Private Trust Company (PTC) Incorporation

Private Trust Company (PTC) Incorporation | Bestar

Singapore PTC Incorporation For Wealth Management

Private Trust Company (PTC) Incorporation

In the competitive landscape of wealth management, a Private Trust Company (PTC) in Singapore represents the pinnacle of control and privacy for Ultra-High-Net-Worth Individuals (UHNWIs). This guide outlines the incorporation process, regulatory exemptions, and strategic advantages of a Singapore PTC in 2026.

What is a Singapore Private Trust Company (PTC)?

A Private Trust Company (PTC) is a corporate entity incorporated specifically to act as the trustee for one or more trusts established by the same family or "connected persons." Unlike professional trust companies, a PTC does not provide services to the public.

In Singapore, PTCs are governed by the Trust Companies Act but benefit from significant licensing exemptions, making them a preferred vehicle for family offices and legacy planning.

Strategic Benefits of Incorporating a PTC in Singapore

1. Retained Control and Governance

With a PTC, the settlor and family members can sit on the Board of Directors. This allows the family to retain a direct say in investment decisions and the management of family-owned businesses, rather than delegating full discretion to a third-party professional trustee.

2. Enhanced Privacy and Confidentiality

A PTC ensures that sensitive family information remains within a private corporate structure. Because it is a private entity, the trust deeds and beneficiary details are not part of the public record.

3. Continuity Across Generations

Professional trustees may undergo corporate restructuring or personnel changes. A PTC provides a permanent structure where the board can be refreshed with the next generation, ensuring a seamless transition of values and wealth stewardship.

4. Flexibility with "Risky" Assets

Traditional banks often shy away from holding non-traditional assets like private equity, yachts, or complex family businesses due to liability concerns. A PTC board, being intimately familiar with these assets, is better positioned to manage them.

Regulatory Framework: The PTC Exemption

Under the Trust Companies (Exemption) Regulations, a PTC is exempt from the requirement to hold a trust business license in Singapore, provided it meets the following criteria:

• Restricted Service: It only provides trust services to "connected persons" (family members or related entities).

  
  

• No Public Solicitation: It must not solicit trust business from the public.

  
  

• Mandatory Collaboration: The PTC must engage a Licensed Trust Company (LTC) in Singapore to perform essential AML (Anti-Money Laundering) and CFT (Countering the Financing of Terrorism) due diligence.

Steps to Incorporate a PTC in Singapore (2026)

The incorporation process is streamlined through the Accounting and Corporate Regulatory Authority (ACRA) and involves the following steps:

Phase 1: Corporate Incorporation

Requirement	Detail
Entity Type	Private Limited Company (Pte Ltd)
Share Capital	Minimum S$1 (though higher is common for substance)
Directors	At least one Singapore Resident Director
Shareholders	1–50 (often held by a Purpose Trust or the Settlor)

Phase 2: Trust Activation

1. Draft the Trust Deed: Define the terms of the family trust(s) for which the PTC will act as trustee.

   
   

2. Appoint a Licensed Trust Company: Engage a Singapore-licensed trustee to handle mandatory compliance and reporting.

   
   

3. Notify MAS: While no license is required, the PTC must notify the Monetary Authority of Singapore (MAS) of its status as an exempt person.

Why Singapore for Your PTC?

As of 2026, Singapore remains the premier jurisdiction for PTCs due to:

• Tax Neutrality: No capital gains tax and extensive Double Taxation Agreements (DTAs).

  
  

• Legal Clarity: A robust common law system and a modernized Trust Companies Act.

  
  

• Synergy with Family Offices: The 13O and 13U tax incentive schemes for family offices integrate perfectly with a PTC structure.

Conclusion

Incorporating a Private Trust Company in Singapore offers the ideal balance between professional compliance and personal control. For families with complex assets and a long-term vision, it is the gold standard for wealth preservation.

