Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 128

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 128
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competition, abuse of dominance and mergers that substantially lessen competition, whether these take place within or outside of
Singapore, so long as they have an impact on a market in Singapore. The Competition and Consumer Commission of Singapore (the
“CCCS”) is responsible for administering and enforcing the Competition Act 2004 of Singapore, which covers
all industries and sectors unless specifically exempted or excluded. Infringements of the Competition Act can result in financial
penalties of up to 10 per cent. of the turnover of the business in Singapore for each year of infringement, up to a maximum of
three years. The CCCS also has powers to impose directions requiring infringing undertakings to stop or modify the activity or
conduct, or in the case of anti-competitive mergers, to remedy, mitigate or eliminate the adverse effects arising from the
merger.

Regulations on Labor and Employment

The Employment Act 1968 of Singapore (the “Singapore Employment Act”) generally extends to all employees regardless of their designation, salary level or type of work performed,
with the exception of certain groups of employees (i.e., seafarers, domestic workers and public workers). It provides employees falling
within its ambit certain protections such as minimum notice periods, restrictions in relation to the deductions from wages, minimum days
of annual and sick leave, maternity/paternity leave and paid childcare leave. The Singapore Employment Act also applies to employees who
are foreigners so long as they fall within the definition of “employee” under the Singapore Employment Act. Employers in Singapore
owe a statutory obligation under the Central Provident Fund Act 1953 of Singapore to contribute to a Central Provident Fund in relation
to wages for employees who are Singapore citizens or permanent residents of Singapore. The specific contribution rate to be made by employers
varies depending on whether the employee is a Singapore citizen or permanent resident and the age group and wage band of the employee.

The Employment of Foreign Manpower Act 1990 of Singapore,
provides that no person shall employ a foreign employee unless the foreign employee has a valid work pass. Work passes are issued by the
Controller of Work Passes. In relation to the employment of semi-skilled foreign workers in the construction, manufacturing, marine shipyard,
process or services sectors, employers must ensure that such persons apply for a “Work Permit”. In relation to the employment
of foreign mid-level skilled workers, such persons apply for an “S Pass”. From 1 September 2023,