Single Family Office

A Single Family Office caters specifically to the members of a single family. In contrast, a Multi-Family Office provides services to members of multiple families.

Single Family Offices have become increasingly vital in wealth planning, with over 700 such offices estimated to be operational in Singapore by the end of 2021, managing assets exceeding 31 billion SGD.

Why Choose Singapore

1

Leading Financial Services Hub

Singapore is a gateway to entering the Southeast Asian market.

2

Low-Tax Regime

Corporate tax (17%); personal income tax (0% – 24%).

3

Hub for the Affluent

Many high-net-worth individuals and their trusted advisors reside and operate in Singapore.

4

Immigration Planning

A Singapore Single Family Office can be used for immigration planning, serving as a sponsor for employment pass applications or facilitating applications for Singapore Permanent Resident status under the Global Investor Program (GIP) framework for high-net-worth family members.

5

Regulatory and Tax Exemptions

The structure of a Singapore Single Family Office can benefit from exemptions in certain regulations of the Singapore financial securities framework during the provision of fund management services and can benefit from the Singapore fund tax-exempt schemes.

6

Family Trusts

Singapore is a well-regarded jurisdiction for the establishment and management of trusts. Singapore Single Family Offices and their underlying funds commonly form part of family trust structures.

Service Scope A - Planning Phase

Single Family Office Structure

We will suggest a commercially viable and tax-compliant Single Family Office structure for you, taking into account risk management, legal compliance (including licensing requirements), and tax efficiency.

Tax and Incentive Planning (e.g. Section 13O / 13U of Singapore Income Tax Act)

From a tax and compliance perspective, we will review and provide a legal documentation associated with the structure to ensure that it complies with the expected tax implications at the preliminary stage.

Legal Opinion on Fund Management Licensing Requirements

To acquire a legal opinion from top law firms to support that the fund management company is exempted from holding a Capital Markets Services Licence to manage funds under the Securities and Futures Act.

Project Workflow

The personal bank account opening service involves assisting individual clients in opening bank accounts in Singapore. The following are the relevant steps of the process:

01

Tax Incentives Application

We will assist in applying for relevant tax incentives, including arranging and attending meetings with MAS; preparing and reviewing application documents; and providing appropriate responses to any queries raised by MAS regarding the application.

02

Application for Family Office CMS License Exemption

We will work with top law firms to apply to MAS for an exemption for the fund management company to hold a Capital Markets Services Licence.

03

Provision of Investment Management Agreement Template

We will provide an investment management agreement as part of the application submission.

04

Overseas Account Tax Compliance Act (FATCA) & Common Reporting Standard (CRS) Entity Classification

We will prepare a brief memorandum outlining the respective entity classifications under FATCA and CRS, in accordance with the relevant FATCA and CRS regulations.

05

FATCA & CRS New Account Registrations

We will assist in the FATCA and CRS account registrations for various financial institutions identified in Service Scope 6 of the Implementation Phase.

06

Company Incorporation

We will assist with company incorporation based on the existing standard constitution.

07

Employment Pass (EP) Applications

We will coordinate with the company secretary to apply for EPs.

08

Provision of Employment Contract Template

We will provide an employment contract template for your reference and usage.

09

Bank Account Opening

We will assist in opening local bank accounts for the relevant companies and individuals.

Extended Services

  1. Trust consultancy and establishment, including business continuity and divorce protection planning
  2. Advisory on asset migration
  3. Structuring and establishment of Variable Capital Companies (VCCs)
  4. Company incorporation and ongoing corporate secretarial services
  5. Virtual Family Office – accounting, bookkeeping, XBRL preparation, payroll services
  6. Annual statutory FATCA and CRS reporting services
  7. Corporate income tax and Goods and Services Tax (GST) compliance services
  8. Personal tax planning and compliance services
  9. Transfer pricing analysis and documentation
  10. Provision of statutory and non-statutory audits
  11. Charitable advisory services
  12. Licensing applications and regulatory compliance services
  13. Permanent residency planning and applications (including Global Investor Programme)
  14. Office concierge services (e.g., billing, travel, real estate, education, chauffeurs, domestic helpers, insurance)
  15. Financial and investment planning
  16. Recruitment and headhunting services
  17. Assistance in obtaining consent letters for the appointment of second directors