Managing Partner Tan Chong Huat shares with The Business Times that updating Singapore’s legislative framework to enhance its attractiveness as a wealth management hub is key to our nation becoming a leading global financial centre in Asia

Managing Partner Tan Chong Huat shares with The Business Times that updating Singapore’s legislative framework to enhance its attractiveness as a wealth management hub is key to our nation becoming a leading global financial centre in Asia

RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views on "Building blocks to success" in this week’s The Business Times’ weekly column, Views from the Top.

This article was first published in The Business Times on 6 November 2017.

Building blocks to success

Monday, November 6, 2017

THIS WEEK'S TOPIC: What will be the biggest contributing factor for Singapore to achieve its vision as a leading global financial centre in Asia?

Tan Chong Huat
Managing Partner

RHTLaw Taylor Wessing LLP

It would also be timely to update our legislative framework to make Singapore even more attractive as a wealth-management hub. For a start, our statute on trusts should be revised to keep pace with the developments in many offshore jurisdictions. An update would ensure we stay relevant in the continually evolving wealth landscape. Further, new legislation on foundations would also provide an alternative to trust structures. Clients from civil-law countries would be more familiar with foundations than with trusts. Lastly, family offices would welcome bright-line rules for tax incentives. A dedicated tax regime for family offices would highlight Singapore as a pre-eminent wealth management hub. We must remain on our toes, as competition among the global financial centres is intense.