Trusts, funds and similar financial entities (except those with rental income)
This sub-class includes legal entities organised to pool securities or other financial assets, without managing, on behalf of shareholders or beneficiaries. The portfolios are customised to achieve specific investment characteristics, such as diversification, risk, rate of return and price volatility. These entities earn interest, dividends and other property income, but have little or no employment and revenue from the sale of services. Units in this sub-class are primarily engaged in: - open-end investment funds - closed-end investment funds - trusts, estates or agency accounts, administered on behalf of the beneficiaries under the terms of a trust agreement, will or agency agreement - unit investment trust funds - personal investment holding companies, units for holding and managing wealth of individuals and families - business trusts with mainly dividend income - activities of money market funds of which the proceeds are invested primarily in short-term assets - activities of non-money market funds of which proceeds are invested primarily in financial assets (other than short-term assets) and non-financial assets (usually real estate) - collective portfolio investment funds (except with mainly rental income)
Licences & Permits
2 licences apply to businesses in this SSIC code depending on the specific activities you conduct. Most are activity-triggered — a holding company in 64, for example, only needs a Banking Licence if it actually conducts banking.
Approved CIS trustee
Validity, Fees, and Payment
- Processing
- available on the agency's website
Prerequisites (1)
- Overview
Trust Business Licence
Licensed trust companies are licensed and governed under the Trust Companies Act 2005 (TCA) and its subsidiary legislations, including the regulations, notices, guidelines and circulars issued under the Trust Companies Act. A company which provides the following trust services may need to be licensed under the TCA: Creation of an express trust; Acting as trustee of an express trust; Arranging for any person to act as trustee of an express trust; and Providing trust administration services to an express trust. An express trust refers to a trust that is created by a settlor (the person setting up the trust) who gives instructions as to how his or her property is to be held.
- Processing
- available on the agency's website
Need help with these licences?
We handle the applications, document prep, and agency liaison end-to-end.
Licence requirements change — we keep this list current as part of the engagement.
Tax Incentives & Schemes
2 schemes that businesses in this SSIC code may qualify for. Eligibility is case-by-case — talk to the relevant authority.
Partial Tax Exemption (PTE)
Eligibility: Singapore tax-resident company.
Start-Up Tax Exemption (SUTE)
Eligibility: Newly incorporated SG-resident company, ≤ 20 individual shareholders (or one corporate holding ≥ 10%), not in investment-holding or property-development.
Note for SSIC : Excludes 64202 investment holding & 41001/68101 property development
Worth applying for any of these?
We screen eligibility and shape the application — most schemes are discretionary and need a substantive activity case.
Foreign Worker Levies
This SSIC code falls under MOM's Services sector for foreign-worker levy purposes. Levies below apply per worker per month, paid by the employer in addition to salary.
S Pass
| Tier | Monthly | Conditions |
|---|---|---|
| Tier 1 | SGD 550 | Up to 10% of total workforce |
Work Permit
| Tier | Monthly | Conditions |
|---|---|---|
| Higher-skilled (Tier 1) | SGD 300 | Up to 10% |
| Basic (Tier 1) | SGD 450 | Up to 10% |
| Basic (Tier 2) | SGD 600 | 10–25% |
| Basic (Tier 3) | SGD 800 | >25% (up to DRC of 35%) |
Hiring foreign workers in this sector?
We handle Work Permit, S Pass, and EP applications alongside the incorporation — and check Dependency Ratio Ceilings before you commit headcount.
Levies and Dependency Ratio Ceilings are reviewed periodically by MOM (rates above effective 2024-09-01).
Classification Path
Need help choosing?
Our guide helps you find the right SSIC code for your business activity.
Read the SSIC Guide