Asia: a world of opportunity

14 October 2022

Earlier this year, Dyson announced that it would be moving its headquarters to Singapore, and it’s easy to understand the appeal of the jurisdiction.

Geographically, Singapore is ideally placed between East and West, and with its competitive business environment, stable government and a trusted regulatory backdrop, it also represents an ideal hub for wealthy families or corporations who are looking to pursue growing opportunities in Asia.

Asia: a world of opportunity

‘For many of our clients, ‘opportunity’ really is the word of the moment,’ says Wendy Sim, Managing Director ZEDRA Singapore. ‘Wealthy families using Singapore as a hub for their wealth are typically close-knit, and many are readying themselves for a handover of wealth. For many of the younger generations, while they have immense respect for family and money, it’s no longer an ambition just to manage a legacy business. They are very driven to create their own wealth and diversify the family’s revenue streams for the future and grasp the extensive opportunities within Asia. Singapore is a fantastic base from which to do this,’ she continues.

The next generation

Succession planning and setting up the related structures to ensure a smooth transition to the next generation remains at the forefront of many minds in Singapore. ‘Wealthy Asian families are increasingly conscious of succession planning, bringing them in line with families, in Europe, the USA and LatAm. For many families, putting concrete plans and the relevant structures in place is now a priority for our clients and their advisors,’ says Wendy.

The business environment and SVCC introduction

While Singapore is often thought of as one of Asia’s leading private wealth destinations, the introduction of the Singapore Variable Capital Company (SVCC) which is expected before the end of 2019, and will firmly place Singapore as a key contender for funds in Asia, too.

‘One thing our clients appreciate about doing business in Singapore is that as a country, it is very forward looking. Take the SVCC, for example: it’s a newly created fund structure that will be introduced to reinforce Singapore’s position as an Asian alternative that can compete with leading fund jurisdictions, such as Luxembourg and Ireland,’ explains Wendy.

More than ever, clients want to base their fund structures in a jurisdiction that is well-regulated and respected. The benefit of Singapore is that the country also has many advantageous double tax treaties. ‘The SVCC is set to be quick and easy to set up, and, in both the short and the long-term the structure will be very cost-effective and efficient to run. We have already seen significant interest in the vehicle,’ adds Wendy.

For more information, please contact Wendy Sim

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