Asset protection from creditors, wealth management, asset preservation and tax effectiveness – these are the main reasons to set up a trust. Choosing to set up a Singapore trust is indeed a wise decision because Singapore has a sound legal environment with well-developed trust laws and local trust companies being regulated by the Monetary Authority of Singapore.
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According to the Asia-Pacific Wealth Report 2016, published by Capgemini, a global leader in consulting, technology and outsourcing services, the Asia-Pacific region has the greatest number of High Net Worth Individuals and holds the highest net worth individual wealth. Due to this, there is an ever-rising need for wealth management and asset protection. In addition, trusts are now being favoured also by individuals with relatively modest amount of assets.
The technological revolution of the 21st century has acted as a catalyst for data circulation. The ability to collect and transfer large volumes of data, including personal information, with an unprecedented velocity has changed the way companies operate and compete. As a result, personal data protection issues have been at the forefront of legal systems around the world.
Have you filed your Estimated Chargeable Income for Financial Year ending 31 Dec 2016? In our previous post, we discussed on the Basics of Financial Year End Closing and Compliance Alert. For our article today, we will be emphasizing about the importance of Filing Estimated Chargeable Income ("ECI”) of your company in Singapore. There are a number of key posints in which you can make notes, and each has its advantages and disadvantages.
As we approach year end, it’s again time to focus on the various procedures and important timeline to take note of to ensure compliance with filing requirements, especially with ACRA and IRAS.
To get you started, we’ve indicated in the following paragraphs, those areas which concerns companies registered with ACRA.
When you reach the end of an accounting period, you need to close the books.