Residence and Citizenship Planning – An Overview for TEPs (13 May 2010, 12-2.15pm, STI Auditorium)

What should an ideal place of residence offer? What are the important points to consider? Such a place should probably be a tax-free or low-tax jurisdiction with clear, reliable rules. There should also ideally be no or limited reporting requirements, no forced heirship rules, and it should be easy to obtain a residence permit. Although one would of course like to stay in such a place that offers all of these benefits, it would still be useful if there were no minimal physical presence requirements.

Finally, but increasingly important for many people is the possibility to acquire citizenship in due course.

In this talk, our speaker Christian H. Kälin discusses the following issues with specific reference to the role of a TEP in orchestrating and coordinating the delivery of the services:

• Key criteria to consider
• Tax, immigration and citizenship aspects
• What are the most attractive jurisdictions for Asian clients?

The objective is for attendees to understand the value-adding process and integrator/intermediary role played by TEPs in delivering services and solutions described.

The seminar chairman, Eli Lenyoun, will also provide his insights into how the discussed framework and process may be applied locally in relation to the MAS Financial Investor Scheme (FIS) and EDB Singapore Global Investor Programme (GIP).

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 6 May 2010!

Post Event Update: "Tax Treaties and Corporation Administration Update" (26 January 2010, 12-2.15pm, STI Auditorium)

More than 100 participants attended this presentation by James Quarmby from Thomas Eggar LLP, which was chaired by our Branch President Angelo Venardos.

The presentation was very effective in demonstrating the issues of CMC and POEM. The essential question raised during this presentation was “where are the fundamental decisions about the Company taken?”. It can be enough that the Directors signed the relevant resolutions outside the UK (even on advice from the UK advisors) so long as this act itself amounted to the free exercise of their discretion, and their role as Directors had not effectively been usurped by some other person. Conversely, it is not enough to provide a paper trail if all that is happening is effectively a rubber-stamping exercise.

Investment Oversight for Trustees (2 March 2010, 5-7.30pm, STI Auditorium)

There can be no doubt that the recent turmoil in global financial markets has served as a stark reminder of the importance of understanding the risks associated with investing.

For the investment manager, the focus has been on risk management and capital preservation rather than chasing returns. For the Trustee, monitoring investments and managed portfolios has probably never been more important.

Richard Sayers, Managing Director of Enhance Investments Limited, was a discretionary portfolio manager during the 2001/2002 bear market so has experience of managing client assets during challenging financial market conditions. More recently as a consultant and importantly not having direct management responsibility but guiding professional fiduciaries in relation to investment activities during 2008/2009, Richard will draw on these experiences to provide a current update and live examples.

The presentation will include:

• The evolution of the investment oversight sector
• Review of investment risks in practice
• Jurisdiction case study - Jersey
• Returns and volatility case study
• Qualitative risks case study
• The components of investment oversight
• Conclusions

Register early to secure your place by completing and faxing the registration form to 63299699 or via e-mail by 23 February 2010!

Post Event Update: "New Approaches by Families to Withstand Financial 'Crises': Strategies to Create and Maintain Generational Wealth" (19 Nov 2009, 12-2.15pm, SGX Auditorium)

On 19th November, STEP Singapore organized a lunch talk for its members at which Ms Barbara Hauser, an expert on family governance and estate planning issues, gave an informative presentation on the issues wealthy families are facing in a crisis.

Barbara shared with the audience a number of client cases that she had been involved in. It was interesting to note that despite the cultural differences between families in the East and in the West, both are facing similar if not the same issues when organizing the family affairs and succession planning.

The presentation took a good hour and was followed by an interesting and active Q&A session.

The event was chaired by Alex van der Zwaard, Vice President of STEP Singapore and was attended by almost 70 STEP members and industry practitioners.

However, whether we accept the Chinese saying “where there is crisis, there is opportunity” or the Western saying “that the glass is half full, not half empty”, the Year of the Tiger is one for us all to grab the beast by the tail, and run with all the challenges ahead.

Fortunately, being members of a worldwide professional body of some 14,000 members spanning many jurisdictions, it’s comforting to know that the resources of STEP are available, through your Singapore Branch, to deal with trust industry related developments. As well, we can look forward to another busy year ahead, full of informative monthly events and a new initiative this year – our inaugural full day Symposium in June 2010.

On behalf of my Committee, I wish you all, your families (& bosses) Gong Xi Fa Cai!

Angelo Venardos
President, STEP Singapore Chapter
26 February 2010

As 2009 draws to a close, what a year it has been…… we made it through the recession, we survived the H1N1 situation, and the cream on top of all of this was our hosting of the 3rd STEP Asia conference which was a tremendous success. For those who did not attend, a summary follows in this newsletter.

The newsletter is a new initiative and was introduced to improve communication with our Singapore Branch members.

I have also included a summary of the events that the Branch has conducted over the past 2 years, which I would like to take this opportunity to thank, not only, all the various past speakers & participants, but also the time taken by all the Committee Members, who as volunteers, give up a lot of their time to service our profession industry body.

A final note of thanks must also go to Ms June Tan & her team at Intellitrain who have been a big part of the success here in Singapore, by the provision of a very professional Secretariat.

Angelo Venardos
President, STEP (Singapore Chapter)
9 December 2009

This evening is the first graduation ceremony, per se, that we are organizing in Singapore for our graduates of the STEP Diploma. As a fellow graduate, having been one of the first to have undertaken the study programme back in 2001, and as President of STEP Singapore, I would like to congratulate all the graduates on this fine achievement.

