Singapore: Types of Company
A Business Trust operates a business enterprise, but is created by a trust deed. A trustee manager holds legal title to the Business Trust's assets, and manages them on behalf of the unit-holders, who hold the beneficial interest in the assets. This entity is particularly useful for businesses with large capital outlays, such as those in property or shipping. Distributions can be paid to unit-holders out of operating cashflows (and not from profits, as for companies in relation to dividend payments).
If units in the Business Trust are to be offered to the public, the trust must register with the Monetary Authority of Singapore.