Introduction to the Significant Investments Review Act (SIRA)

The Significant Investments Review Act was passed by Parliament on 9 January 2024. It came into force on 28 March 2024.

The Act provides Singapore with an updated toolkit to manage threats posed by significant investments into critical entities and will strengthen Singapore’s position as a trusted and reliable business hub where investors can continue to invest with confidence. The Act complements the existing suite of sectoral safeguards and introduces a new investment management regime:

a) There will be ownership and control provisions over a handful of designated entities, to ensure the reliability of critical functions that they provide, as well as to safeguard Singapore’s national security interests. The Ministry has reached out to all entities being considered for designation.

b) There will also be powers that can be exercised against any entity that has acted against Singapore’s national security interests, regardless of whether they are designated or not.

An Office of Significant Investments Review (OSIR) has been set up under MTI to administer and operationalise the Act, as well as serve as a dedicated one-stop touchpoint with all stakeholders.

Related Information

Significant Investments Review Act 2024

Speech by Minister Gan Kim Yong during the Second Reading of the Significant Investments Review Bill

Speech by Minister Gan Kim Yong during the Round-Up Speech for the Significant Investments Review Bill

Significant Investments Review (Reviewing Tribunal) Rules 2024

Significant Investments Review Regulations 2024

Appeal to Reviewing Tribunal

Parties may seek reconsideration from the Minister for his decisions, by submitting an application via OSIR (within 14 calendar days after the decision).

An appellant who is aggrieved either by an initial appealable decision affirmed on reconsideration or a substitute appealable decision made on reconsideration (i.e. called the “Appealable Decision”) may appeal to the Reviewing Tribunal.

The appeal to the Reviewing Tribunal should be submitted within 30 calendar days after the reconsideration outcome.

The Appealable Decision remains in effect until it is reversed on appeal. A Reviewing Tribunal's decision is final.

How to file an appeal

a) Please write in to secretary@siratribunal.gov.sg for payment instructions for the appeal fee. There is a non-refundable fee of $200 for each appeal to the Reviewing Tribunal.

b) Please submit the Notice of Appeal in accordance with this form, which must be addressed to the “Secretary to the Reviewing Tribunals” and sent by email to secretary@siratribunal.gov.sg. Proof of payment of the appeal fee should be sent together with the Notice of Appeal.

c) Kindly note that processing time is needed for confirming if payment has been successfully received, and appellants are encouraged to contact the Secretary before the deadline for submission of appeal. The appeal will be considered as submitted only when the Secretary has received both the completed Notice of Appeal and proof of payment.

Related Information

Significant Investments Review (Reviewing Tribunal) Rules 2024

Significant Investments Review Regulations 2024

1) What decisions, directions or orders can parties appeal against?

The Significant Investments Review Act has been designed to be business-friendly.

All decisions, directions or orders issued are appealable, except for the certificate issued by the Minister charged with the responsibility for internal security that states that the Minister is satisfied that the entity has acted against our national security interests.

2) What is the process for submitting an appeal and are there any fees when submitting an appeal?

Parties aggrieved by either an initial appealable decision affirmed on reconsideration, or a substitute appealable decision made on reconsideration, may appeal to a Reviewing Tribunal within 30 calendar days after the reconsideration outcome and after paying a prescribed appeal fee of $200.

Appellants may download the relevant form here, which must be addressed to the "Secretary to the Reviewing Tribunals" and email the completed form to secretary@siratribunal.gov.sg.

The Minister's reconsideration decision remains in effect until it is reversed on appeal. A Reviewing Tribunal's decision is final.

3) What is the composition of the Reviewing Tribunal?

Each Reviewing Tribunal will consist of three individuals, including a chairperson who is a Supreme Court judge. The Reviewing Tribunal members will be appointed by the President, on the advice of the Cabinet.

4) What is the timeline for the Reviewing Tribunal to make its decision on an appeal?

Given that there may be diverse and complex considerations relating to national security concerns, decision-making authorities should be allowed adequate time to conduct thorough assessments and properly review the case before them. Nonetheless, we will endeavour to process all appeals expeditiously.