Would you like me to draft a checklist of the documents required for the Resident Director to begin the ACRA filing process?

Checklist of the Documents required for the Resident Director to begin the ACRA filing process

To incorporate a Private Trust Company (PTC) in Singapore, the Resident Director (who must be a Singapore Citizen, Permanent Resident, or EntrePass/EP holder) is responsible for ensuring all regulatory requirements are met via the ACRA BizFile+ portal.

Since a PTC is technically a Private Limited Company (Pte Ltd) with a specific business purpose, the following checklist outlines the documents and information required for the Resident Director to begin the filing process in 2026.

1. Pre-Filing Essentials

• Approved Company Name: Reservation number for the name (already approved by ACRA).

  
  

• Singpass Credentials: Required for the Resident Director to log into BizFile+ and endorse the application.

  
  

• SSIC Code: For a PTC, the primary activity code is typically 66303 (Trustee, Fiduciary, and Custody Services).

2. Personal Documentation (For all Officers)

The Resident Director must collect and verify the following for all Directors, Shareholders, and the Company Secretary:

• [ ] For Singapore Residents: Clear copy of NRIC (Front & Back).

• [ ] For Foreigners: Clear copy of Passport Bio-data page.

• [ ] Proof of Residential Address: A recent utility bill, bank statement, or official letter (less than 3 months old) for all non-resident officers.

• [ ] Contact Details: Valid email address and Singapore mobile number for each individual.

3. Corporate Documents & Forms

• [ ] Company Constitution: You may use the ACRA Model Constitution or a customized version specifically tailored for a Private Trust Company.

• [ ] Form 45 (Consent to Act as Director): Signed by every director, declaring they are not disqualified from acting as a director.

• [ ] Form 45B (Consent to Act as Secretary): Signed by the qualified Resident Company Secretary.

• [ ] Shareholder Resolutions: Documents detailing the initial share issuance and capital structure (minimum S$1).

4. PTC-Specific Requirements

Because a PTC must comply with the Trust Companies (Exemption) Regulations, the following are critical for the Resident Director’s record:

• [ ] Engagement Letter with a Licensed Trust Company (LTC): Evidence that an LTC has been appointed to handle mandatory AML/CFT due diligence.

• [ ] Settlor/Beneficiary Details: Identification and "Connected Persons" proof to ensure the PTC qualifies for the licensing exemption.

• [ ] Notice of Exemption: A draft of the notification to be sent to the Monetary Authority of Singapore (MAS) within 14 days of commencing trust business.

5. Registered Office Details

• [ ] Registered Office Address: A physical Singapore address (P.O. Boxes are not permitted).

• [ ] Letter of Consent: If using a third-party or residential address (under the Home Office Scheme), written permission from the owner/authority is required.

Key Compliance Note for 2026

Under the 2026 Smart Compliance updates, ACRA now requires the Register of Registrable Controllers (RORC) to be updated within 2 business days of any change. The Resident Director must ensure this is set up immediately upon incorporation to avoid heavy penalties (up to S$25,000).

'Objects Clause' for a PTC's Constitution

To qualify for a licensing exemption under the Trust Companies (Exemption) Regulations in Singapore, a Private Trust Company (PTC) must have its activities strictly limited within its Constitution.

The Objects Clause is the most critical part of this document. It serves as a legal "fence," ensuring the company does not inadvertently engage in public trust business, which would trigger the requirement for a full MAS license.

'Objects Clause' for a Singapore PTC

The following clauses are designed to satisfy the Monetary Authority of Singapore (MAS) requirements by explicitly restricting the company's scope to "connected persons."

Clause 3: Objects of the Company

The objects for which the Company is established are:

3.1 Primary Purpose: To act as a trustee, executor, or administrator for one or more Private Trusts, where each settlor and beneficiary of such trust(s) is a "connected person" in relation to the settlor(s), as defined in the Trust Companies (Exemption) Regulations of Singapore.

