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 company formation in Singapore can provide with detailed information about the laws on trusts and trusts services.

The reasons for which one should open a company in Singapore as a 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 can assist foreign entrepreneurs who want to open a company in Singapore as a trust service company.
 

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

Another reason for opening a company in Singapore as a trust company 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 the reasons to start a trust services company here, do not hesitate to contact our Singapore company formation agents.