Family Business Succession: A Technical Guide on the Use of Private Foundations (Singapore) - Labuan IBFC Inc

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Family Business Succession: A Technical Guide on the Use of Private Foundations (Singapore)

Succession in a family run business can be tough and yet critical to the success of the business, and this challenge is especially profound in Asian Families. Indeed, there are many complex considerations that need to be addressed to ensure the smooth transition of a family business, and the key consideration is the structural solution which not only supports the needs of the business but also that of the family.

This masterclass will give an overview of the common issues faced by families when it comes to legacy and succession planning and how to utilise a private foundation as part of the “succession tool box”. To complement the presentations, an interactive panel session will share their real-life experiences ranging from best practices, the importance of identifying the next generation leadership, generational communication issues and why the private foundation could be a key element in ensuring the success of any succession plan.

Come and join us to better understand how to best structure a lasting succession plan via unique solutions and structures available both onshore and offshore, whilst ensuring business continuity and growth.

SPEAKERS

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FARAH JAAFAR-CROSSBY

Farah Jaafar-Crossby is the Chief Executive Officer of Labuan IBFC Incorporated Sdn Bhd (LIBFC Inc.), the official promotion and marketing agency for Labuan International Business and Financial Centre (Labuan IBFC) since January 2018. She brings with her more than 20 years of experience in capital markets and the wholesale financial services sector, putting her in good stead to promote Labuan IBFC as the preferred midshore jurisdiction in Asia Pacific.

Farah was formerly attached to the Asian Institute of Finance and Bursa Malaysia, where she was involved in senior market development and strategic communications roles. She also managed the Association of Stock Broking Companies Malaysia, the industry lobby group representing Malaysian stockbrokers, allowing her a unique insight and hands on experience with issues surrounding multiple stakeholder management.

Farah has a LLB (Hons) from Sheffield University, United Kingdom.
GOH SEOW CHEE

Goh Seow Chee is the Managing Director and Head of the Wealth Advisory South East Asia at J.P. Morgan Private Bank; she is responsible for the firm’s Wealth Advisory practice and advances the firm’s efforts to develop customized and leading edge wealth planning products and solutions for her clients.

Seow Chee has over 18 years of practical experience working in trust companies. Her previous stint was with Equity Trust Singapore (now known as TMF Group) where she set up the Equity Trust Group’s Singapore office and their trust company in Singapore duly licensed by Monetary Authority of Singapore. Subsequently, she joined HSBC Trustee Singapore as a Senior Director, advising clients on estate planning matters.

She served three years as Chair of STEP Singapore Branch (“Society of Trust and Estate Practitioners”) from 2011 to 2014 and as Council Representative for STEP Singapore and STEP Malaysia to STEP Worldwide from 2015 to 2017.
LINDA WONG

Linda Wong is one of the Founder Members of the Group. She is a graduate of Monash University, Australia, with a Bachelor of Economics degree majoring in Accountancy. She trained as an Auditor with one of the top 4 auditing firm. She went on to join the hospitality industry as an accountant before moving on to the trust industry.

She was attached with a global independent trust company for 15 years, where her last position held was as Managing Director of the Singapore office with more than 50 employees and the office had asset under administration of well over USD100 million.

Among her accreditations are: Chairperson of Society of Trust and Estate Practitioners (STEP), Singapore Branch from 2015/2016 to 2017/2018; Member of CPA Australia; Chartered Accountant registered with the Malaysian Institute of Accountants; Certified Financial Planner with the Financial Planning Association of Malaysia; Registered Filing Agent with ACRA Singapore; President of Rotary Club of Labuan for the Year 2004/2005, President of Rotary Club of Sentosa Singapore for the Year 2010/2011.
MILLIE CHAN

Millie Chan consults with high net worth and ultra high net worth individuals and business families, particularly those in Asia, in the area of global estate planning, involving inter-generational wealth transfer, asset protection, capital preservation, business governance and succession. In addition to planning for protection and preservation of assets, Millie works with families to establish strategies and processes to promote family governance, and maintain family unity, identity and integrity. For this purpose, Millie travels regularly to Asia and works in synergy with an extensive contact base of bankers and offshore service providers for trusts, foundations and corporations.

Millie is a regular speaker on matters concerning global estate planning and business succession and conducts classes on these topics.

Millie practised law in Malaysia for about 27 years. Her practice focus was in corporate and securities law, corporate finance, and commercial matters. In 2010, Millie gained admission to the Law Society of British Columbia, Canada. She practiced in the Vancouver office of Borden Ladner Gervais (BLG), a national law firm in Canada, with more than 750 lawyers, and other legal professionals in 5 offices across Canada.

Millie applied to be a non-practising lawyer in British Columbia in 2018 to concentrate on consulting with business families and individuals, particularly in Asia, in the area of holistic global estate planning under Legacy 127 Consulting Inc., a company she incorporated in Canada. She remains the Senior Consultant of BLG.
HIU CHEE FATT

Hiu Chee Fatt joined Labuan IBFC Inc as Trust Adviser in 2010, bringing with him more than two decades of experience in capital markets, financial products and fund management.

Prior to joining Labuan IBFC Inc, he served as Director of Legal, Compliance and Risk Management at Prudential Asset Management Berhad, one of the largest multinational fund management companies in Malaysia. He previously headed the credit and risk management functions of various financial institutions, including Hong Leong Bank Berhad, AmBank Berhad and Sime Bank Berhad.

Hiu holds an Advanced Diploma of Business Administration from the Association of Business Executives (ABE) and a Masters of Business Administration from the College of Cambridgeshire, both in the UK.