Client profile: A Singapore-based entrepreneur and third-generation business owner
Challenges: Rebuilding the family business after the Asian financial crisis, and setting up structures to futureproof the client's assets
Vistra services provided: Setting up of Trusts, Trustee services, PTC set up
Our relationship with this family client dates back to 1990 when our present client's father was caught in the storm of the Asian financial crisis. Due to personal guarantees, most of the family's bankable assets had to be used to settle outstanding debts. Years after, the son inherited the shares of various companies originally built up by his grandfather, which now has no significant value.
The son, who is residing in Singapore, at that time decided to rebuild the companies he inherited and was able to bring them back to blossom. In addition to these companies producing commodities, he wisely diversified his business into commodity trading and other related businesses activities.
Due to the experience of his father, he wanted to have a proper setup to achieve the following goals: 1) privacy, 2) asset protection, 3) inheritance planning.
Privacy was of top priority to the client, the client wanted to start fresh with a clear separation from his father's past business experience. Then comes asset protection, which was key for him due to the enduring risks he was facing with the operating business post-financial crisis. Lastly, his goals for inheritance planning was important to futureproof his assets for the protection of his young family.
To that end, the Vistra team assisted the client in setting up a Trust with two holding companies: one was used for holding the operating business, the second one was created to hold properties in Asia and Europe as well as bankable assets within various companies. Trustees services were also provided from our side.
Later on, our Trustees were replaced by a PTC setup under changed circumstances, which was jointly decided by the client and Vistra having obtained lawyers' opinion. Vistra is also on the client's board and continues to provide expert advice on strategy and distributions.
In the meantime, the client's children have finished their education in Europe and are slowly starting to get acquainted with the family business. Our client is presently thinking of moving to Europe, which may be the start of further development of the structure.
With our professional team's expertise and experience, Vistra can help families navigate changes and risks and play a leading role in the continued creation, preservation and transfer of wealth of the client.
If you would like to discuss how Vistra can help you create, preserve or transfer your wealth, please contact one of your local experts:
Location | Name and title | Phone number |
---|---|---|
UK | Chris
Marquis Global Head of Private Wealth |
+44 203 872 7325 |
China | Sherrie
Dai Managing Director, North Asia |
+86 21 6085 6188 |
Hong Kong SAR | Yumei
Zhang Executive Director, Head of Private Wealth, Greater China |
+852 2848 7580 |
India | Navita
Yadav Managing Director, India & Mauritius |
+91 22 2659 3882 |
India | Neeraj
Aggarwal Director, Private Wealth, India |
+91 22 2659 3659 |
United Arab Emirates | Heba Al
Emara Managing Director, Middle East |
+971 4 278 3600 |
Singapore | Chris
Burton Managing Director, South East Asia |
+65 6854 8010 |
Singapore | Christine
Tan Managing Director, South East Asia |
+65 6854 8061 |
Jersey | Clive
Wright Managing Director, Jersey |
+44 1534 504560 |
Malta | Dr. Anthony
Galea Managing Director, Marine & Aviation |
+356 2258 6400 |
Switzerland | Sascha
Züger Managing Director, Switzerland |
+41 44 296 68 70 |
UK | David
Rudge Managing Director, Corporate & Private Wealth UK |
+44 203 872 7334 |
UK | Julius
Bozzino Director, Private Wealth, International |
+44 203 872 7384 |
Cyprus | Nick
Terry Managing Director, Cyprus |
+357 25 817 411 |
Luxembourg | Joost
Knabben Commercial Director, Luxembourg |
+352 422 229 530 |
Luxembourg | Farabi
Zakaria Commercial Director, Luxembourg |
+352 422 229 398 |
USA | Raúl
Markos Director, Private Wealth |
+1 305 978 1742 |
Originally Published 22 April, 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.