STEPPING UP - ISSUE 20 (9 April 2013)
Chairman's Message
Dear Members, 

The first quarter of 2013 has passed as I am writing this message. It has certainly been a busy quarter for me. I don’t know where the time went! 

For the Branch, we had several activities in January and February. Members who attended our Chinese New Year Lo Hei shared that they enjoyed it very much, not just the food but more importantly, the company of friends in a cozy and unique setting, seating 4 to a table, instead of the usual banquet style of 10. We encourage those who missed it to try to join us next year.

As we will retain the same format. In this issue of the newsletter, we interviewed Dr. Angelo Venardos, who is the Council Representative for Asia in STEP Worldwide. You would have read his report on STEP development after his meeting with STEP Worldwide. 

The Branch has been active and has presented to Members relevant topical seminars. I feel that it is  time for the Branch to expand our areas of interests, in the areas of family business succession interests  and philanthropy interests, and  to engage members in discussions on issues affecting the High Networth clients we serve in this region. With our collective experiences, we can get together to share our professional experiences and views. 

In this respect of improving connectivity, I would like to appeal to volunteers to help the Branch fulfill this aspiration. Please express your interests to contribute and serve, to the secretariat. I really look forward to your participation in the Branch. Thank you for your support.

Goh Seow Chee
Chairman, STEP Singapore Branch 
Invitation to Join Sub-Committees

The STEP Committee is extending an invitation to members who are interested in joining Sub-Committees to 
contribute to the works of the Branch.

Please contact the Secretariat for details.

Jurisdiction Update - British Virgin Islands and Belize

Late in 2012 Belize, enacted very important changes to their regulations concerning the management of shares issued in bearer form by their International Business Companies. By way of Statutory Instrument 108 of 2012, the International Financial Services Commission approved the International Financial Services Practitioners (Code of Conduct) (Amendment) Regulations 2012.


 Speaking Opportunities!

The STEP branch, Malta is organizing its International Conference (Malta, 13-14 March 2014) and has requested for a speaker on a Singapore focused topic. If you are interested to speak at the Conference, please email Jean-Philippe Chetcuti at This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.

“Up Close & Personal” – Interview with Dr. Angelo Venardos

Dr Angelo Venardos
Organisation Heritage Trust Group
Designation & Role in Organisation: Founder and CEO
Years in Trust Industry: Commenced in HK 1998, 
15 years and counting

Getting to know Dr. Venardos

The book I am currently reading is ... “Peranakan Chinese Porcelain” by Kee Ming-Yuet 
“Chinese Ceramics – from the Paleolithic Period to the Qing Dynasty” by Li Zhi Yan

The person(s) who have been my biggest influence is ... My parents due to their commendable work ethics and integrity.

What I like most about my job/experiences in the trust industry is ... To work with our staff so as to nurture them through their careers and a great opportunity to meet people from all over the world.

My golden rule is ... Be humble.

The business expression I hate most is ... “It can’t be done.”

Post-Event Updates
High Value Residential Property - New Strategies for the New Environment (8 January 2013, Room 801, NTUC Business Centre)
STEP Members were very fortunate to have the opportunity to hear Macfarlanes LLP Partner and Head of Private Client,Jonathan Conder, take us through the new UK laws relating to high value residential properties.  The new laws relate to residential properties valued in excess of GDP2million, and therefore the law changes will impact many offshore owners of properties in central London in particular, and certainly where those properties are held in "structures". 

The law changes impact on (and in some case create) numerous acronyms - some would suggest even more than you would normally encounter when seeking highway directions in Singapore:  SDLT (Stamp Duty Land Tax), CGT (Capital Gains Tax), IHT (Inheritance tax), ARPT (Annual Residential Property Tax), RND (Resident Non Domiciled) NRND (Non-Resident Non Domiciled) and DD (Deemed Domicile) to mention but a few. 

Jonathan however managed to guide everyone safely through the spaghetti junction of the provisions so that there was an understanding of the issues and situations where further advice should be sought.   

The final versions of the new rules had only recently been published, so everyone attending was extremely grateful for Jonathan's detailed and up to the minute overview.  Indeed, many attendees had specific questions that Jonathan stayed back to address upon the conclusion of the seminar. 

Contributed by James Aitken - HSBC Trustee (Singapore) Ltd

Calling the Bluff - Secrets in the Art of Negotiation (31 January 2013, FTSE Room, Capital Tower)
Michael Lee of the International Centre for Dispute Resolution delivered an entertaining video seminar on understanding negotiation techniques by picking up on important giveaway body signals.

Here are some photos from the event: 

An "East-Meets-West" Chinese New Year "Lo Hei" Lunch (19 February 2013, Chef D' Table) 
Several Members of the Singapore STEP Branch met up on the 19th Feb 2013 for our "East-Meets-West" Chinese New Year "Lo Hei" Lunch at the Chef D’ Table Restaurant, CHIJMES. It was once again a time for members to network and catch up with each other. 

The highlight of the lunch was the Lo Hei, something new for some of our non-Singaporean Members. STEP Committee Member Linda Wong did the honours by rolling off in Mandarin the traditional well wishes and blessings. Members responded by repeating after her and tossed up the sumptuous Chinese salad dish with great gusto!

Contributed by Lee Chiwi - Rockwills Trustee Ltd

Events Calendar

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April 2018
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