential facilities;  or 
 
(b) use of its position in the market.  1. Competitive safeguards
 
 
1.1 Prevention of anti-competitive practices in telecommunications  
 
Appropriate measures shall be maintained for the purpose of preventing suppliers who, alone 
or together, are a major supplier from engaging  in or continuing anti-competitive practices. 
 1.2 Safeguards
 
 
The anti-competitive practices referred to above shall include in particular: 
 (a) engaging in anti-competitive cross-subsidization;    
(b) using information obtained from compet itors with anti-competitive results;  and 
 (c) not making available to other services suppliers  on a timely basis technical information about 
essential facilities and commercially relevant inform ation which are necessary for them to provide 
services.  
 
2. Interconnection
 
 2.1 This section applies to linking with suppli ers providing public telecommunications transport 
networks or services in order to allow the users of  one supplier to communicate with users of another 
supplier and  to access services provided by anot her supplier, where specific commitments are 
undertaken. 
  S/DCS/W/SGP 
 Page 35 
 
 
 2.2 Interconnection to be ensured  
 
Interconnection with a major supplier will be ensu red at any technically feasible point in the 
network.  Such interconnection is provided.  (a) under non-discriminatory terms, conditions (i ncluding technical standards and specifications) 
and rates and of a quality no less favourable than that provided for its own like services or for 
like services of non-affiliated service suppliers or  for its subsidiaries or other affiliates; 
 (b) in a timely fashion, on terms, conditions (including technical standards and specifications) 
and cost-oriented rates that ar e transparent, reasonable, havi ng regard to economic feasibility, 
and sufficiently unbundled so that the supplier need not pay for network components or 
facilities that it does not require for the service to be provided;  and 
 (c) upon request, at points in add ition to the network termination poi nts offered to the majority of 
users, subject to charges that reflect the cost of construction of necessary additional facilities. 
 
2.3 Public availability of the pro cedures for interconnection negotiations
 
 
The procedures applicable for interconnection to a major supplier will be made publicly 
available.  2.4 Transparency of interconnection arrangements
 
 
It is ensured that a major supplier will make  publicly available either its interconnection 
agreements or a reference interconnection offer.  2.5 Interconnection:  dispute settlement
 
 
A service supplier requesting interconnection with  a major supplier will have recourse, either: 
 (a) at any time or  (b) after a reasonable period of time which has been made publicly known 
 
to an independent domestic body, which may be a regulatory body as referred to in paragraph 5 
below, to resolve disputes regarding appropriate te rms, conditions and rates for interconnection within 
a reasonable period of time, to the extent th at these have not been established previously. 
 
3. Universal service
 
 
Any Member has the right to define the kind of universal service obligation it wishes to 
maintain.  Such obligations will not be regard ed as anti-competitive per se, provided they are 
administered in a transparent, non-discriminator y and competitively neutral manner and are not more 
burdensome than necessary for the kind of universal service defined by the Member.  
 4. Public availability of licensing criteria
 
 
Where a licence is required, the following will be made publicly available: 
 
(a) all the licensing criteria and the period of time normally required to reach a decision 
concerning an application for a licence and 
 S/DCS/W/SGP 
Page 36 
 
 
 (b) the terms and conditions  of individual licences. 
 
The reasons for the denial of a licence will be  made known to the applicant upon request. 
 5. Independent regulators
 
 
The regulatory body is separate from, and not accountable to, any supplier of basic 
telecommunications services. The decisions of a nd the procedures used by regulators shall be 
impartial with respect to all market participants.  6. Allocation and use of scarce resources
 
 
Any procedures for the allocation and use of scar ce resources, including frequencies, numbers and 
rights of way, will be carried out in an objective, timely, transparent and non-discriminatory manner.  The current state of allocated frequency bands will be made publicly available, but detailed 
identification of frequencies allocated for specific government uses is not required.  
_______________ 
  S/DCS/W/SGP
 Page 37SINGAPORE – FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS 
 
Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
All Sectors: 
Presence of: 
 - unskilled and semi- 
 skilled natural persons 
 - skilled persons 
 (include craftsmen  
 skilled in a particular   trade, but exclude  
 specialists/  
 professional   personnel at  
 management level) 
 Preference for workers from 
traditional sources of supply 
 Traditional sources 
 Indefinite 
 
Singapore will periodically review this in the light of 
domestic and national 
policy considerations  Due to land constraints and the 
fundamental need for social cohesion 
among the multi-racial population, the Government needs to regulate the 
flow of foreign workers, both skilled 
and unskilled, to ensure that Singapore is not overpopulated and 
foreigners who could potentially 
disrupt social order are not admitted  
All Sectors: 
Investment Guarantee 
Agreements (IGAs) 
 Investment guarantee, i.e. 
obligations to protect foreign 
investments from unforeseen contingencies such as 
nationalization, war, etc. are 
accorded only to co-signatories of Investment Guarantee 
Agreements 
 All countries.  Current 
signatories with whom 
Singapore has concluded IGAs are: 
 
ASEAN countries, France, the Netherlands, Switzerland, the 
United Kingdom, Belgo- 
Luxembourg Economic Union, Sri Lanka, People's Republic of 
China, Vietnam, Taiwan, the 
United States of America  Indefinite 
 
Singapore will periodically review this in the light of 
international developments 
 Currently, many countries' 
obligations to protect foreign 
investments from unforeseen contingencies are governed by the 
provisions established under bilateral 
investment guarantee agreements.  The agreements also  help to provide 
the economic and political guarantees 
for the promotion of bilateral relations. 
  
 S/DCS/W/SGP 
Page 38 
Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
All Sectors: Commonwealth Tax Credit Scheme 
 Section 48 of the Income Tax 
Act provides for the granting of relief against Singapore tax 
payable on income derived from 
a Commonwealth country  Commonwealth countries which 
grant reciprocal relief  Indefinite 
 Singapore will periodically 
review this in the light of 
international developments  This is part of Singapore's 
cooperation among Commonwealth members 
 
Legal Services  All measures pertaining to the 
provision of legal services in 
Singapore 
 All countries 
 Indefinite 
 
Singapore will keep the 
possibility of removing 
this exemption under review 
 The exemption is necessary as the 
establishment of foreign law firms in 
Singapore is based on case-by-case 
approval 
 
Broadcasting  
Broadcasting is defined to 
include: 
- Free-to-air 
broadcasting 
- Cable and pay 
television 
- Direct broadcast by 
satellite 
- Teletext 
 
- All broadcasting 
services listed in 
Services Sectoral 
Classification List, 
MTN.GNS/W/120 
 The Singapore Broadcasting 
Corporation (SBC) accords 
preferential broadcast and 
transmission rights to selected countries with which it has 
signed bilateral agreements 
 All countries.  Currently,  
Brunei and Indonesia have 
Memoranda of Understanding 
with Singapore.  Singapore will keep the 
possibility of removing 
this exemption under 
review  To promote social, economic and 
cultural relations 
  
