Foreign shareholding must be limited to minority holdings for a an air carrier to be designated Singaporean and be granted a license to provide passenger and freight services.
"PART IA - LICENCES FOR SCHEDULED JOURNEYS UNDER AIR SERVICES AGREEMENT [...]
Grant or renewal of licence [...]
2H.- (...) (5)  Without prejudice to any other ground on which the Committee may refuse to grant or renew a licence, the Committee may, in particular, refuse to grant or renew a licence — (a) if the applicant is not a citizen of Singapore, or not a company incorporated in Singapore which the Committee considers to be substantially owned and effectively controlled by the Government or citizens of Singapore or both; [...]" (Air Navigation (Licensing of Air Services) Regulations, 2009)
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"Service suppliers providing air transport services (for both passenger and freight) as a Singapore designated airline may have to be "effectively controlled" and/ or "substantially owned" by the Government or citizens of Singapore or both." (Trans-Pacific Partnership Agreement, Annex I, Schedule of Singapore of Non-Conforming Measures)
Air Navigation (Licensing of Air Services) Regulations, 2009.
Trans-Pacific Partnership Agreement, Annex I, Schedule of Singapore of Non-Conforming Measures
[<a href="https://sso.agc.gov.sg/SL/ANA1966-RG2?DocDate=20140101">Reg</a>],[<a href="https://ustr.gov/sites/default/files/TPP-Final-Text-Annex-I-Non-Conforming-Measures-Singapore.pdf">TPP</a>]