—(1) In this Division, unless the contrary intention appears —
“agent” means the person named in a memorandum of appointment or power of attorney lodged under section 368(1)(e) or 370(6) or under any corresponding previous written law;
“carrying on business” includes administering, managing or otherwise dealing with property situated in Singapore as an agent, legal personal representative, or trustee, whether by employees or agents or otherwise, and “to carry on business” has a corresponding meaning.
(2) Notwithstanding subsection (1), a foreign company shall not be regarded as carrying on business in Singapore for the reason only that in Singapore it —
is or becomes a party to any action or suit or any administrative or arbitration proceeding or effects settlement of an action, suit or proceeding or of any claim or dispute;
holds meetings of its directors or shareholders or carries on other activities concerning its internal affairs;
maintains any bank account;
effects any sale through an independent contractor;
solicits or procures any order which becomes a binding contract only if such order is accepted outside Singapore;
creates evidence of any debt or creates a charge on movable or immovable property;
secures or collects any of its debts or enforces its rights in regard to any securities relating to such debts;
conducts an isolated transaction that is completed within a period of 31 days, but not being one of a number of similar transactions repeated from time to time;
invests any of its funds or holds any property;
establishes a share transfer or share registration office in Singapore; or
effects any transaction through its related corporation licensed or approved under any written law by the Monetary Authority of Singapore, established under the Monetary Authority of Singapore Act (Cap. 186), under an arrangement approved by the Authority.