Private Trust Company (PTC) setup — Eligibility and requirements checklist
A Private Trust Company (PTC) is a Singapore-incorporated company formed for the sole purpose of acting as trustee of one or more family trusts, giving a wealthy family board-level control over trust administration while retaining professional oversight. This guide sets out the eligibility, requirements and costs for a private trust company in 2026.
Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
Who this is for
A private trust company suits established families, typically with a single family office, who hold operating businesses or complex assets across generations and want direct influence over trustee decisions rather than fully outsourcing them.
What a private trust company is and who it suits
A private trust company is a company whose only business is to provide trustee services to a defined group of connected settlors, usually members of a single family. Unlike a licensed trust company serving the public, a PTC is exempt from holding a trust business licence under the Trust Companies Act 2005 provided it does not solicit trust business from the public and its trusts are connected to the same family.
The structure appeals to families with complex, multi-generational or operating-business assets who want the trustee decisions made by a board they influence, rather than delegated wholesale to an external institution. It is common for single family offices to pair a PTC with the family's investment holding vehicles.
For a closely related perspective, see our guide on Singapore vs Hong Kong 2026: Work Pass, Tax and Living Compared.
Eligibility and the exemption conditions
To rely on the licensing exemption, the PTC must act as trustee only for trusts whose settlors are connected persons, must not carry on any other trust business, and must appoint a licensed trust company to carry out the settlor and beneficiary due-diligence required under Singapore's anti-money-laundering regime. The Monetary Authority of Singapore administers this framework, and the exemption is described on the MAS website.
Section 2 of the Trustees Act 1967 sets out the general duties and powers of a trustee, and a PTC board is bound by those fiduciary duties in the same way as any other trustee. Directors should be selected for their understanding of both the family's affairs and their trustee obligations.
You may also find our related article on Private Trust Company (PTC) setup — Timeline and processing benchmarks useful.
Requirements: board, administrator and registered office
A PTC needs at least one director, a company secretary and a registered office in Singapore, in line with the general requirements for any private company. In practice families appoint a mix of family members, trusted advisers and at least one professional director.
Because the AML/CFT obligations cannot be waived, the PTC must engage a licensed trust company as its administrator. That administrator maintains the trust records, performs know-your-client checks on settlors and beneficiaries, and files any required reports.
Cost and timeline benchmarks for 2026
Incorporating the PTC itself is quick, as ACRA registration is typically completed within 1 to 3 working days once names and controllers are cleared. Standing up the full structure, including the underlying trust deed and administrator engagement, usually takes 6 to 12 weeks depending on legal drafting.
Indicative costs in 2026: incorporation and first-year corporate secretarial from around S$2,500 to S$4,000; licensed trust company administration from roughly S$18,000 to S$40,000 a year depending on complexity; and legal fees for the trust deed commonly S$15,000 to S$60,000. These are planning figures only and vary with the assets involved.
Common mistakes and gotchas
The most frequent error is treating the PTC as a way to avoid all external oversight. The AML/CFT administration requirement is mandatory, and skipping it puts the licensing exemption at risk. A second common gotcha is mixing unconnected families' trusts under one PTC, which breaks the connected-persons condition.
Families also underestimate governance: a PTC board that never meets, or that rubber-stamps decisions, weakens the case that the trustee is genuinely exercising independent judgement. Regular minuted board meetings are essential.
Step-by-step process
- Confirm the settlors are connected persons and define the family trusts the PTC will serve.
- Incorporate the PTC with ACRA, appointing directors, a company secretary and a registered office.
- Engage a licensed trust company to provide AML/CFT administration and record-keeping.
- Have the trust deed drafted and executed, and transfer or settle assets into the trust.
- Convene the first board meeting and adopt governance policies, including a schedule of minuted meetings.
Private Trust Company at a glance
- Governing framework: Trust Companies Act 2005 exemption; Trustees Act 1967
- Typical timeline: Incorporation 1-3 working days; full structure 6-12 weeks
- Indicative cost (2026): Set-up from S$2,500; administration S$18,000-S$40,000/year
Related guides
Across the Raffles group of sites, see Exempt Private Company (EPC) mechanics — Eligibility and requirements checklist and our guide on Singapore vs Hong Kong 2026: Work Pass, Tax and Living Compared for further reading.
Official references
FAQs
Does a private trust company need a licence in Singapore?
A PTC can be exempt from holding a trust business licence if it acts only for connected settlors, does not offer services to the public, and engages a licensed trust company for AML/CFT administration.
How long does it take to set up a PTC?
ACRA incorporation is usually 1 to 3 working days, but the full structure including the trust deed and administrator typically takes 6 to 12 weeks.
Who can be a director of a PTC?
Directors may include family members and professional advisers; at least one director must be ordinarily resident in Singapore, and directors owe full fiduciary duties as trustees.
What does a PTC cost each year?
Ongoing licensed trust company administration commonly runs from about S$18,000 to S$40,000 a year, plus corporate secretarial and audit where applicable.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.