3.2 Restriction on Public Business: The Company shall not carry on, or hold itself out as carrying on, any trust business for the public or any person other than the connected persons specified in the Trust Instrument(s).

3.3 Ancillary Activities: To perform all trust administration services, investment management, and fiduciary duties exclusively for the aforementioned Private Trust(s), provided such services do not constitute a breach of the licensing exemptions under the Trust Companies Act 2005.

3.4 Prohibited Solicitations: The Company is expressly prohibited from soliciting trust business from the public or advertising its services as a professional trustee.

3.5 Mandatory Compliance: The Company shall at all times engage a Licensed Trust Company in Singapore to perform the necessary anti-money laundering (AML) and countering the financing of terrorism (CFT) checks as required by the Monetary Authority of Singapore.

Defining "Connected Persons"

To ensure the clause is airtight, it is common to reference the legal definition of a "connected person." In Singapore, this includes:

• The Settlor’s spouse.

• Lineal descendants (children, grandchildren) and their spouses.

• Parents, grandparents, and siblings.

• Charities and other trusts where the beneficiaries are also "connected persons."

Why these specific words matter:

1. "Solely" and "Exclusively": Using these terms prevents the PTC from engaging in general commercial activities (like trading or manufacturing) that could complicate its tax or regulatory status.

   
   

2. "Connected Persons": This is the "magic phrase" that aligns the company with Regulation 4(1) of the Trust Companies (Exemption) Regulations.

   
   

3. "Licensed Trust Company": Including the requirement to engage an LTC directly in the Constitution demonstrates "compliance by design" to MAS.

Next Steps for the Resident Director

Once the Constitution is drafted with this Objects Clause, the Resident Director must:

1. Pass a Board Resolution to adopt the Constitution.

   
   

2. File with ACRA during the incorporation process.

   
   

3. Lodge Form 8 with MAS within one month of commencing trust activities to officially claim the exemption.

Board Resolution for the adoption of Constitution and the appointment of the Resident Director

This Board Resolution is a formal record of the first meeting of the Board of Directors (or the actions of the subscribers). It is essential for the company's internal records and is often requested by banks when opening the PTC’s corporate account.

[COMPANY NAME] PTE. LTD.

(the “Company”)

(Incorporated in the Republic of Singapore)

DIRECTORS’ RESOLUTIONS IN WRITING

(Passed pursuant to the Company’s Constitution)

DATE: [Insert Date]

RE: Incorporation and Commencement of Business as a Private Trust Company (PTC)

1. ADOPTION OF CONSTITUTION

RESOLVED THAT the Constitution of the Company, containing the specific "Objects Clause" restricting the Company’s activities to the provision of trust services solely to connected persons as defined under the Trust Companies (Exemption) Regulations, be and is hereby adopted as the Constitution of the Company.

2. APPOINTMENT OF RESIDENT DIRECTOR

RESOLVED THAT [Name of Resident Director], having given his/her consent to act via Form 45, be and is hereby appointed as the Resident Director of the Company with effect from the date of incorporation.

3. REGISTERED OFFICE

RESOLVED THAT the registered office of the Company be situated at [Insert Singapore Address] and that the Resident Director be authorized to notify the Accounting and Corporate Regulatory Authority (ACRA) accordingly.

4. APPOINTMENT OF COMPANY SECRETARY

RESOLVED THAT [Name of Secretary/Firm], a qualified person under Section 171 of the Companies Act, be appointed as the Company Secretary.

5. APPOINTMENT OF LICENSED TRUST COMPANY (LTC)

RESOLVED THAT in compliance with the Trust Companies (Exemption) Regulations, the Company hereby appoints [Name of Licensed Trust Company] to perform mandatory Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) due diligence and that the Resident Director be authorized to sign the Service Agreement on behalf of the Company.

