Setting up and Operating Family Office in Singapore
Your Gateway to Wealth Management in Singapore
Singapore has emerged as a premier destination for family offices in Asia, thanks to its robust regulatory framework, tax incentives, and political stability. The Monetary Authority of Singapore (MAS) offers attractive tax exemption schemes under Section 13O and Section 13U for qualifying fund management entities.
VietCham partners with leading fund administrators, licensed fund managers, and legal advisors to provide end-to-end family office setup and operational support, including VCC (Variable Capital Company) structuring.
Why Establish Your Family Office in Singapore?
Singapore's unique combination of regulatory excellence, tax efficiency, and strategic positioning makes it the ideal hub for family wealth management
Robust Regulatory Framework
Singapore's Monetary Authority (MAS) provides a transparent, well-regulated environment that gives family offices confidence and credibility.
Attractive Tax Incentives
Section 13O and 13U tax exemption schemes offer significant tax savings on qualifying investment income for fund management entities.
Strategic Location
Positioned at the crossroads of Asia, Singapore offers access to high-growth markets across ASEAN, China, and India.
Political Stability
A stable political environment and strong rule of law provide the ideal foundation for long-term wealth preservation and growth.
World-Class Financial Ecosystem
Home to over 200 banks and leading global financial institutions, Singapore offers unmatched access to investment opportunities.
Talent Pool
Singapore's highly educated, multilingual workforce provides access to experienced fund managers and investment professionals.
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.
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.
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 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
SFO benefits from the lowest corporate income tax rate in Singapore at 17%. In addition, SFO is exempt from qualifying income tax.
Families may be exempt from stamp duty or may be subject to a lower rate than other investors.
Singapore has abolished estate duty since 15 February 2008. This ensures that family assets are held and protected at the lowest cost.
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
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.
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.
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.
This scheme provides a 50% tax exemption on investment income from real estate and real estate investment funds managed by SFOs.
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.
Tax Incentive Schemes
Singapore offers two primary tax incentive schemes for qualifying fund management entities operated as family offices
- Tax exemption on specified income from designated investments
- Fund must be a company incorporated and tax-resident in Singapore
- Minimum AUM of S$10 million at the point of application
- At least 2 investment professionals employed in Singapore
- Minimum annual local business spending of S$200,000
- Fund must invest at least 10% of AUM or S$10 million (whichever is lower) in local investments
- MAS approval required; valid for a renewable 5-year period
- Tax exemption on specified income from designated investments
- Available to funds managed by a Singapore-based fund manager
- Minimum AUM of S$50 million at the point of application
- At least 3 investment professionals, including at least 1 non-family member
- Minimum annual local business spending of S$500,000
- Greater flexibility in fund structure and investment strategies
- MAS approval required; valid for a renewable 5-year period
| Criteria | Section 13O | Section 13U |
|---|---|---|
| Minimum AUM | S$10 million | S$50 million |
| Investment Professionals | At least 2 | At least 3 (incl. 1 non-family) |
| Local Business Spending | S$200,000/year | S$500,000/year |
| Fund Structure | Singapore-resident company | Flexible (incl. LP, VCC) |
| Incentive Period | 5 years (renewable) | 5 years (renewable) |
| Local Investment | 10% of AUM or S$10M | Not required |
Comprehensive Family Office Services
End-to-end support from initial structuring through ongoing compliance and wealth advisory
Entity Setup & Structuring
- Family office structure design and advisory
- Single Family Office (SFO) or Multi Family Office (MFO) setup
- Variable Capital Company (VCC) incorporation
- Fund entity establishment and registration
Tax Incentive Application
- Section 13O / 13U application and submission to MAS
- Preparation of investment mandate and strategy documentation
- Economic substance planning and compliance structuring
- Liaison with MAS throughout the approval process
Compliance & Administration
- Fund administration and NAV computation
- Anti-Money Laundering (AML) / Know Your Client (KYC) procedures
- Ongoing regulatory compliance and MAS reporting
- Annual audit coordination and tax filing
Talent & Operations
- Investment professional recruitment support
- Employment Pass applications for key personnel
- Office setup and operational infrastructure
- Corporate secretarial and governance services
Wealth Advisory
- Succession planning and wealth transfer advisory
- Philanthropic structuring and charitable giving
- Multi-generational governance frameworks
- Family charter and constitution drafting
Ongoing Support
- Quarterly compliance health checks
- Annual MAS reporting and renewal management
- Investment mandate reviews and updates
- Cross-border tax planning coordination
How We Set Up Your Family Office
A streamlined 5-step process from initial consultation to fully operational family office
Initial Consultation
We assess your family's wealth management goals, investment strategy, and determine the optimal family office structure (SFO vs. MFO) and tax incentive scheme (13O vs. 13U).
Entity Incorporation
We incorporate the fund management company and, if applicable, the Variable Capital Company (VCC) or fund vehicle. All ACRA registrations and legal documentation are handled.
MAS Application
We prepare and submit the Section 13O or 13U application to MAS, including investment mandates, business plans, and compliance frameworks.
Operational Setup
We establish bank accounts, recruit investment professionals, set up compliance systems, and ensure all economic substance requirements are met.
Ongoing Management
We provide continuous fund administration, regulatory reporting, annual audits, and compliance monitoring to keep your family office in good standing.
Costs and Timeframe
Setup Cost
The cost of setting up a Family Office in Singapore can range from 100,000 USD and up, depending on the complexity of the structure and services required.
Timeframe
The timeframe may take up to 9 months due to the current surge in applications for family office setups in Singapore.
Common questions about Family Offices
Everything you need to know about establishing a family office in Singapore. Can't find the answer? Reach out to us.
Contact UsA Single Family Office (SFO) manages the wealth of one ultra-high-net-worth family exclusively, offering maximum privacy and customization. A Multi Family Office (MFO) serves multiple families, sharing operational costs and providing access to institutional-grade investment opportunities. VietCham can help you determine which structure best suits your family's needs and AUM level.
Under Section 13O, the minimum Assets Under Management (AUM) is S$10 million at the point of application. Under Section 13U, the minimum AUM is S$50 million. However, these thresholds are assessed at the point of application, and MAS may consider the overall trajectory and commitment of the family's assets.
A VCC is a corporate structure introduced by Singapore specifically for investment funds. It allows a single VCC to house multiple sub-funds with different investment strategies, asset classes, or investor groups, while maintaining legal separation between sub-funds. VCCs can be used as the fund vehicle under both Section 13O and 13U schemes.
Typically, the full process from initial consultation to operational family office takes 3-6 months. This includes entity incorporation (2-4 weeks), MAS application preparation and submission (4-8 weeks), and MAS approval (8-12 weeks, depending on complexity). VietCham's experienced team helps streamline each stage.
While you do not need to personally relocate, the family office must demonstrate economic substance in Singapore. This includes employing at least 2-3 investment professionals in Singapore (depending on the scheme), having a physical office presence, and meeting minimum local business spending requirements. VietCham can assist with talent recruitment and office setup.
Both Section 13O and 13U incentives are granted for an initial 5-year period and are renewable. Before expiry, you must submit a renewal application to MAS demonstrating continued compliance with all conditions. VietCham provides ongoing monitoring and handles the renewal process to ensure uninterrupted tax benefits.
Yes. Meeting the investment professional requirements is a key condition for both 13O and 13U schemes. VietCham works with our network of recruitment partners to help source qualified investment professionals, and can also assist with Employment Pass applications for overseas hires.
Establish Your Family Office Today
Book a confidential consultation with our team to discuss your family wealth management needs.