37. Section 490 of the Act of 1997 is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) In this Part, a company shall be a qualifying company if—

(a) it is incorporated in the State, in another EEA State or in the United Kingdom, and

(b) it complies with this section and section 491.”,

and

(b) in subsection (3)(a)(i), by the insertion of “resident in the United Kingdom” after “resident in the State,”.