We are happy to offer you an opportunity of opening a trust in Singapore with a bank account in Saint Lucia. You can get your bank account opened without having to come to the bank in person. This solution will be just great for those who are busy when the borders are closed.
The trust in Singapore is a very popular and flexible instrument. The trust founder entrusts their property to the trust that produces profits for the beneficiary under the control of a trustee (manager). The beneficiary can be the trust founder or any other person or legal entity.
In Singapore, a trust can be established for the following purposes:
- Private family trust;
- Statutory trust;
- Charity trust;
- Collective investment trust;
- Foreign trust.
The trust allows asset protection by means of separating the assets from their owner. In such a case, even a lawsuit against the former owner of the assets will not allow these assets to be taken away (except for the cases of deliberate manipulation).
Also, a trust will become the perfect instrument for adjusting your tax solutions, optimizing the cost of handing the assets down, and ensuring certain confidentiality.
Singapore is a reliable and proven jurisdiction for establishing trusts.
Regardless of the goal set for the trust by its founder, in most cases the trust will need a reliable partner, that is a bank where the trust will open its account.
In Singapore, trusts are mostly owned by foreigners. That is why it has become more complicated to open an account for a trust in Singapore, so we would like to offer you an alternative solution. You get a chance to open a bank account in Saint Lucia, and it will be done completely remotely.
Yes, you will secure yourself a bank account regardless of viruses, pandemics, closed borders and personal busyness.
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
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Your Singapore Trust with a Bank Account in the Caribbean
The bank we would like to present you for opening your account is a reliable and conservative financial institution. It is headquartered in Saint Lucia, an island in the Caribbean. The island is famous for its beaches, palm trees, coconuts, as well as the developed financial services sector.
The bank has an extensive and stable network of correspondent relations with many other banks around the world. The bank provides both standard bank transactions, and also offers investment services. It is part of an international publicly traded holding.
The bank offers services in English as the main language as well as in French, German and Portuguese.
The bank builds engagement with its clients as with its full-fledged partners. Thanks to its great location and solid experience, the bank very well understands the importance of flexible and reliable international banking.
It is possible to open a bank account within 14 business days, provided that you have submitted a full set of documents.
Documents for Opening a Bank Account for a Singapore Trust in Saint Lucia
In order to successfully open your account, you will need to provide the following information about yourself:
- Application forms (filled and printed out) for opening the account that require you to specify or do the following:
- Name of your trust, the place of its registration, the place from where it is controlled, if the trustee is an individual or a legal entity;
- Corporate trustee data, if there is one;
- Data on the individual trustee, if there is one;
- Information about the bank where the trust is keeping an open account now;
- Description of the trust operations, information on the account turnovers, etc.;
- Currencies to be used for the account;
- Information about the trust founder;
- Data on the trust protector, if there is one;
- Information about the trust’s beneficiaries;
- Mandate/Resolution;
- Notarized passport copy of the beneficiaries (if they are known persons), founder, trustee, protector;
- Notarized proof of residence no older than 3 months (usually it is a utility bill);
- Make a mandatory deposit of USD 5,000 or the equivalent in another currency;
- Submit your certified signatures;
- Present a reference letter from a professional;
- Submit any other information that the bank will require.
For the time during which your account will be in use, you must maintain the minimum required balance of USD 5,000.
The bank is rather conservative and it does not accept trusts and businesses that work with cryptocurrencies. The bank complies with the requirements of its correspondent banks.
Anything you wanted to know about the bank fees, available currencies and other relevant questions, can be found here.
Cost of Opening a Bank Account for a Singapore Trust
The cost of opening a bank account in Saint Lucia for a Singapore trust starts from 3999 EUR.
You should also take into consideration that you will need a deposit and a minimum required balance of USD 5,000 or its equivalent in another currency.
All the documents you are going to submit must be translated into English and notarized. But before getting your documents notarized, we would like to kindly advise you to consult with our experts, as it is necessary to understand precisely where the notarizing will be taking place and in what language it will be done. It may turn out that it will be necessary to translate the notarial endorsement text into English.
Procedure for Opening a Bank Account for a Singapore Trust in Saint Lucia Remotely
- Please feel free to contact us by email to info@qwealthreport.com and let us know if you would like to open an account remotely.
- Please answer our expert’s questions so that we could make sure it is possible to render you this service.
- After that we will ask you to pay for the service, from 3999 EUR.
This payment can be made by bank transfer, card, WebMoney, MoneyGram, Western Union, Bitcoin.
- Please provide a complete set of documents. Our expert will tell you what documents are required.
- After that, we will start the procedure of opening your account. The whole procedure is carried out remotely. This is of special importance since the current pandemic circumstances. You will need to make an initial deposit of USD 5,000 before your account is opened.
- After that your trust will get an account that you can use.
Please do not hesitate to contact us by email to info@qwealthreport.com right now, and remember that opportunities for moving forward and doing business are always there, even when all borders are closed, millions get sick and the usual instruments do not work.
I would like to start a business in Saint Lucia in 2020. What should I pay attention to?
To begin with, we should note that you will be able to get a comprehensive reply only after a one-to-one consultation because it is impossible to fit all the necessary information into the Q&A format. However, certain details are really worth knowing about in advance. 1. The period of your documents review (in general, it is not equal to the company incorporation!) is usually 1 to 2 days. 2. It takes another 5 to 6 days to issue a Certificate of Incorporation. 3. It will take 2 to 5 days to manufacture a seal (depending on its kind, relief or rubber). 4. At the same time, you will get your taxpayer identification number. But the tax code should also be assigned to each of your employees. 5. Registration with the Social Security Service is mandatory.
How difficult is it to register a business in Saint Lucia in 2020?
If you know the intricacies of the laws, the answer is, it is not difficult. But if you try to “save” and start doing all the chores yourself, then yes, the procedure will become more complicated. That is why we do not recommend doing so. In general, you will need the following to incorporate an IBC: 1. Prepare the complete set of your papers. 2. Confirm that you have a registered office in Saint Lucia. 3. The share capital must be no less than USD 50,000. But this is exactly the recommended amount, actually there are no formal requirements. 4. Draw the Articles of Association (the same comment goes with it). 5. Determine the nominal value of the shares (1 dollar or without nominal value). 6. Company officials are a director, a secretary and a shareholder. Their number is not limited, it should be at least 1 person each. 7. Decide about the company’s name, it should include the following combinations: Inc., Corp., Ltd., GmbH or S.A.
Is it possible to get a second citizenship in Saint Lucia in 2020?
Yes, it is. And why not? The jurisdiction offers this opportunity, the terms and conditions are pretty much the same as in other jurisdictions offering a Golden Visa or its actual alternatives. This applies to the applicant, their children under 25 and parents over 65. The estimated time for obtaining the citizenship is about 4 months (obviously, without taking into account the situation with COVID-19). The rules include three options: 1. Contribution to the National Economic Fund, USD 100,000 (non-refundable). For four people, i.e. the applicant, their spouse and 2 children, it will be USD 190,000. 2. Investments in real estate from USD 300,000, the property must be approved by the Government. 3. Investment of at least USD 3,500,000, the business project must also be approved by the Government. Additional costs will be required for Due Diligence and administrative fees.