6. ISSUANCE OF SHARES

RESOLVED THAT [Number] ordinary shares in the capital of the Company be issued to the following subscriber(s) for a total consideration of [Amount, e.g., S$100.00]:

• Shareholder Name: [Name] | No. of Shares: [Amount]

7. LODGEMENT WITH ACRA AND MAS

RESOLVED THAT the Resident Director be and is hereby authorized to:

1. Complete the incorporation filing via BizFile+.

   
   

2. Lodge the Notice of Exemption (Form 8) with the Monetary Authority of Singapore (MAS) within 14 days of the Company commencing its activities as a trustee.

BOARD OF DIRECTORS

Signature	Name of Director	Date
____________________	[Name of Resident Director]	[Date]
____________________	[Name of Other Director, if any]	[Date]

Quick Compliance Tip for the Resident Director:

Since this is a PTC, ensure that the "Connected Persons" Schedule (a list of family members the trust serves) is kept in a private file alongside this resolution. The Licensed Trust Company you've appointed will need this to satisfy MAS reporting requirements.

"Notice of Exemption" (Form 8) cover letter that you will need to submit to MAS after incorporation

In Singapore, the Form 8 (Notice of Commencement of Trust Business) is the formal mechanism used to notify the Monetary Authority of Singapore (MAS) that your company is operating as an exempt Private Trust Company (PTC).

Under the Trust Companies (Exemption) Regulations, this must be lodged within 1 month of the date your PTC commences trust business (e.g., the date the first Trust Deed is signed with the PTC as trustee).

Submission Instructions (2026 Update)

• Method: Historically a Word document, MAS now requires this to be submitted via their digital portal (MAS-Tx) or the dedicated Go.gov.sg/noticeofcommencementofbusiness-form8 link.

  
  

• Required Signatory: The Resident Director (who must be the primary contact person for MAS).

  
  

• Supporting Docs: You do not usually need to attach the full Trust Deed, but you must have the Service Agreement with your Licensed Trust Company (LTC) ready if MAS requests evidence of AML compliance.

Cover Letter for MAS Form 8 Submission

While the form itself is standardized, a formal cover letter (on company letterhead) ensures clarity regarding your specific exemption.

[COMPANY LETTERHEAD]

To: The Monetary Authority of Singapore

Capital Markets Department

10 Shenton Way, MAS Building

Singapore 079117

Date: [Insert Date]

RE: NOTICE OF COMMENCEMENT OF TRUST BUSINESS PURSUANT TO REGULATION 4(1) OF THE TRUST COMPANIES (EXEMPTION) REGULATIONS

Dear Sir/Madam,

1. We, [Insert PTC Company Name] (UEN: [Insert UEN Number]), hereby provide notice of the commencement of our trust business in Singapore, effective as of [Insert Date of first Trust Deed execution].

   
   

2. The Company has been incorporated to operate specifically as a Private Trust Company (PTC). In accordance with Regulation 4(1) of the Trust Companies (Exemption) Regulations, we confirm that:

   
   

   • (a) The Company provides trust services solely in respect of trusts where each settlor and beneficiary is a "connected person" as defined in the Regulations; and

   • (b) The Company does not solicit trust business from, or provide trust business services to, the public.

     
     

3. We further confirm that, as required by Regulation 4(2), the Company has engaged [Insert Name of Licensed Trust Company], a trust company licensed by MAS, to perform the mandatory anti-money laundering (AML) and countering the financing of terrorism (CFT) due diligence on our behalf.

   
   

4. Please find the completed Form 8 and associated particulars attached to this notification. [Name of Resident Director] remains the primary point of contact for all regulatory matters concerning this PTC.

Yours Faithfully,

(Signature)

[Name of Resident Director] Executive Director (Resident in Singapore)

[Company Name] Pte. Ltd.

Checklist for Form 8 Data Fields

When filling out the digital Form 8, ensure you have these specific details ready:

• [ ] Nature of Notification: Tick the box for "Exempt person under Regulation 4(1)(b)(iv)."

