39. Section 43(10) of the principal Act is amended by deleting the definition of “qualifying company” and substituting the following definition:
“ “qualifying company” means a company incorporated in Singapore (other than a company limited by guarantee) which for each of the first 3 years of assessment is resident in Singapore for that year of assessment, and has its total share capital beneficially held directly by no more than 20 shareholders —
all of whom are individuals throughout the basis period for that year of assessment; or
at least one of whom is an individual holding at least 10% of the total number of issued ordinary shares of the company throughout the basis period for that year of assessment;”.