Singapore: Law of Offshore
Trust law in Singapore is governed by the Trust Companies Act of 2005, which was revised in 2006.
Singapore reformed its trust laws in 2004, and since then has increased the number of trust licences issued from around 15 (before the reform) to 40 (as of March 2010). In addition, 32 entities that carry on trust business in Singapore have been granted exemption. The reforms have greatly enhanced Singapore as a centre for trust business in Asia, with Hong Kong now looking to follow the jurisdiction’s lead.
The Singapore Trustees Association represents trust companies in Singapore, and liaises and corresponds with the Singapore government, statutory boards, other government and non-government bodies, and the media. The Association also promotes Singapore as a location for trustee services and trust administration abroad.