Trust Company Formation in Singapore
When it comes to offshore investing, business investors have got a broader platform to select the respective domain that they want to invest in backed by the numerous benefits that they can derive. Today, the offshore concept has been widely accepted by different nations due to high-demand among business investors as it provides high-end flexibility when it comes to tax-saving purposes.
Singapore is one of the perfect locations that business investors can count on when it comes to setting up an offshore company. Now, among the varied different offshore structures, a trust company is widely preferred by the majority of the business investors and owners. So, if you are looking forward to investing in Singapore offshore business, then a trusted company is where you can proceed ahead with.
Singapore: An Ideal Offshore Business Ground
Recognized as the Republic of Singapore, the ground holds a feasible regulatory framework when it comes to the incorporation of an offshore business entity. In simple terms, the location can be considered as a driving investment vehicle, that provides numerous opportunities to the business investors to enter and play safely in the international market.
Also, the tax-haven jurisdiction allows the business investors to proceed with an offshore bank account to carry out the business transactions at ease.
Trust Company in Singapore
When it comes to a trust company, it can be considered as a legal business entity that gets incorporated with the core aim of acting as a corporate trustee to a single or a vast number of trusts. Today, Singapore has turned out to be a premium offshore incorporation ground and thus, it is a feasible location to start a trust company in an error-free way.
When it comes to a trust company formation, the following parties are involved:
- The trustee
- The settlor
- The beneficiary
Singapore Trust Law Framework
Singapore’s trust law framework holds a firm ground when it comes to trust principles. Started with the aim to sort the land issues, over the period, the concept has been modified accordingly by adapting different parameters to meet the regulatory compliance at ease. The governing regulations include:
- Trust Companies Act
- Business Trusts Act
- Civil Law Act
- Trustees Act (was restructured in 2004 to deal with wealth and asset management
Over the years, the incorporation of a trust company in Singapore has been positively inclining as it is one of the safest ways to accelerate wealth and asset and at the same time, avail tax benefits.
Furthermore, the trust entities in Singapore can be categorized into different units, namely:
- Private Family Trusts
- Statutory Trusts
- Charitable Trusts
- Collective Investment Trusts
The set of services that are widely carried out by a Singaporean trust company involves:
- Drafting and advising on the essential documents related to a trust
- Offering tax advice, whenever required
- Complete distribution and management of assets
- Revising and scrutinizing the involved trustees
- Dealing with the offshore bank account
- The trust company assist in registering companies to hold assets on behalf of the trust
How to Start a Trust Company in Singapore?
Incorporation of a Singaporean offshore trust entity involves an investor to go through a standard process that involves:
1.Get In Touch With An Expert
When it comes to company incorporation, one of the crucial part for any investor is to understand where to start from. The confusion arises as one needs to have a clear understanding of the entire blocks that are involved in a process, which might be a tough job.
One of the best moves is to proceed with an expert opinion who is well-versed with the offshore company setup process and can guide you accordingly.
2.Be Handy with the Company Documents
Up next, you need to be clear regarding the set of papers that needs to to be submitted to the business advisor. In general, the basic set of documents involve:
- A duly filled Singaporean Trust Company formation application
- Identity and address proof of the parties involved in the process
- Passport-sized photos of the parties involved in the loop
- Name of the trust company
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- A detailed blueprint of the business outlining the operations
3.Submit the Essentials to Undergo Inspection
Once you hold the complete set, you need to handover the same to your business advisor who will be assisting you in getting the required approvals and permissions.
4.Proceed with the Offshore Bank Account
Finally, you need to proceed with the opening of an offshore bank account that can be done in Singapore itself. On the flip side, you can also open an offshore bank account in any of the popular offshore jurisdictions. Before you finalize one, it is recommended to take the guidance of an expert, since they are well-versed with the process.
Benefits of Starting an Offshore Company in Singapore
The moment you opt for setting up an offshore company in Singapore, you will be having access to the following benefits:
- There is no need to disclose the incorporation details
- When it comes to offshore banking, strict confidentiality is maintained
- The settlors involved in the process are protected from forced heirship claims
- The flexibility to appoint an individual as a protector under the supervision of the trustees
- Incorporation of trust is free from estate duty or inheritance tax
- Capital gains tax gets avoided
- The foreign trusts are free of any tax mitigation
Business Setup Worldwide | Your Offshore Guide
Thus, you are now more familiar with the offshore company formation details in Singapore. Choosing the right partner by your side is essential to give a green go to the legal proceedings. At Business Setup Worldwide, we take utmost care in understanding the business requirements of our clients and provide tailored solutions accordingly. Right from guiding you at the initial phase to the complete incorporation of your trust company and offshore bank account, our business advisors will assist you in the process.
If you want to proceed with the setup process or are seeking answers to the queries you hold, feel free to discuss them with our business advisor. Contact us today-we’d be glad to assist!