No it is not my "opinion" it is the definition of FoC registers.
The FoC countries are:
Antigua and Barbuda, the Bahamas, Barbados, Belize, Bermuda, Bolivia, Burma, Cambodia, the Cayman Island, Comoros, Cyprus, Equatorial Guinea, Georgia, Gibraltar, Honduras, Jamaica, Lebanon, Liberia, Malta, the Marshall Islands, Mauritius, Mongolia, Netherlands Antilles, North Korea, Panama, Sao Tome and Príncipe, St Vincent, Sri Lanka, Tonga, Vanuatu.
Note: This list is a bit old, there are several small islands in the Pacific who have joined since.
Singapore is "struggling" to stay off this list, but the requirement of some involvement in Ownership or Management is required, same as the "Open" registers of Norway,(NIS) Denmark,(DIS)France,(FIS) and others, which nobody (other than maybe Americans) regards as FoCs.