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Trust Companies Act 2005. 2020 REVISED EDITION. This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021. An Act to provide for the licensing and regulation of trust companies and for matters connected therewith. [1 February 2006]
Any person, including the head office of the licensed trust company or any branch of the licensed trust company outside Singapore, who is engaged by the licensed trust company to perform the outsourced functions.
in accordance with whose directions, instructions or wishes the directors of the licensed trust company are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity.
LTCs are able to act as trustees of express trusts, provide services in relation to the creation of an express trust, as well as provide trust administration services. You may wish to refer to MAS’ directory of financial institutions for a list of LTCs in Singapore.
1. This Act is the Business Trusts (Amendment) Act 2022 and comes into operation on a date that the Minister appoints by notification in the Gazette. 5 Amendment of section 2 2. Section 2 of the Business Trusts Act 2004 (called in this Act the principal Act) is amended — (a) by inserting, immediately before the definition of
Licensed Trust Companies are licensed under section 3 of the Trust Companies Act (Cap. 336) to carry out trust business specified in the First Schedule to the Trust Companies Act. Trust business refers to: (a) the provision of services with respect to the creation of an express trust; (b) acting as trustee in relation to an express trust;
As part of the Ministry of Finance (MOF) and ACRA’s regular review of the Companies Act 1967 (CA), the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill was passed by Parliament on 9 May 2023.
Regulations relating to the trust industry in Singapore include:
The Trust Companies Act (Cap 336, 2006 revised edition) (‘Act’) prohibits any person other than a licensed trust company from carrying on (or holding himself out as carrying on) trust business in or from within Singapore, unless that person comes within one of the statutory exceptions or is exempted by the Act from the requirement to hold a ...
Private Trust Companies (PTCs) are established with the sole purpose of acting as corporate trustee to a trust or a number of trusts, created by a settlor or individuals connected to the settlor described in the trust instrument creating the private trust. MEANING OF PRIVATE TRUST.