  S/DCS/W/SGP
 Page 39Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
Computer reservation systems  Market access and national 
treatment are based on reciprocity in mutual 
concessions, but not necessarily 
in the same areas, as established under bilateral Air Services 
Agreements 
 All countries.  Current countries 
with whom Singapore has concluded bilateral air services 
agreements are: 
 Australia, Austria, Bahrain, 
Bangladesh, Belgium, Brazil, 
Brunei, Bulgaria, Cambodia, 
Chile, China, Commonwealth 
Independent States, Cyprus, Czech and Slovak Republics, 
Denmark, Egypt, Ethiopia, Fiji,  Indefinite 
 Singapore will periodically 
review this in the light of 
international developments  Currently, the conditions and level of 
market access granted in air transport services are primarily governed by 
other multilateral agreements and/or 
bilateral air services agreements.  In addition, the "Annex on Air 
Transport Services" contained in the 
GATS currently has only limited 
application to measures affecting the 
air transport services sector.  
  Finland, France, Germany, 
Greece, Hong K ong, Hungary, 
India, Indonesia, Iran, Iraq, 
Ireland, Israel, Italy, Japan, 
Jordan, Kenya, South Korea, Kuwait, Laos, Lebanon, 
Luxembourg, Madagascar, 
Malaysia, Maldives, Malta, Mauritius, Mexico, Mongolia, 
Myanmar, Nauru, Nepal, the 
Netherlands, New Zealand, Nigeria, Norway, Oman, 
Pakistan, Papua New Guinea, 
the Philippines, Poland,    
 S/DCS/W/SGP 
Page 40 
Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
  Portugal, Qatar, Romania, Saudi 
Arabia, Seychelles, South Africa, Spain, Sri Lanka, 
Sweden, Switzerland, Taiwan, 
Tanzania, Thailand, Turkey, Ukraine, United Arab Emirates, 
the United Kingdom, the United 
States of America, Vietnam, 
Yemen Arab Republic, 
Yugoslavia, Zambia and Zimbabwe. 
   
Maritime Transport 
Services:  
- Storage and 
warehousing 
- Freight forwarding 
- Inland trucking 
- Container station 
and depot services The undertaking of the 
commitments to bi nd the current 
level of market access and 
treatment to services and 
services supplier, in the 4 subsectors will be through the 
conclusion of bilateral shipping 
agreements  All countries.  Current countries 
with whom Singapore has concluded bilateral shipping 
agreements are:  the Republic of 
Korea, the People's Republic of China and Vietnam 
 Indefinite 
 Singapore will periodically 
review this in the light of 
international developments  Some of Singapore's trading partners 
do not accord Singapore companies satisfactory access to maritime 
transport services in their territories 
  
  S/DCS/W/SGP
 Page 41Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
7. FINANCIAL  SERVICES
1 
     
1. Reinsurance and 
Retrocession 
 Exception granted to ASEAN 
Reinsurance Corporation 
(ASEAN Re), a private-sector venture with equal 
shareholdings from the  
6 ASEAN countries, to be 
established with a paid-up 
capital of S$6 million instead of the minimum S$10 million 
stipulated in the Insurance Act.  
Other than this, ASEAN Re is subject to the same rules and 
regulations applied to all 
reinsurers in Singapore.  ASEAN 
 ASEAN Re has committed 
itself to increase its paid-
up capital when its premium income 
increases.  Presently, 
ASEAN Re writes a 
relatively small amount of 
business.  To promote greater cooperation 
among ASEAN in the reinsurance 
sector  
2.  Banking and Other 
Financial Services 
 Under a currency 
interchangeability agreement between Singapore and Brunei, 
the currency-issuing authorities 
of Singapore and Brunei would:  Brunei 
 Indefinite, until either 
country terminates the agreement 
 The currency interchangeability 
agreement was entered into in 1967 arising from special historical and 
economic ties between Singapore and 
Brunei  
 - accept from banks, notes  
 and coins issued by the   other issuing authority, at  
 par and without charge and  
 to exchange such notes and  
 coins into the currency of  
 the country concerned;  and  
   
                                                           
1 Supplementary information provided for transparency :   The Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX) have 
established trading linkages with the excha nges of some countries to facilitate the tr ading of securities and future.  The esta blishment of trading linkages is a commercial 
decision of the SES and SIMEX.  
 S/DCS/W/SGP 
Page 42 
Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need for 
the exemption 
  
- arrange for repatriation at   the expense of the  
 respective currency issuing  
 authority, the notes and   coins issued by the other  
 currency issuing authority  
 and to receive at par the  
 equivalent in any agreed  
 currency.     
 
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