Why Open a Trust Services Company in Singapore?

Singapore has a complex legislation regulating trusts and offering trust services which is why the city-state has become an important wealth management center. In the last few years, Singapore has modernized its legislation so trust companies provide a large number of services. The laws covering trust services in Singapore are:

• -          the Business Trust Act;
• -          the Civil Law;
• -          the Trustees Act;
• -          the Trust Companies Act.

The last law enumerated above establishes the legal requirements to set up a trust company in Singapore. Our specialists in Singapore can provide with detailed information about the laws on trusts and trusts services.

The reasons for which one should open a Singapore trust services company are also presented in the video below:

What are the benefits of those setting up a trust in Singapore?

The city-state, through its legal framework, offers numerous advantages to those setting up trusts here. Among these advantages are:

• -          confidentiality;
• -          protection against forced heirship demands;
• -          the possibility to appoint trustees to oversee the trust;
• -          no capital, estate and inheritance taxes.

Additionally, foreign investors setting up trusts in Singapore can also benefit from the city-state’s double tax treaties which offer further tax benefits. These are a few of the reasons the number of trust services companies has risen in Singapore.

Activities undertaken by Singapore trust companies

Trust companies can carry out the following activities:

• -          create of trusts;
• -          act as trustees;
• -          appointing trustees;
• -          offer trust administration services.

Among the services a Singapore trust company can provide are:

• -          drafting and advising on documents related to the trust;
• -          offering tax advice;
• -          registering companies to hold assets on behalf of the trust;
• -          distributing assets;
• -          revising and monitoring the trustees;
• -          opening bank accounts for the trust.

Our consultants in company formation in Singapore can assist foreign entrepreneurs who want to open a trust service company here.
 

Why you should consider forming this type of company in Singapore?

Another reason for setting up a trust company in Singapore is the fact that there are several exceptions from the trust business license:

• -          private trust companies;
• -          accountants and lawyers;
• -          foreign citizens providing trust services in Singapore;
• -          trustees of collective investment schemes;
• -          individuals undertaking introducing activities.

For more information about reasons to start a trust services company here, do not hesitate to contact our Singapore company formation agents.