What is the definition of Related-Party?
The following definitions are to be adopted in the context of IMDA media schemes:
A. Individual to Individual
An individual is related to another individual if he or she is:
- A spouse of the individual; or
- A child of the individual or that of the individual’s spouse; or
- A dependant of the individual or the individual’s spouse. Dependants are defined as any parent, spouse or child (legally adopted or illegitimate) living with him/her and/or receiving financial contribution from him/her for living expenses or as source of income.
B. Individual to Entity
An individual is related to an entity if:
- The individual, or any of the related persons defined as above, has control (e.g. majority voting rights) or joint control (e.g. share majority voting rights) over the entity.
C. Entity to Entity
An entity is related to another entity if:
- One entity has control (e.g. majority voting rights) or joint control (e.g. share majority voting rights) over the other entity.
If any potential supplier/service provider for the project is a related-party, grant applicants are reminded to make the appropriate declaration to IMDA when submitting their grant application. Do note that any related-party transaction incurred by grant applicants, that had not been declared to IMDA and approved by IMDA, would not be funded.