• [ ] Commencement Date: Use the date the PTC was officially appointed as a trustee.

• [ ] Type of Services: Usually "Acting as trustee to trusts" and "Providing trust administration services."

• [ ] Contact Person: Must be a Singapore Resident Director.

• [ ] LTC Details: Full name and license number of the professional trust company assisting you.

Summary of the annual filing requirements (ACRA vs. MAS) to ensure your PTC stays compliant throughout its first year

Maintaining a Private Trust Company (PTC) in Singapore requires navigating two distinct regulatory paths: ACRA (the corporate registrar) and MAS (the financial regulator). While the PTC is exempt from licensing, it is not exempt from reporting.

A

s of 2026, the following summary outlines the mandatory annual filings to keep your PTC in good standing.

1. ACRA Compliance (Corporate Secretarial)

Every PTC is first and foremost a Private Limited Company. You must fulfill these tasks annually based on your Financial Year End (FYE).

Requirement	Deadline	Details
Annual General Meeting (AGM)	Within 6 months of FYE	Shareholders review the PTC’s accounts. (Private companies can dispense with this via a written resolution).
Annual Return (AR) Filing	Within 7 months of FYE	A digital filing on BizFile+ confirming company officers, share capital, and solvency.
Financial Statements	At the time of AR Filing	PTCs are usually "Exempt Private Companies" (EPCs). If solvent, you file a declaration of solvency instead of full XBRL accounts.
RORC Maintenance	Real-time / Ongoing	You must update the Register of Registrable Controllers within 2 days of any change to beneficial owners.

2. MAS Compliance (Regulatory Exemption)

Because your PTC relies on an exemption to operate without a trust license, you must prove annually that you still meet the "Private" criteria.

Annual Declaration (Form 7 / Annual Filing)

Unlike licensed trust companies that file detailed audits, an Exempt PTC must typically provide an annual confirmation (often via their appointed Licensed Trust Company) that:

• It has only provided trust services to connected persons.

• It has not solicited business from the public.

• Its Licensed Trust Company (LTC) relationship is still active.

AML/CFT Audit Support

Under the 2026 MAS Notice TCA-N03, your appointed LTC is required to conduct an annual review of your PTC’s activities. You must provide them with:

• Updated Source of Wealth (SOW) for the Settlor.

• Updated KYC for any new beneficiaries (including Proliferating Financing [PF] risk assessments, a new 2026 focus).

• Transaction records of any major asset shifts within the trust.

3. IRAS Compliance (Taxation)

Even if the PTC does not "make a profit" (as it often only holds assets), it must still file tax returns.

• Estimated Chargeable Income (ECI): File within 3 months of FYE. (You may be exempt if annual revenue is zero or below S$5 million).

  
  

• Corporate Income Tax (Form C-S/C): File by November 30 each year.

Summary Timeline for a Dec 31 FYE

If your PTC’s financial year ends on December 31, 2025:

1. Mar 31, 2026: Deadline to file ECI with IRAS.

2. Jun 30, 2026: Deadline to hold AGM (or pass the resolution to dispense).

3. Jul 31, 2026: Deadline to file Annual Return with ACRA.

4. Nov 30, 2026: Deadline to file Form C-S with IRAS.

5. Ongoing: Ensure your LTC performs the annual AML/CFT review before the anniversary of your Form 8 lodgement.

Pro-Tip: The "Dormant" Trap

Many families assume that if the PTC did not buy or sell any assets this year, they can skip filings. This is incorrect. Even a dormant PTC must file an Annual Return with ACRA and a Tax Return with IRAS to avoid penalties ($300–$600 per late filing).

Would you like a "Compliance Calendar" template where you can plug in your specific FYE to generate exact dates?

