What is Family Office?It is not too difficult to understand, what you earned is truly yours in your Family Office.
As many high-net-worth families are transitioning into the next generation, there is growing demand from these families to put a proper structure in place to manage the family’s wealth. We have worked with many high-net-worth families, who are eager to ensure that their assets are held under tax compliant and tax efficient structures. We understand you.
Why work for others when you can work in your family office?
Exemption Schemes under the Singapore Income Tax Act
13R – Onshore Fund Tax Incentive SchemeThis is the most preferred scheme among our foreign clients. For private equity funds investing and taking advantage of Singapore’s position as a global financial hub. Investors enjoy exemption of income of company incorporated and resident in Singapore arising from funds managed by fund manager based in Singapore. It is for tax resident of Singapore, for which funds must not be 100% owned by Singapore investors. No restriction on assets under management(AUM). However a fund expenditure of $200,000 is required. Your salary and rental counts. Funds as a Private Limited Company (Pte Ltd). Normally 1 EP quota will be granted per Family Office.
13CA – Offshore Fund Tax Incentive SchemeFor mutual funds and notable investors taking advantage of it not being governed by the Singapore Companies Act. Investors enjoy exemption of income arising from funds managed by fund manager in Singapore. It is for non-tax resident of Singapore with no presence in Singapore (other than the Singapore fund manager and Singapore based trustee), for which funds must not be 100% beneficially owned by Singapore investors. No restriction on assets under management (AUM). Funds as Unit Trust.
13X – Enhanced-Tier Fund Tax Incentive SchemeIn this scheme, global investors receive exemption of income arising from funds managed by the fund manager in Singapore. There is no restriction over the fund’s residence and investors are choosing Singapore’s fund managers for its infrastructure and strategical location. The fund administrator must be Singapore-based and the assets under management should be at least S$50 million. Funds as companies, trusts and limited partnerships. Normally 3 EP quota will be given to individuals in the Family Office.
Why is Singapore the ideal place to set up your family office?
What is the Process?
We will assist in the application for the relevant fund tax incentive, attend meetings with MAS, review the legal documents from a tax compliant perspective and implement the structure. You will receive an investment management agreement template and legal opinion on exemption of license from our expertise.