How to set up a Single Family Office in Singapore

1. SUBSCRIBE TO GET SG CORPORATE LAW UPDATES Subscribe to our Free Newsletter today and get Singapore corporate and commercial law updates to help you grow your business. We have tips for SME Owners, Startups, Listed Company Owners and China Business Owners. First name or full name Single family o?ce Singapore – Latest Requirements in 2023 Email August 15, 2023 admin private client, Private client legal work, Single Family O?ce Corp Banking M&A/IB Singapore has attracted many single family o?ce applicants in 2023 and as a result the Monetary Authority of Singapore (MAS) has received many applications.  This article highlights several key changes that have come to the fore in 2023. PRC Business SG Business Owners Startup SFO CLASS EXEMPTION Venture Capital Funds After some discussion in parliament on anti-money laundering rules in relation to single family o?ces, the MAS has on 31 July 2023 introduced additional anti-money laundering requirements.  Currently under the Securities and Futures Act, as a single family o?ce does not manage third party assets, they can rely on either an existing class exemption from licencing requirements under the Securities and Futures Act or apply to the MAS on a case by case basis.  MAS has decided to harmonise all the exemption criteria for all SFOs operating in Singapore. Audit/Compliance st Startup Incubator By continuing, you accept the privacy policy Free Subscription To qualify for the class exemption, SFO must: Search … be incorporated in Singapore; RECENT POSTS notify MAS and con?rm that it is in compliance with the qualifying criteria under the class exemption when they commence operations in Singapore; How to apply for PR in Singapore? report annually on total assets managed after the end of each calendar year; and Billion Dollar Money Laundering Case in Singapore maintain a business relationship with an MAS-regulated ?nancial institution that will perform anti-money laundering checks on these SFOs. What is the usual family o?ce structure in Singapore ? What is the typical Single Family O?ce structure? Singapore family o?ce requirements – 3 key changes as of August 2023 RECENT COMMENTS ARCHIVES September 2023 August 2023 September 2022 S13O / S13U TAX INCENTIVE March 2022 The Single Family O?ce Singapore is usually set up as a Singapore incorporated private limited company and will manage a Singapore company (a fund entity) (the “Fund”).  This Fund will usually be under Section 13O or Section 13U of the Income Tax Act 1947. January 2022 N ew s l e t t e r S i g n u p Email Address December 2021 By continuing, you accept the privacy policy English

2. October 2021 Singapore is also encouraging more Single Family O?ces to use Singapore as a base for overseas donations capped at 40% of the Donor’s statutory income.  Such qualifying single family o?ces must: August 2021 July 2021 Appoint and maintain Philanthropy Professional (inhouse or outsource) June 2021 Incur additional local business spending of S$200,000 May 2021 Employ one additional local Professional Headcount April 2021 March 2021 In conclusion, there are many new conditions that Single Family O?ces Singapore need to comply with in terms of registration and ongoing compliance.  One should consult a Singapore quali?ed law ?rm to advise you in relation to such requirements. February 2021 CATEGORIES If you need Private Client Legal Services to set up a Single Family O?ce in Singapore, do click here to schedule a complimentary meeting with our Private Client Legal partner who can look into your speci?c requirements.       Asian Family Business Corporate and Commerial Law http:/ /www.SingaporeLegalPractice.com is a corporate law and commercial law educational website headquartered in Singapore which aims to demystify business law and 新加坡商业法 for SME Company Owners, Startup Founders and 新加坡新移民老板。The information provided on this website does not constitute legal advice.  Please obtain speci?c legal advice from a lawyer before taking any legal action.  Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk.  Click here to signup for our newsletter today to be kept updated on the latest legal developments in Singapore.   Immigration PRC Business Owner Private Client Work Private Equity SME Company Startup Company Uncategorized 新加坡REIT Celebrating Gratitude: My Re?ections on Singapore National Day 2023 (新加坡国庆日 2023) – NDP Singapore Singapore family o?ce requirements – 3 key changes as of August 2023 新加坡家族信托 新加坡房地产 新加坡投资移民 SingaporeLegalPractice Comment Policy We welcome non-spam and useful comments. All other comments will be deleted. Got it META Log in Entries feed 0 Comments Login  1 Comments feed G WordPress.org Start the discussion… LOG IN WITH OR SIGN UP WITH DISQUS ? Name Share Best Newest Oldest  Be the ?rst to comment. Subscribe Privacy Do Not Sell My Data By continuing, you accept the privacy policy English