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Open a Trust Fund in Singapore

Updated on Thursday 19th May 2016

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Open-a-trust-fund-in-SingaporeTrust Laws in Singapore

The first legislation on trusts in Singapore dates back in 1967 when the Trustees Acts was enforced. Singapore has various legal frameworks in order to legalize and allow locals and foreign citizens to set up trusts here. Other laws regulating the establishment of trusts in Singapore are:

  • -          the Trust Companies Act,
  • -          the Business Trust Act,
  • -          the Civil Law Act.

It must also be mentioned that the Trustees Act was last amended in 2005 when it underwent significant changes in order to be brought up to date with the latest international regulations. The new Singapore Trustees Act facilitates and promotes wealth management.

For information about the laws on trusts in Singapore you can refer to our local specialists.

Types of trusts that can be set up in Singapore

Foreign citizens can set up the following types of trusts in Singapore:

  • -          private family trusts,
  • -          statutory trusts,
  • -          charitable trusts,
  • -          collective investment trusts,
  • -          real investment trusts.

One can also set up testamentary trusts as asset protection solutions. Testamentary trusts must be set up under the wills legislation in Singapore. The Singapore tax legislation also allows for the establishment of foreign trusts which can benefit from significant advantages, such as tax exemptions. Our Singapore consultants in company formation can provide you with all the information related to the advantages of setting up trust funds in the city-state.

How to set up a trust fund in Singapore

Trust funds can be set up by signing a will, a deed or a declaration confirming the intention of the settlor to create such trust. The document must clearly state the property to be placed under the protection of the Singapore trust and must also identify the beneficiaries. Foreign citizens setting up trusts funds in Singapore can settle the following properties into the trust:

  • -          shares,
  • -          valuable assets,
  • -          land parcels,
  • -          amounts of money,
  • -          a family business.

The settlor must also appoint a trustee who will administer the trust in favor of the beneficiaries. Singapore trusts can be fixed or discretionary and can last up to 100 years.

If you want to set up a trust and need assistance, do not hesitate to contact our agents in Singapore.

 

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