Kensington Trust Group (KTG) established a presence in Singapore in 2013. In the same year it formed a strategic alliance with JTC, which was further strengthened the following year with JTC’s investment.
This association creates a global offering of trust, fiduciary, corporate and fund administration services to what is now the collective JTC Kensington client base.
In August 2016, Kensington Trust Singapore Limited was granted a licence by the Monetary Authority of Singapore to conduct trust business, offering specialised jurisdiction-specific fiduciary solutions.
A range of options are available depending on your needs:-
- Private and public company
- Foreign company registration
- Sole proprietorship
- Limited liability partnership and Limited partnership
- Variable Capital Company (VCC)
PROVISION OF REGISTERED OFFICE AND CORRESPONDENCE ADDRESS
It is mandatory for Singapore entities to maintain a local registered office in Singapore.
PROFESSIONAL RESIDENT DIRECTOR
It is mandatory for Singapore companies to maintain a minimum of one director who must be “ordinarily resident in Singapore” i.e. a Singapore Citizen or a Singapore permanent resident.
It is mandatory for Singapore entities to appoint a local resident secretary who must be a natural person and has his/her principal or only place of residence in Singapore.
We are engaged by our clients to provide corporate secretarial and administration services in relation to a broad range of structures which include investment holding vehicles, joint ventures and entities established for corporate acquisitions and disposals. We also assist clients with corporate governance and board and executive solutions, corporate turnarounds, restructuring and insolvency.
BOOKKEEPING AND ACCOUNTING
It is mandatory for Singapore entities to maintain proper accounting records. Depending on your needs, this service may include bookkeeping, consolidation, bank reconciliation, cash flow statement/analysis, financial statements and XBRL reporting.
CORPORATE TAX COMPLIANCE AND GST REPORTING
Our corporate tax compliance services include preparation and filing of estimated chargeable income, corporate annual income tax returns and attending to queries, if any, from the Inland Revenue Authority of Singapore (IRAS).
The GST reporting services include compliance with the GST Returns submission, GST preparation and computation and attending to queries from IRAS, if any, from IRAS.
Our payroll outsourcing services help businesses to keep up with local legislation and ensure confidentiality. Our comprehensive payroll services include:
- Maintenance of employee payroll database
- Input of monthly employee payroll data and preparation of payslips
- Arrange to disburse funds to individual employees’ accounts
- Preparation of CPF returns
- Claims for statutory benefits
- Preparation of IR8A (income tax return) and tax clearance for foreigners leaving Singapore
OFFSHORE COMPANY FORMATION AND ADMINISTRATION
We provide cross-border structures in various jurisdictions and administration services.
Private Wealth Services
Our independence and focus ensures that we listen, advise and create plans that are completely aligned with a client’s personal goals. It is these qualities that have contributed toward the long-term relationships that we continue to nurture and build partnerships on. We have extensive experience in managing wealth from trust and estate planning to family governance and succession.
We have experience in administering the underlying businesses within private clients’ structures which requires a blend of ‘corporate style’ service with the defined focus and personal interaction that underpins our traditional private client relationships.
Services which we provide to our private clients include:
- Establishment of bespoke trusts and foundations based in a number of jurisdictions for estate and succession planning, philanthropy objectives and any other specific purpose.
- Provision of personal trustee services.
- Ongoing administration and financial accounting including its underlying structure and portfolios.
- Ensuring that management and control is exercised in the appropriate jurisdiction, when required.
- Partnership with licensed asset/fund managers in management of the assets.
Servicing family offices is a speciality area and our associated expertise ranges from administration and structuring through to governance, succession planning and even educating family members. We also now offer a ground-breaking online family
office service through JTC Edge.
Your life in one place
JTC Edge is a state-of-the-art, market-leading, highly secure technology, purpose-built for (U)HNW clients and single/multi-family offices.
Edge provides a unified and holistic approach to organising clients’ wealth and related affairs, bringing together in one place all the relevant aspects of their life, securely through our bespoke online platform.
Complimentary modules provide a consolidated view of your financial and non-financial assets, while our range of administration, fiduciary and succession services provide the assurance that allows you to focus on what really matters: making decisions, securing the future and ensuring your legacy.
Our relationships are built on the fundamentals of trust and communication. Understanding our client’s aims and objectives enables us to advise on the most appropriate trust structures for their family now, and in the future.
BUSINESS & FAMILY SUCCESSION
We work closely with our clients to implement governance structures that reflect each family’s values. Our global experience and reach enables us to advise on foreign business ownership and international legal and fiscal implications, as well as being proactive when it comes to leading families through key regulatory requirements and trigger events.
Transferring wealth is about far more than just the numbers. As an independent advisor, we can provide cross-cultural committee members who can help families devise effective business management committee structures, which are not only efficient, but also create a forum to enable the family’s vision and values to be transmitted to the next generation.
Setting a course to protect and grow family wealth across several generations requires clear direction and careful stewardship. By engaging with several generations of the same family, we can build strong, effective solutions to lead our clients and their families through the complex challenges of managing generational wealth.
Building the foundations for tomorrow’s leadership begins today. We believe education is at the heart of empowering all generations of a family, so offer a wide range of practical insights and focused wealth education geared to each family’s needs. Engaging with younger family members to build strong financial skills teamed with real world awareness helps to preserve and sustain your family’s vision for generations.
Linda P.L. Wong
Kensington Trust Singapore Limited