According to Section 4A(1)(a) of the Securities and Futures Act 2001 of Singapore (“SFA”),

“Accredited investor” means

An individual —
- (A) whose net personal assets (see footnote 1) exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;
- (B) whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —
  - (i) a deposit as defined in section 4B of the Banking Act 1970;
  - (ii) an investment product as defined in section 2(1) of the Financial Advisers Act 2001; or
  - (iii) any other asset as may be prescribed by regulations made under section 341; or
- (C) whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;
A corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by —
- (A) the most recent audited balance sheet of the corporation; or
- (B) where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date must be within the preceding 12 months;
The trustee of such trust (which includes a bare trust) as the Authority may prescribe, when acting in that capacity. Such persons are:
- (A) the trustee of any trust all the beneficiaries of which are accredited investors within the meaning of Section 4A(1)(a)(i), (ii) or (iv) of the SFA;
- (B) the trustee of any trust all the settlors of which:
  - (i) are accredited investors within the meaning of Section 4A(1)(a)(i), (ii) or (iv) of the SFA;
  - (ii) have reserved to themselves all powers of investment and asset management functions under the trust; and
  - (iii) have reserved to themselves the power to revoke the trust; or
- (C) the trustee of any trust the subject matter of which exceeds S$10 million (or its equivalent in a foreign currency) in value; or
Such other person as the Authority may prescribe as accredited investors. Such persons are:
- (A) an entity (other than a corporation) with net assets exceeding S$10 million (or its equivalent in a foreign currency) in value;
- (B) a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005) in which every partner is an accredited investor;
- (C) a corporation, the entire share capital of which is owned by one or more persons, all of whom are accredited investors; or
- (D) a person who holds a joint account with an accredited investor, in respect of dealings through that joint account.

[Footnote 1] In determining the value of an individual’s net personal assets for the purposes of above Section (1)(A), the value of the individual’s primary residence —

(a) is to be calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence; and
(b) is taken to be the lower of the following:
- (i) the value calculated under paragraph (a);
- (ii) $1 million.

According to Section 4A(1)(b) of the SFA,

“Expert investor” means

A person whose business involves the acquisition and disposal, or the holding, of capital markets products, whether as principal or agent;
The trustee of such trust as the Authority may prescribe, when acting in that capacity; or
Such other person as the Authority may prescribe.

All the above definitions may be subject to such modifications as the Authority may prescribe for any specified provision of the SFA.

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