Trust Services in Singapore

Updated on October 20,2016
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Trust Services in Singapore
Trust services in Singapore are employed by individuals or companies that need to transfer rights, properties, rights instruments or combinations thereof to another party that will act as a trustee. The aim of this transfer is to handle the needs of the beneficiaries.

In Singapore, both individuals and companies can set-up a trust or employ the services of a company that specializes in asset management. Trust companies that provide these types of services are regulated by law and must observe clear and specific legal requirements as per handling wealth management issues.

Talking to an accountant in Singapore is the first step in deciding to use trust services or set-up a trust fund to manage assets.

Trust companies in Singapore

Many companies in Singapore offer trust services to clients who are in need of asset and wealth management. These legal entities are subject to specific legislation as the trust services industry is regulated in the city-state. The Trust Companies Act is the most important legislative document that governs the set-up and conduct of these types of companies in Singapore.

Trust companies that provide services in Singapore for individuals or for other companies need to have adequate licenses for their business scope, must observe the financial and reporting requirements and avoid activities related to money-laundering or financial fraud.

Our accounting firm in Singapore can answer your questions concerning tax reporting and tax requirements both for companies and for individuals who derive income from the city.

Individual estate and trust services in Singapore

Trust services are commonly requested by individuals interested in succession planning. Various types of trusts are available to clients, including the insurance trust, the investment trust, the property trust or the asset protection trust. The options should be considered carefully according to the existing wealth management issues and the desires of the settlor.

The objectives of the client may refer to asset management or tax minimization. By seeking proper accounting services in Singapore investors can choose the best wealth management instrument to suit their needs. 

You can contact our accountants in Singapore if you need more information about trust services or related matters.