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Open a Private Family Trust in Singapore

Updated on Thursday 31st January 2019

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The-Singapore-Loan-Insurance-Program.jpgDuring the last few years Singapore has emerged as a preferred trust destination for high net worth individuals interested in this type of structure. The main reasons these come to Singapore to establish private trusts with the aim of protecting their families are:

  • -          the Singapore Trust Law which is based on the English common law;
  • -          Singapore’s reputation as a financial center within the Southeast Asian region;
  • -          the large number of accountants with very strong knowledge in the trust industry;
  • -          the tax system applicable to private trusts.

Our company formation specialists in Singapore can offer a broad definition of the trust.

How to register a private family trust in Singapore

The private trust family company, shortly known as the PTC, is the best choice for those seeking to open a company in Singapore with the purpose of administering the business themselves. Moreover, the Singapore private family trust is also an useful succession planning tool.

In order to create a PTC in Singapore, the settlor must register a special purpose vehicle in which the assets of the company will be held. Also, family members may act as shareholders in the company. The shareholders may also be the trustees of the company. This is the main difference from the ordinary trust in Singapore: the beneficiaries can hold shares in the private family trust, while in the trust there is no shareholding structure.

Opening a private trust company implies the registration of a private company in Singapore. Our Singapore company formation agents can assist with the registration of private family trusts in the city-state.

The advantage of private family trusts in Singapore

Apart from the reasons mentioned above, there are several other advantages of settling private family trust companies in Singapore. Among these are:

  • -          the private family trust can have a duration of 100 years, according to the Singapore legislation;
  • -          the settlor has full control of the company, while family members can offer their input and knowledge for the business’ wellbeing;
  • -          trust companies are regulated by a specific law: the Trust Companies Act;
  • -          foreign trusts (trusts established by foreign citizens) can benefit from various tax exemptions for interest, dividend, rental and royalties payments to name just a few;
  • -          a high degree of confidentiality.

Foreign investors interested in opening a private family trust in the city-state can rely on our company formation consultants in Singapore. You can also contact us for company registration services in Singapore.

 

Why choose us?

Roger Pay is the Managing Director of Bestar and an experienced company formation consultant. He will help you open your company in Singapore as fast as possible. 

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As a Bestar clientyou will benefit from the joint expertise of local lawyers and consultants for opening an offshore company in Singapore.

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Call us now at +65 97236684 in order to set up an appointment with our consultants in Singapore

 
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