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Setting up a Singapore Private Trust Company

If you would like to set up a Singapore Private Trust Company (PTC) in Singapore, you should first learn what it is all about. In a gist, PTC is a form of trust that is available to clients who would like their family members to be involved in the management of the family trusts for several generations. Typically, the PTC would be considered where the family wealth is substantial.

Overview

 

What is PTC?

PTC is a structure that could be suitable alternative to the traditional trust form. In the PTC, the settlor might be more comfortable in shifting his assets into a special purpose vehicle where it is his family members that can be “owners” or the legal shareholders. The shareholders can be the same people as the beneficiaries, but may not be so. Conceptually the Singapore PTC is similar to PTCs allowed in some offshore jurisdictions, to give broader breath and scope to the trust industry in Singapore.

Structure

The PTC operates a structure, which is best described as hybrid company cum trust that bears the features of a company and yet is trustee for a specific family trust or trusts. With proper structuring, the PTC can be suitable trustee for a family trust to address concerns such as:

  • Succession of wealth for the family
  • Asset Protection and avoiding adverse claims e.g. business creditors, divorce and family feuds

One resident requirement, at least one director of the PTC must be resident in Singapore and the shares could be issued to the family shareholders or held under purpose trust.

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