How Bestar Singapore can Help

In the complex world of private wealth management, the expertise of your service provider determines the strength of your legacy. Bestar Singapore stands out as a premier partner for families looking to incorporate a Private Trust Company (PTC), blending high-level legal compliance with the personalized touch required for sensitive family governance.

Here is how Bestar Singapore streamlines and optimizes the PTC incorporation process in 2026.

1. End-to-End "Smart Compliance" Incorporation

Bestar does not just file paperwork; they architect the foundation of your family’s private trustee.

• Precision Drafting: Bestar ensures your PTC’s Constitution includes the specific "Objects Clause" required to meet the MAS licensing exemption under the Trust Companies (Exemption) Regulations.

  
  

• Fast-Track Filing: Leveraging their status as a Registered Filing Agent with ACRA, Bestar handles the entire BizFile+ process, ensuring your PTC is incorporated correctly within 1–3 business days.

2. Licensed Trust Company (LTC) Partnership

A PTC in Singapore must engage a Licensed Trust Company to perform mandatory AML/CFT due diligence. Bestar facilitates this critical requirement by:

• Connecting you with reputable licensed partners or providing integrated advisory.

  
  

• Managing the Form 8 (Notice of Commencement) submission to MAS within the strict 30-day post-incorporation window.

3. Specialized Nominee & Secretarial Services

The Resident Director is the "guardian" of the PTC’s local compliance.

• Resident Director Provision: For foreign families, Bestar provides high-caliber Nominee Director services to satisfy the Singapore residency requirement while maintaining your family’s privacy.

  
  

• Expert Company Secretary: Their secretarial team monitors your compliance calendar, ensuring that AGMs, Annual Returns, and the Register of Registrable Controllers (RORC) are updated in real-time.

Why High-Net-Worth Families Choose Bestar in 2026

Feature	How Bestar Delivers
Integrated SFO Support	Seamlessly links your PTC with Section 13O/13U Family Office tax incentive applications.
Audit-Ready Records	Prepares "True and Fair" financial statements that satisfy both ACRA and potential bank reviews.
Generational Continuity	Provides a permanent corporate secretary to manage the transition of the PTC board to the next generation.
24/7 Digital Access	Access your corporate documents and compliance status anytime via Bestar's secure client portal.

Optimize Your Family’s Wealth Structure Today

Setting up a PTC is a strategic move, but its success depends on its regulatory integrity. Bestar Singapore provides the specialized knowledge to ensure your PTC is not only compliant today but robust enough to protect your family’s wealth for decades to come.

customized engagement proposal for Bestar's PTC incorporation package, including the Resident Director and LTC coordination fees

This proposal outlines the professional services and fees associated with the incorporation and ongoing management of a Private Trust Company (PTC) through Bestar Singapore.

As a PTC requires a higher level of regulatory scrutiny than a standard company, this structure ensures you remain compliant with both ACRA and MAS (Monetary Authority of Singapore) guidelines while maintaining total family control.

Engagement Proposal: Singapore PTC Setup & Compliance

Phase 1: One-Time Incorporation & Setup Fees

Service Item	Description	Estimated Fee (SGD)
Professional Incorporation Fee	Drafting specialized PTC Constitution (including MAS-compliant Objects Clause), name reservation, and ACRA filing.	S1,200–S1,500
ACRA Government Fees	Official name application (S15)andregistrationfee(S300).	S$315
MAS Form 8 Lodgement	Preparation and filing of the "Notice of Commencement" with the Monetary Authority of Singapore.	S500–S800
Corporate Kit	Company seal, share certificates, and statutory minute books.	Included
TOTAL INITIAL SETUP		S2,015–S2,615

Phase 2: Annual Recurring Services (Compliance)

To satisfy Singapore’s residency and trust licensing exemption requirements, the following annual services are mandatory.