Armed with this Diploma, you may now apply to become a full member of STEP, and in doing so, proudly use the letters, TEP. As a Trust & Estate Practitioner, you will become a member of an international professional body with 14,000 member’s world wide, and 388 members in Singapore.

As well, you are being recognized as trust professionals at a time, when the industry is facing a new set of challenges such as:

• Off-shore going on-shore
• Tax evasion moving to tax compliant planning
• The OECD’s imposition of EOI agreements around the world

But in taking on these challenges, where you will be required to achieve a higher level competency in keeping up with industry developments, you will have the continuing support of STEP with its CPD programme.

Therefore, on behalf of STEP Singapore, I wish you good luck with your career endeavours ahead.

Angelo Venardos
President, STEP (Singapore Chapter)
13 October 2009

Dear STEP colleagues,

The Development Committee of STEP Worldwide has decided to conduct a feasibility study to consider how and whether STEP might develop in India. The study is intended to be taken to STEP Worldwide Council that meets in London in 20/21 November.

The Committee is looking to assemble a working party of perhaps a dozen senior members or associates of STEP who will have direct knowledge of Indian markets and hopefully local networks involving Indian professionals. The working party will operate through conference call meetings and at least one face to face meeting - at the STEP Branch Chair’s Assembly - and will be tasked with producing a report which considers:

• What niche STEP might have in the marketplace in India?
• What demand might there be for STEP membership?
• Which individuals, networks and professional bodies should be approached to assess the possible way forward?
• Options for a project plan

I would welcome suggestions from members or of a wider contact group. You may contact me c/o the STEP (Singapore) Secretariat.

Thank you for your assistance.

Angelo Venardos
President
STEP (Singapore Chapter)

As you know, a new Committee was elected at our recent AGM on 30 June 2009, of which I have both the privilege and responsibility to lead.

One key objective of the current Committee is to engage our membership more proactively in policy and planning for STEP (Singapore). Due to the work envisaged in our plans moving forward, the Committee will be forming sub-committees to look in-depth into specific areas impacting our Branch and our members.

I set out below the sub-committees, their broad objectives and the Committee member(s) chairing them:

I invite you to complete and return the reply slip by 24 July 09 indicating your interest to serve on one or more of these sub-committees. The various chairpersons would review the responses and finalise the composition of their respective sub-committees. Each sub-committee would then draft its own terms of reference based on the broad objectives set out by the Committee.

Your participation and contributions would be invaluable in helping the Committee in its planning, decision-making and implementation.

I urge you to step forward to serve. Thank you for your support.

Angelo Venardos
President, STEP (Singapore Chapter)
10 July 09

I thank you for giving me the opportunity to lead our international industry body here in Singapore, when we are all facing many challenges, post-sub-prime, G20 and the other paradigm shifts taking place.

However, as we all know too well, where there is crisis, there are opportunities.

Whether the IFCs are facing another round of "name and shame" challenges, or Singapore has been put on some arbitrary political list, our clients will continue to seek our counsel ,will require us to provide them with the options, solutions and high standards of service , they have come to expect of our profession.

At the time of writing, our Branch has a total of 384 members including 182 full members and 188 student members.

Going forward, STEP Singapore can look forward to a well run secretairate, with a sound financial position, and a growing membership base.

The hosting of this year’s STEP Asia conference in Singapore during 20-21 October, is something that I have been personally involved with. We can look forward to hearing from an list of international, and from around the region, excellent speakers,plus the all important networking opportunities.

Further, as President, I will seek to communicate regularly with the membership, seek your participation and views on matters relating to our professional body, and to seek to reach out to all in the trust industry in Singapore.

In closing, I wish to thank Bill Lexmond for the huge effort he has put in over the past 9 years, and look forward to working with my fellow Committee members;

Vice President: Alex van der Zwaard
Treasurer: Ong Beng Lay
Secretary: Gurbachan Singh
Assistant Secretary: Lee Chiwi
Committee Member: Eli Lenyoun

Angelo Venardos
President, STEP (Singapore Chapter)
1 July 2009

Member Services

To enhance interaction among members of STEP Singapore, we have launched the STEP Forum – a bulletin board that enables members to share, distribute and gain access to relevant resources on-line, and to exchange views and ideas on trust and estate practice.

• Join the Forum
• Login to the Forum
• View terms of use for the Forum
• To find out more, you can view the Frequently Asked Questions or contact webmaster@step.org.sg

Membership of STEP is obtainable only by examination or other test of professional competence, for information on membership routes click here.

We have been informed by STEP UK that all STEP members should now update their details online at www.step.org/mydetails. They have requested that we do not accept updates via email.

To login:
- Your username: is your STEP membership number (this can be found on any letters you have received from STEP and your STEP membership card)
- Your password: is your surname with a capital letter.

It is important to keep your details up to date in order to receive your STEP Journal and information on your membership, upcoming conferences and other important details.

Instructions on how to navigate the STEP website can be found here. However if you do experience difficulties please email step@step.org directly.

Tel: 31287781
(VOIP no., no 6 prefix required)
Fax: +65 63299699
E-mail: secretariat@step.org.sg

STEP Singapore has launched a cost-effective recruitment classifieds service for prospective employers within the vibrant trust industry.

For more details or to place your ads, please visit http://step.org.sg/recruitment.