Step 1: Name Approval
Name approval is requested from SIBA and approval is given almost immediately or at the latest within 24 hours.
There are no restrictions to the name to be given to a Trust, but the Registrar has the discretion to refuse the name if it is indecent, offensive or is otherwise objectionable or misleading
Step 2: Fill in Questionnaire or Provide details of future Trust
Clients can either fill in the Application form or send us details by fax or e-mail.
Details should include the following: Purpose of the Trust, a short description of the Trust assets- actual and/or eventual, details and number of Trustee, the name/s and the details of the Beneficiaries, disbursement of trust assets.
Step 3: Draft or Review Trust Deed
We can either draft the Trust Deed or review the one which is submitted to us.
Step 4: The parties sign the Trust Deed
Step 5: Registration of Trust with SIBA and payment of Government fee
We register a Declaration of Trust with SIBA and a reference number by which the Trust will be known is given by SIBA.
It normally takes SIBA a maximum of 24 hours to register a Declaration of Trust.
Once SIBA confirms that the Trust has been registered we advise the client and send the letter received from SIBA.