Saving Up For A Trust Fund? Save Your Wealth In Singapore
It’s easy for wealthy families in Europe and America to find a bank to manage their trust in their home countries. They can also choose to go to Switzerland to invest their money. However, thanks to the recent approval of the Monetary Authority of Singapore (MAS) of the Trust Companies Act, Western clients can now choose to grow their wealth in Singapore, an established global finance and accountancy hub in Asia.
The act is seen to increase the number of noted trust companies from Europe and the US establishing their presence in Singapore. This is not only beneficial for overseas clients looking to invest their money elsewhere, but also for high-income expats in Singapore. Moneyed elites in Singapore will also have a new avenue to save their money for future generations.
MAS has recently published an outline on its website with regards to the requirements for foreign nationals on setting up a trust business in Singapore. The act laid out the guidelines for both local and foreign nationals on establishing a trust company in Singapore, as well as its limitations.
The act mandates applicants to register the company in Singapore first prior to conducting business, in accordance to the Companies Act. The company should also be able to submit all required documents as requested by the MAS, and the prescribed minimum fee for the application.
The act also maintains the conduct of business that needed to be observed by the newly licensed trust companies.
Trust companies play an important role in maintaining the financial hub’s healthy activities as they provide a place for players to tend their wealth. Trust companies, after all is a company, a relevant unit of Singapore’s business environment.
The introduction of reform policies for trust companies is welcome news for the city-state, as more expats are eyeing Singapore as a place for relocation. Singapore has been recently voted as “the most livable city in Asia” and the top country globally for “ease of doing business.”