Service Item	Description	Estimated Fee (SGD/Year)
Resident Director Service	Provision of a qualified Singapore Resident Director to meet statutory requirements. Includes a refundable security deposit.	S4,000–S6,000
Company Secretary Retainer	Named Company Secretary, maintenance of statutory registers, and filing of Annual Returns (AR).	S600–S900
Registered Office Address	Physical address for government correspondence and mail scanning.	S300–S420
LTC Coordination & AML/CFT	Management of the relationship with a Licensed Trust Company (LTC) for mandatory annual AML due diligence.	S2,500–S4,000
TOTAL ANNUAL COMPLIANCE		S7,400–S11,320

Scope of Work for Bestar Singapore

1. Governance Architecting

Bestar ensures your PTC is not just a "shell" but a robust governance tool. We will draft the Board Resolutions to appoint the family council to the board alongside our Resident Director, ensuring you retain 100% of the investment decision-making power.

2. LTC Liaison (The Exemption Requirement)

As a PTC is exempt from licensing, MAS requires an LTC (Licensed Trust Company) to conduct AML/CFT checks. Bestar manages this relationship for you, ensuring your family's sensitive "Source of Wealth" documentation is handled with maximum privacy and professionalism.

3. 2026 "Smart Compliance" Monitoring

Under current 2026 regulations, ACRA requires real-time updates to the Register of Registrable Controllers (RORC). Bestar provides a digital-first approach, ensuring any change in family beneficiaries is updated within the mandatory 2-business-day window to avoid penalties.

Terms of Engagement

• Validity: This proposal is valid for 30 days from the date of issuance.

  
  

• Security Deposit: A refundable deposit (typically equivalent to one year of service) is required for the provision of a Resident Director.

  
  

• Exclusions: This proposal excludes accounting/bookkeeping fees (which depend on transaction volume) and variable trust legal drafting fees.

Official KYC Onboarding Form and a list of required documents for the Settlor to begin the process

To initiate the incorporation of your Private Trust Company (PTC) through Bestar Singapore, we must adhere to the Financial Action Task Force (FATF) standards and the MAS Notice TCA-N03 on Anti-Money Laundering (AML).

Below is the structured Know Your Customer (KYC) Onboarding Form and the required documentation checklist for the Settlor (the individual establishing the trust).

Part 1: Official KYC Onboarding Form (Summary)

Section A: Entity Information

• Proposed Company Name: [Primary Choice] / [Alternative Choice]

• Nature of Business: Private Trust Company (Trustee for Connected Persons)

• Jurisdiction of Assets: [e.g., Singapore, HK, USA, BVI]

Section B: The Settlor / Ultimate Beneficial Owner (UBO)

• Full Legal Name: __________________________________________________

• Nationality & ID/Passport No.: ______________________________________

• Tax Residency Jurisdiction: _________________________________________

• Primary Source of Wealth: [e.g., Inheritance, Business Exit, Salary, Investments]

Section C: Trust Particulars

• Total Estimated Value of Initial Settlement: S$________________________

• Relationship between Settlor and Beneficiaries: ________________________

• Name of Appointed Licensed Trust Company (if decided): ______________

Part 2: Required Document Checklist (The "Gold Standard")

Please provide high-resolution digital copies of the following. Documents not in English must be accompanied by a certified translation.

1. Identity & Residency Verification

• [ ] Certified True Copy of Passport: Bio-data page must be clear and valid (at least 6 months before expiry).

• [ ] Proof of Residential Address: Utility bill, bank statement, or government-issued letter dated within the last 3 months.

• [ ] Professional Reference Letter: A letter from a reputable bank, law firm, or accounting firm with whom you have had a relationship for at least 2 years.

2. Source of Wealth (SOW) & Source of Funds (SOF)

MAS 2026 regulations require "reasonable measures" to verify how the wealth was accumulated. Please provide one or more of the following based on your situation:

• [ ] Business Owners: Audited financial statements or a company profile of the operating business.

• [ ] Investment/Inheritance: Brokerage statements, Grant of Probate, or a copy of the Will.

