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Singapore Trust Formation

 
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FEES SCHEDULE

Singapore Trust Setup
US$11,600*


Year 2 onwards
US$6,100*


Annual Trustee fees
US$10,200


Trust bank account
US$2,600


 

* Includes legal fees


A Singapore Trust is a legitimate, tax-efficient and safe way to protect global assets, and is integral part of estate and succession planning for an increasing number of international entrepreneurs. The following information will help you determine whether Singapore Trust formation is the optimum solution to fulfil your asset protection objectives:
Advantages of Singapore Trust formation
1.
A Singapore Trust is a legitimate, safe way to protect global assets, including i) property ii) bank accounts iii) shares in offshore companies iv) insurance and assurance policies and v) intellectual property.
2.
A Singapore Trust can benefit from Singapore’s strict client confidentiality laws, however, Singapore has committed to complying with Organization for Economic Cooperation and Development (OECD) guidelines and is part of their ‘white list’.
3.
Furthermore, a Singapore Trust benefits from Singapore’s highly regulated Trust laws as well as economic, financial and political stability. Trustee Companies in Singapore are closely bound by the Trust Companies Act, the enforcement of which is supervised closely by the Monetary Authority of Singapore. Consequently, a Singapore Trust is a stable, long-term asset protection option.
4.
There are neither capital gains taxes, nor estate duty nor withholding tax imposed on income and capital distributions to the beneficiaries of a Singapore Trust. Successors of a Singapore Trust can be included as Beneficiaries during their lifetime without any estate duty implications.
5.
Trust Beneficiaries enjoy legal tax exemption on Trust income, provided certain terms and conditions are met. One such condition is that Beneficiaries (and Settlors) of the Trust are neither resident in nor citizens of Singapore. Dividends, interest and profits from sales of designated investments held in a Singapore Trust are exempt from Singapore income tax. Furthermore, in accordance with the Singapore Income Tax Act, income derived from a foreign Trust which is administered by a Singapore Trust is exempt from tax in Singapore.
6.
A Singapore trust is not required to be registered with the Singapore Government or any other governing authority in Singapore. The terms of a Singapore Trust are determined by the Trust Deeds, which contain details of Beneficiaries, Settlors and assets to be held in the Trust. Because a Singapore Trust ensures that assets are allocated as per the Settlors' wishes, those assets will not be subject to forced heirship or inheritance laws. Healy Consultants will prepare a comprehensive Trust Deed and Memorandum of Wishes detailing the reasons for Trust set up as well as how the Trust will be distributed to the beneficiaries.
7.
In accordance with the Singapore Trustees Act, every Singapore Trust shall have at least one Trustee, and a maximum of four Trustees. The Trustee must be a Singapore-licensed Trust company or individual.
8.
It is easy to open global corporate bank accounts following Singapore Trust formation. Healy Consultants will assist our Client open a Trust bank account with HSBC Hong Kong or with Standard Chartered Bank (SCB) Singapore.
Disadvantages of Singapore Trust formation
1. Singapore Trust formation takes up to 3 months to complete.
Contact Us
For more information on Singapore Trust formation, contact email@healyconsultants.com or telephone us at (+65) 6735 0120.
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