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Country Business Reports interviews and articles by Discovery Reports

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Natarajan & Swaminathan delivers quick, honest and efficient audit and advisory services

The firm leverages seven decades of expertise and a tech-driven approach to support Indian conglomerates eyeing Singapore’s market

Country Business Reports interviews and articles by Discovery Reports

Indian conglomerates and subsidiary firms in the software, financial, wealth and asset management sectors looking to establish a foothold in Singapore can rely on chartered accountants firm Natarajan & Swaminathan. Servicing the highest number of Indian companies in the Lion City, including Mustafa and the Modi Group of Companies, Natarajan & Swaminathan boasts seven decades of experience in the fields of advisory, assurance, financial due diligence, risk management, dispute resolution, tax and liquidation services. Today, the firm also works with associate and affiliate companies to provide business consulting, global tax advisory, back office processing, human resource, incorporation and immigration-related services.

“We get clients mostly through references,” said Rangarajan Narayanamohan, managing partner. “Our existing clients go back and recommend new clients to us. In our industry, time is of the essence, so we provide fast services, and we constantly update our offerings to deliver complete and satisfactory assistance to clients.”

Natarajan & Swaminathan seeks to bolster its connections with similar advisory firms worldwide that wish to penetrate the Singapore market. The firm welcomes more affiliate partners in Hong Kong, Malaysia, Dubai and Britain who are in need of professional or business consultancy services, and who can provide references.

“We never think of anyone as our competitor,” Narayanamohan said. “We just focus on whatever job we get and execute it on time and professionally. Whether the client is big or small, we are responsible and accountable to deliver the client’s requirements quickly and efficiently.”

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Categories Association

SINGAPORE PRIVATE FAMILY TRUST

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 Singapore Private Family Trust

Singapore Private Trust Company (“PTC”) can be used as a private investment structure by business families/ ultra-high net worth individuals (“Settlor” or “Sponsor”) for managing family wealth. PTC is a private corporate entity established in Singapore solely for the purpose of acting as trustee in relation to a specific trust or trusts for a single family.

The PTC structure will also help the Sponsor to retain ownership and control over the family assets instead of transferring it to an independent Trustee (as is required in a traditional trust arrangement). The operational efficiency of the family trust can be achieved by putting in place at the board level certain processes for its day-to-day operations and running it like a professional organisation.

The shareholding and directorships in the PTC can be structured to create control over the trust assets in a manner desired by the Sponsor. Only the beneficiaries (which can be same or different class of people but must be related to the Settlor) are entitled to the distributions of the Trust Funds (except that the beneficiary of the residual estate of the Settlor may be a charity).

Singapore PTC
PTC bears the features of a company (such as corporate management and limited liability) and yet, is the trustee for specific family trusts

  • Acts as “dedicated’ trustee for a specific trust or a few trusts.
  • Must have at least one director who is “ordinary resident” in Singapore

Benefits in general

  • Settlor can formulate the succession to board
  • Decisions can be taken in a faster manner
  • Can maintain more control and influence over the management of the family assets.
  • Flexibility in structuring and yet maintain governance and discipline in a corporatized manner.
  • Handhold and coach younger members of the family on the broader management of family wealth.
  • Puts total control over management of assets in hands of competent persons identified by the Settlor.
  • PTC being a legal entity can be perpetually; passing to subsequent generations.

Board

  • A board of directors and if required, sub committees.
  • Usually consist of the Settlor, independent experts, Family members and trust advisers.
  • Composition of the Board can be changed at any time to keep up with changes in the family circumstances.
  • Can inculcate discipline and transparency in the management of family wealth in a well-documented manner by adopting high standards of corporate governance.

Assets of the trust will be held in the name of the PTC as the legal owner and for the benefit of the beneficiaries.

The usual legal documents include the Constitution of the PTC, Trust Deed, appointment letters of directors and professional parties who provide specific service to the private family trust.

In Singapore, PTCs are exempted from seeking trust licensing, but are required to mandatorily appoint a trust administrator to perform due diligence checks to ensure compliance with anti-money laundering regulations. A suitable process must be put in place to conduct day to day operations of the family trust.

If the PTC is structured suitably and meets with certain requirements, it may qualify for exemption from taxation in Singapore. Having economic substance in Singapore and value add to Singaporean economy is one of aspects which are relevant for the above.

Categories Association

GLOBAL INVESTOR PROGRAMME

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GLOBAL INVESTOR PROGRAMME – (GIP) TO OBTAIN PERMANENT RESIDENCE (PR) STATUS

  • The government is trying to drive money into local
  • Influx of wealth has pushed up property and car prices

 

(The central business district (CBD) of Singapore. Photographer: Lauryn Ishak/Bloomberg)

By Lulu Yilun Chenand Chanyaporn Chanjaroen
2 March 2023 at 1:35 pm SGT (Updated on2 March 2023 at 2:24 pm SGT)

Singapore is increasing the threshold for global investors seeking permanent- resident status in an attempt to create more jobs and benefit locals due to an influx of wealth.

Applicants will need at least S$10 million ($7.4 million) in a business or S$25 million in an approved fund, the Singapore Economic Development Board said in a statement Thursday. For those establishing family offices, at least S$50 million must be deployed and maintained in four government-designated investment categories.

That compares with a previous requirement of a S$2.5 million investment in a business entity, fund or Singapore-based single family office. The changes take effect from March 15. Singapore is tackling a perceived growing wealth gap brought on in part by the arrival of rich families from overseas. The country’s infrastructure and stability has attracted a growing number of ultra-wealthy individuals, contributing to a spike in costs for everything from luxury cars to golf club memberships and condominiums.

The government is fine-tuning its policies by encouraging more local jobs and investment in the city-state’s stock exchange and funds. It announced a tax hike on higher-value property and luxury cars in February. The investment program refinement will “encourage the growth of businesses and capital accumulated in Singapore,” Desmond Teo, EY Asean private tax leader said in a statement, adding that two winners will be the country’s asset management industry and companies that will receive funding.

Luring Talent

The Global Investor Programme was introduced in 2004 to attract the world’s wealthiest people and provides a route to permanent residency. About 200 permanent residencies were granted from 2020 to 2022. The design has also brought in at least S$5.5 billion in investments and created more than 24,000 jobs. About S$1.62 billion was injected into approved funds, of which 57% was invested in Singapore-based companies.

The city-state was expected to get around 2,800 high-net-worth individuals in 2022 alone, according to residence and citizenship planning provider Henley & Partners. The firm estimates that 249,800 residents there have a net worth of at least $1million, making it the world’s fifth wealthiest city.

Here’s a breakdown of the pathways available:

Option A

  • Invest at least S$10 million, inclusive of existing paid-up capital, in a new business entity or existing business operation in Singapore
  • Hire at least 30 employees, at least half of whom must be Singapore citizens and 10 of whom must be new employees, to be eligible for the Re-entry Permit Renewal after the initial five-year period

Option B

  • Applicants must invest S$25 million in a Global Investor Programme-select fund

Option C

  • Requirement to establish a Singapore-based single family office with at least S$200 million in assets under management
  • At least S$50 million must be deployed and maintained in these categories including companies listed on local exchanges, qualifying debt securities, funds distributed by approved Singapore-licensed managers; or private equity injection into non-listed, Singapore-based businesses.

(Updates with analyst comments throughout)

Courtesy : The Straitstimes – Singapore dated 03.03.2023

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