Family Office
A family office is an institution that brings together experienced investment consultants, senior accountants, lawyers and other professionals to provide a full range of wealth management services for high-net-worth family clients. Family offices cover family trusts, tax planning, asset management, private legal services, butler services, etc. Family offices are a high-end form of the wealth management industry.
According to data from the Monetary Authority of Singapore, Singapore's asset management scale is increasing year by year, reaching S$3.4 trillion, or about US$2.5 trillion, in 2018, making it the world's largest asset management center. According to another set of data from the Monetary Authority of Singapore (MAS), bank deposits of Singapore residents outside the country reached a record high of S$62.14 billion in April 2020.
The Singapore government welcomes high net worth families to set up family offices in Singapore and provides tax incentives and benefits for successfully established funds.
Single Family Office Advantages
Singapore Fund Tax Exemption Policy
| 13CA | 13R | 13X | |
|---|---|---|---|
| Fund registration place | Offshore | Singapore | Offshore or Singapore |
| Fund size (AUM) | No minimum requirement | No minimum requirement | At least 50 million SGD |
| Annual operating expenses of the fund | no request | Minimum 200,000 SGD | At least SGD 200,000 (local expenses) |