• [ ] Asset Sale: Sale and Purchase Agreement (SPA) for real estate or business shares.

3. Connected Persons Declaration

• [ ] Family Tree/Schedule: A simple diagram or list of the intended beneficiaries to confirm they meet the "Connected Persons" definition under the Trust Companies (Exemption) Regulations.

4. For the Proposed Directors (if different from Settlor)

• [ ] Detailed CV/Resume: Demonstrating the professional background of any individual family members who will sit on the PTC Board.

Part 3: Certification Requirements

To avoid delays, please ensure that all copies of IDs and Address Proofs are certified as "Original Sighted" by one of the following:

1. A Notary Public

2. A Justice of Peace

3. A Lawyer or Chartered Accountant (in a FATF-compliant jurisdiction)

4. A Bestar Compliance Officer (via a secure video verification call)

Next Steps for the Settlor

1. Initial Review: Bestar will conduct a preliminary "Conflict of Interest" and "Sanctions List" check.

2. Document Upload: We will provide a link to our Secure Client Portal for the encrypted upload of the documents listed above.

3. Drafting: Once KYC is cleared, we will proceed to draft the specific PTC Constitution and Board Resolutions provided in the previous steps.

Fee Schedule

Establishing a Private Trust Company (PTC) in Singapore involves two distinct cost layers: the Corporate Setup (registering the company with ACRA) and the Regulatory & Governance Setup (compliance with the Trust Companies Act).

Below is the cost breakdown for 2026, based on current market rates and regulatory requirements.

1. One-Time Setup Fees

The initial costs cover the legal architecting of the PTC and its formal registration.

Component	Description	Estimated Fee (SGD)
ACRA Government Fees	S15namereservation+S300 registration fee.	S$315
Professional Incorporation	Drafting the specialized PTC Constitution (MAS-compliant).	S1,200–S2,500
MAS Form 8 Lodgement	Mandatory "Notice of Commencement" filing with MAS.	S500–S1,000
Legal Trust Drafting	Drafting the primary Family Trust Deed for the PTC to manage.	S5,000–S15,000+
Bank Account Opening	Assistance with corporate account opening and KYC.	S500–S1,000
Total Estimated Setup		S7,500–S20,000+

2. Annual Maintenance Fees

Annual fees ensure the PTC maintains its "exempt" status and complies with Singapore's strict 2026 AML/CFT standards.

Component	Description	Estimated Fee (SGD/Year)
Resident Director	Provision of a qualified Singapore resident director (statutory).	S4,000–S8,000
Company Secretary	Mandatory role; handles Annual Returns and RORC updates.	S600–S1,200
LTC Coordination	Mandatory engagement of a Licensed Trust Company for AML.	S3,000–S6,000
Registered Address	Use of a local physical office for official correspondence.	S300–S600
Accounting & Tax	Preparation of financial statements and IRAS tax filings.	S1,500–S3,500
ACRA Annual Filing	Government fee for filing the Annual Return.	S$60
Total Estimated Annual		S9,500–S19,500+

Key Cost Drivers in 2026

• Asset Complexity: If the PTC holds "high-risk" assets (e.g., crypto, private equity, or operating businesses), the Licensed Trust Company (LTC) will charge higher fees for enhanced due diligence.

  
  

• Number of Trusts: A PTC can act as a trustee for multiple family trusts. If you add more trusts under the same PTC, the LTC coordination fee typically increases.

  
  

• Substance Requirements: For families seeking tax incentives (like Section 13O/13U), you may need to incur additional costs for physical office space or dedicated staff to meet "local business spending" requirements.

Summary of the "Connected Persons" Rule

To keep your costs low and avoid needing a full Trust License (which costs over S$4,000/year in government fees alone), the PTC must strictly serve only "connected persons" (family members). If the trust serves non-family members, the setup and maintenance costs will escalate significantly due to full licensing requirements.