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Set-up Family Office in Singapore

Optimize your family wealth management

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Preserve wealth for future generations by providing a structured way to transfer assets and plan for succession.

Provides a comprehensive, multi-generational approach to family wealth management and preservation.

Personalize service and attention to the needs and preferences of the family.
Family Office is a type of private wealth management advisory firm that caters to families with extremely high net worths, typically $100 million or more. Family Office provides a range of financial services to wealthy families, including investment management, financial planning, family wealth management, tax, contract management, and other services.
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Why Family Office in Singapore

Singapore's stable political and economic environment, strategic location, strong legal and regulatory framework, highly skilled workforce, and favorable tax policies make it a compelling destination for Family Offices in Asia and globally.
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Singapore is an international financial and business hub with a stable political and economic environment that creates favorable conditions for businesses and investors. The country has a developed financial system, low levels of corruption, and a pro-business government that encourages investment and entrepreneurship.

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Located in the heart of Southeast Asia, Singapore makes an ideal gateway to the region’s growing economies. The country has well-developed transport and communications infrastructure, facilitating trade and investment across the region.
singapore-law

Singapore has a strong legal and regulatory framework that protects investors’ interests and ensures a high level of transparency. The country has a well-established legal system, strong intellectual property protection, and business and investment-friendly government policies.

workforce

Singapore has a highly skilled and well-educated workforce that is well-regarded by businesses and investors. The country has a strong focus on education and training, resulting in a pool of talented professionals in various fields.

Special Offer for Family Offices in Singapore

Singapore offers Single Family Office (SFO) tax incentives to attract high net worth families to set up office.

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Corporate Income Tax

SFO benefits from the lowest corporate income tax rate in Singapore at 17%. In addition, SFO is exempt from qualifying income tax.

Stamp Duty

Families may be exempt from stamp duty or may be subject to a lower rate than other investors.

Estate Duty

Singapore has abolished estate duty since 15 February 2008. This ensures that family assets are held and protected at the lowest cost.

Personal Income Tax

Family members and employees of SFO are only required to pay personal income tax at the normal Singapore tax rates.

Tax Incentives for Single Family Offices in Singapore

 
Single Family Offices (SFOs) can benefit from several tax incentive programs and the Investment Income Tax Scheme to minimize costs and increase profits for family wealth management.

Global Investor Programme (GIP)

This program offers tax incentives for SFOs and foreign investors to invest in Singapore. The GIP allows foreign investors to invest in a new or existing business in Singapore and subsequently receive a green card or long-term residency. Investors accepted into this program may be exempted from taxes or enjoy reduced taxes for the first 5 or 10 years.

13R Tax Incentive Scheme

This scheme provides a 75% tax exemption on investment income managed by SFOs in Singapore. It applies to all forms of investment income, including profits from stocks, investment funds, and bonds.

Investment Income Tax Scheme (IITS)

This scheme offers tax exemptions or reductions for SFOs on their investment income. Under this program, investment income may be exempt from taxes or reduced to a rate between 0% and 10%, depending on the type of investment asset.

13X Tax Incentive Scheme

This scheme provides a 50% tax exemption on investment income from real estate and real estate investment funds managed by SFOs.

Avoidance of Double Taxation Agreements (DTAs)

Singapore has signed Double Taxation Avoidance Agreements with many countries. SFOs can benefit from this program by avoiding double taxation on income from investments in other countries.

Requirements and Documents Needed to Establish a Family Office in Singapore

  • There must be at least 1 (one) founding member and a maximum of 50 (fifty) members.
  • Retail stores or real estate businesses are not allowed to be opened.
  • The total asset value of the Family Office must be at least 20 (twenty) million SGD or equivalent.
  • All members and employees must comply with confidentiality regulations and must not disclose client information.
  • The Family Office is not permitted to charge fees for services unrelated to the Family Office.

Additionally, to obtain an operating license, the Family Office must provide the relevant documents, including a copy of the company registration certificate, a copy of the operating license of the Family Office in another country (if any), a business plan, a tax opinion, and documentation introducing the Family Office’s processes and regulations.

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Process of setting up and operating a Family Office in Singapore

1.

Establish the necessary legal entities, open bank accounts, and register for operating licenses.

2.

Prepare a business plan, tax opinion, and other required documents for registration with the Monetary Authority of Singapore (MAS).

3.

Register and obtain approval for operation as well as tax incentives from MAS.

4.

Operate the Family Office, including family wealth management, investment, estate planning, and risk management strategies.

Costs and Timeframe for setting up a Family Office in Singapore

The cost of setting up a Family Office in Singapore can range from 100,000 USD and up, depending on the scale, scope of investment, and services required.

Due to the current surge in registration applications, the time needed to establish a Family Office in Singapore may take up to 9 months. The timeframe may be extended if additional related legal services are required.