We build unique family office solutions tailored to the needs and goals of each family.
In simple terms, a family office is an investment structure used to structure family investments and transfer wealth from one generation to the next. There are thousands of single family offices around the world, and their number is growing rapidly every year. Singapore is one of the most preferred location for family offices due to its reputation as an international finance hub, well-established regulatory system, stable political and economic environment, and excellent tax incentive schemes.
In just two years, from 2017 to 2019, the number of family offices in Singapore has grown by as much as five times! By the end of 2020, there will be nearly 400 family offices in Singapore with approximately US$20 billion of assets under management.
HNWIs choose Singapore because of its robust financial regulatory system, world-leading banking and wealth management services, sound rule of law system, and stable political and economic environment.
To attract more families to set up family offices in Singapore, the Singapore government has introduced tax incentives that allow family investment vehicles to enjoy tax exemptions on specific types of income from designated investments. The three tax exemption schemes are the Offshore Fund Tax Exemption Scheme (13D), the Onshore Fund Tax Exemption Scheme (13U) and the Enhanced Fund Tax Exemption Scheme (13O). The 13U and 13O schemes allow family members who join the family office as professional investment advisors in a managerial capacity to apply for an EP (Employment Pass) in Singapore.
A family office is set up to create an entity to serve all the needs of the family and the typical functions are as follows.
Family office aligns interests between the business, advisors and the family.
Family office enables centralized and professional asset management. This can result in higher returns or reduced risk from investment activities.
Family office enables clear distinction between the underlying business and the family’s assets or other holdings.
Family office enables decisions that are better aligned with the family’s objectives and values.
Family office allows coordinated professional services to the family and its members.
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