Singapore Company and Business Setup Advisory
Singapore Company Registration
Singapore offers a highly conducive environment for companies that are looking at new opportunities in the region.
Singapore regulatory framework, coupled with a stable political and economic structure, pro-business government and a well-established judicial system, have created the ideal platform for investment and made it a major commercial, financial- and wealth management hub.
Singapore is recognised for its high government efficiency and competitiveness while its robust legal and regulatory regimes make it the most transparent country in Asia. The absence of tax on capital gains and the lack of withholding tax on dividend payments to non-residents makes setting up a company in Singapore an excellent solution for a holding company for cross border investment
SINGAPORE VARIABLE CAPITAL COMPANY
To further develop Singapore as a full-service international fund management hub, the Monetary Authority of Singapore (MAS) and the Accounting & Corporate Regulatory Authority (ACRA) launched the new Variable Capital Companies framework in January 2020.
The new Singapore Variable Capital Company (VCC) is a corporate vehicle specifically tailored for investment funds that will enhance the options available for Singapore fund managers to structure and establish funds in Singapore. It is designed to offer more flexibility to investment funds than standard vehicles – Singapore companies, limited partnerships and unit trusts – through the use of an umbrella-sub-fund structure and less rigid capital maintenance requirements.
One of the VCC’s key features is that it can be set up either as a stand-alone single fund or as an ‘umbrella entity’ with multiple sub-funds that may have different investment objectives, investors and assets and liabilities
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SINGAPORE TRUST SERVICES
Trusts have been used a way of holding and managing assets in English common law jurisdictions for hundreds of years. Unlike corporate vehicles, the lack of rigid formal requirements for the creation and operation of trusts, and the tremendous flexibility of trust instruments, mean they can be highly effective structures in a number of personal and commercial contexts.
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Although many of the tax benefits that were associated with trusts have been eroded in recent years by anti-avoidance legislation, they still offer great advantages – particularly for individuals who are changing, or planning to change, their domicile, residence or citizenship; those with families resident abroad; those seeking asset protection; and those whose principal motivation is not to avoid taxation but to dispose of their estate on death freely and without recourse to a lengthy and expensive probate procedure
SINGLE FAMILY OFFICE
There are about hundreds of Single Family Offices (SFOs) in Singapore and the number has grown in recent years, Tharman Shanmugaratnam, Senior Minister and minister in charge of the Monetary Authority of Singapore (MAS), told the Singapore parliament on 5 October.
He said the MAS did not have hard data on the scale of their operations because SFOs do not manage third party monies and are therefore not registered with or licensed by MAS. However, industry research estimates that each SFO typically manages assets in excess of US$100 million, so total assets under management by SFOs could be around US$20 billion.
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