Our principal activity is to act as trustee of private trusts and to administer the assets under trusteeship in accordance with the terms of the trust and the law. We only provide trustee services in Singapore.
All trust assets are registered in the name of the trustees. Quoted securities will normally be held by a broker or bank and Cash will be deposited with a bank of repute in interest bearing accounts. Examples of the duties of the trustees include but are not limited to maintenance of trustee minutes and accounting records, regular monitoring of trust assets, preparation of annual accounts, trust tax returns and Government submissions, provision of relevant information to settlors, beneficiaries or their advisers for taxation purposes and regular meetings with the settlor or principal beneficiaries of the trust.
Fees are agreed in advance in respect of the cost to draft the appropriate documentation, form the trust, deal with onboarding of client data of the settlor and family and arrange the transfer of assets. Riverside charges an annual trustee fee each January as agreed with the settlor and which is dependent upon the size, nature, activity, responsibility, risk and the time required to administer the trust. Otherwise, fees are charged on a time cost basis or can be agreed as a percentage of the value of assets under trusteeship.
Our private Client team is professionally qualified and experienced in providing advice and support in respect of tax, accounting, international Trust and corporate structuring, and individual estate planning for clients in Singapore and the surrounding Asia region. For clients with UK connections or assets, Riverside can assist with advice on residence, domicile, Inheritance tax, capital gains tax and income tax issues.
Examples of the type of services provided include but are not limited to:
- International retirement planning.
- Death estate planning.
- Domicile advice, proving a change of domicile and related tax consequences.
- Tax advice on avoiding, commencing or ceasing residence in the UK.
- Remittance basis planning for individuals resident but not domiciled in the UK.
- Inheritance tax and succession planning for families.
- Practical advice on how to pass wealth to the next generation in a tax efficient, practical and sensible manner, and maintaining it, and avoiding family conflict.
- UK tax compliance services including the completion of Self-Assessment tax returns and compliance for individuals, companies and trustees.
We charge fees for consultancy and advice on a time cost basis. An initial meeting is offered without charge to ascertain your situation and to gather information followed by an attendance note, recommendation and fee quote for the work.
The number of people who die each year without having written a Will sits at an alarming level, resulting in undesirable succession, family conflict, unnecessary tax liabilities and a complicated and time-consuming probate and estate administration process.
Writing a Will is one of the most important tasks an individual should undertake in their lifetime and needn’t be complicated but it too often is overlooked. Estate and inheritance planning including the incidence of taxation is a vital part of the process of drafting of a Will and through our qualified team of professionals, we are able to provide concise and relevant advice educating you in all the relevant areas.
The process of writing a Will involves careful consideration of your circumstances. We listen to your wishes and objectives, consider your circumstances, history and plans, educate you on the laws of domicile and succession and advise you on the different options available to you so that you can implement the most suitable solution all things considered, mindful at all times to keeping things as simple and economical as possible.
Riverside can administer deceased estates in the capacity as executor of the estate, alone or as co-executor with family members or simply to apply for Probate on behalf of the family executors. We can deal with the many detailed aspects of Probate and administration including the accounting of the assets, arranging the distribution of assets under the Will and undertaking any necessary tax and compliance reporting. Riverside can also provide advice to beneficiaries on the tax consequences of their inheritance.
For Will drafting, fees are agreed on a per client basis depending upon the complexity of the task and the amount of time required to undertake the work. Once we have determined the circumstances, we provide a recommendation and quotation. To administer an estate and obtain probate can be a lengthy and time-consuming exercise with many uncertainties. We charge for estate administration services on a time cost basis in accordance with our standard terms of business, providing a written quotation once the extent and nature of the estate and the amount of work required is understood.
Wealth succession is a private matter for families and some families who appreciate the benefits of a trust arrangement in their succession planning would rather retain control over their wealth, at least during their lifetime, than to hand it over to a trustee. In this regard the private trust company (“PTC”) is a useful tool enabling the family to retain complete control of the wealth by incorporating its own PTC. The PTC can be managed by the family to provide trusteeship over the family assets under trust, with the support of a licensed trust company to meet its statutory requirements, provide regulatory oversight, meet compliance obligations, and to assist in the administration of the structure where required.
Riverside can support your family in this regard with the planning, implementation, and ongoing administration of your PTC and associated entities. Fees are agreed at the outside and reviewed regularly.
Riverside can arrange the incorporation of private companies in Singapore and overseas and can administer them. We provide corporate secretary, registered office, bookkeeping and accounting services as required, including but not limited to the maintenance of corporate minutes, regular monitoring of company assets, maintenance of accounting records, production of annual accounts, preparation of tax return, provision of relevant information to the Shareholders and their advisers for taxation purposes and holding of regular board meetings.
Riverside can provide the Directors to such companies at its discretion.
Riverside has a table of fixed fees available upon request for company formation, acting as company Secretary and Registered office, providing individual or corporate directors and corporate nominee shareholders.
For administration and accountancy, we generally charge on a time cost basis and prefer wherever possible to agree in writing a minimum annual fee with the owner, invoiced in advance in January each year. Because changes in investment policy or unforeseen occurrences may arise from time to time which incur greater time costs than anticipated, Riverside reserves the right to charge a higher fee if the time costs should exceed the annual fee. This will always be done after discussion with our client.
Riverside can establish and administer complex structures at the core of a family office arrangement and provide entity and asset management, administration and advisory services working in conjunction with the family and their other advisers and service providers, dealing with all the appropriate reporting and governance obligations of the structure.
Fees are agreed in advance and generally based on time cost.
Financial transaction Escrow Services
Mergers and Acquisitions and other financial transactions require a third-party licensed custodian to hold funds in Escrow for and on behalf of the parties. As a licenced trust company, Riverside is in a position to provide these services. Fees are agreed in advance on a transactional basis.
Singapore Land Custody
In Singapore, Government landed estates are typically owned by licensed trust companies. Many long-established clubs and associations hold their land under trust company custody. Riverside can provide such custodial services and is remunerated on an agreed fee basis payable annually in advance each January.
Riverside can advise on and establish and administer private personal and company pension schemes in Singapore that are recognised internationally. Such schemes can allow flexible contributions (derived from past or present employment or self-employment) and provide income in retirement, for internationally mobile clients and for scheme members, wherever resident.
HOW WE ARE REMUNERATED
Riverside Trustees is remunerated on an agreed fee basis for trusteeship, management and administration, based on the extent and nature of the assets administered, the risk and responsibility associated with the relevant structure and the amount of time required. Fees are reviewed with our clients annually and invoiced per calendar year in advance each January. We reserve the right to charge a higher fee, after discussion with our client, especially when time costs exceed the agreed fee.
We charge on a time cost basis, providing an estimate in advance before undertaking project-based work, special administration or advisory services.