1. Our Understanding of the Transaction
Overview
Corporate Services Trust Services Fund Administration Services
■ Fragmented
and
compe..ve
industry
with
many
small
and
mid-­‐size
privately
held
companies.
Few
large
players
with
only
2
known
listed
companies.
■ Belongs
to
the
Business
Services
sector
which
grew
by
3.9%
in
2012^.
■ Individuals
may
hold
ACIS/
FCIS
membership
belonging
to
the
Singapore
Associa.on
of
the
Ins.tute
of
Chartered
Secretaries
and
Administrators.
■ A
public
company
needs
to
appoint
a
properly
qualified
person
(PQP)
as
a
company
secretary
unless
the
Registrar
requires
the
company
to
do
so.
■ PQP
is
a
qualified
person
under
the
Legal
Profession
Act
(Cap.
161),
a
public
accountant,
a
member
of
the
SAICSA,
or
a
member
of
such
other
professional
associa.on
as
may
be
prescribed;
or
is,
by
virtue
of
such
academic
or
professional
qualifica.ons
as
may
be
prescribed,
capable
of
discharging
the
func.ons
of
secretary
of
the
company.
■ ^
Link
to
MTI’s
Sector
Performance
for
2012
■ Link
to
Secretary’s
Du.es
in
Companies
Act
Company
(Cap
50)
■ Growing
interest
in
Asia
and
movement
of
clients
has
spurred
the
entrance
of
interna.onal
players
in
recent
years.
■ Increasingly,
local
corporate
services
players
are
offering
trust
services
as
part
of
their
suite
of
services
■ Trust
business
license
must
be
applied
under
four
circumstances
and
will
be
granted
to
a
company
incorporated
under
the
Companies
Act
or
a
foreign
company
registered
under
Division
2
of
Part
XI
of
the
Companies
Act*.
An
applicant
applying
for
a
trust
business
licence
is
required
to
establish
a
physical
presence
in
Singapore.
■ Applicant
has
to
sa.sfy
minimum
capital
or
qualifying
assets
of
SGD
250,000.
■ Applicant
has
to
fulfill
guidelines
internal
compliance
systems
and
processes
and
has
to
have
at
least
two
resident
managers
who
are
competent
and
have
integrity.
■ Adequate
standalone
non-­‐Hybrid
professional
indemnity
insurance
and
a
Le_er
of
Responsibility
(MAS
specified
format)
from
the
parent
company
(if
applicable)
is
required.
■ Link
to
MAS
Guidelines
on
Business
Trusts
Act
■ *
Link
to
Division
2
of
Part
XI
of
Companies
Act
■ Hub for cross border transactions in Asia, a
poli.cally
stable
climate,
highly
developed
financial
services
industry,
extensive
interna.onal
tax
treaty
network
and
a
progressive
business
minded
outlook
are
some
of
the
reasons
why
fund administrators find Singapore an ideal
base to service their Asian clients.
■ Ability to provide bespoke fund administration
services to
Singapore
domiciled
funds
as
well
as
asset
managers
in
Southeast
Asia.
■ Multi-year and multi-phased fund
administrative initiative by MAS to position
Singapore as the leading fund management
hub for Asia Pacific.
■ Pragmatic regulation including exempt
licensing provisions for smaller managers has
helped to extend the depth and diversity of
local and global fund managers operating in
Singapore.
■ Established
The
Singapore
Fund
Administrators
Associa.on
Ltd
(SFAA)
in
2007
to
drive
the
growth
and
standard
of
fund
administra.on
in
support
of
Singapore’s
development
as
an
Asset
Management
Hub.
■ Link
to
SFAA