Need Expert Support to Establish a Single Family Office in Singapore?

A single family office (SFO) in Singapore is a privately held entity that manages the wealth, investments, and affairs of one family exclusively. It does not serve third parties, which allows it to operate without a fund management licence, provided it meets the conditions set by the Monetary Authority of Singapore (MAS).

A minimum of SGD 20 million in assets under management is required under the Section 13O scheme, with annual local business spending of at least SGD 200,000. Section 13U requires SGD 50 million in AUM and at least SGD 500,000 in annual local spending. Staffing, office, and compliance costs apply on top of these thresholds.

The full process typically takes 9 to 12 months. Entity incorporation with ACRA takes one to two weeks, but the MAS review of the 13O or 13U tax incentive application accounts for most of the timeline. Banking, hiring, and immigration workstreams usually run in parallel with the MAS review.

Singapore offers three main schemes. Section 13O exempts qualifying income of Singapore-incorporated onshore funds with at least SGD 20 million in AUM. Section 13U is the enhanced tier for onshore and offshore entities with SGD 50 million or more, and extends to Variable Capital Companies with access to Singapore’s tax treaties. Section 13D exempts non-resident offshore funds managed by a Singapore-based fund manager, with no minimum AUM or local spending requirement.

A Single Family Office (SFO) is established to manage the wealth, investments, governance, tax planning, and succession needs of one ultra-high-net-worth family. It provides dedicated services that are customized to the family’s objectives, allowing complete control over investment decisions, risk management, and long-term wealth preservation.

A Multi Family Office (MFO) serves several unrelated families under a shared platform. While clients benefit from professional investment management and advisory services, resources and operating costs are shared among multiple families. An MFO is generally more cost-effective for families that do not require a dedicated office or have a lower level of assets under management.

In many cases, a Singapore Single Family Office may qualify for licensing exemptions under the Monetary Authority of Singapore (MAS), provided it manages assets exclusively for members of a single family and satisfies the applicable exemption criteria. However, the eligibility for an exemption depends on factors such as the ownership structure, investment activities, and whether services are provided only within the family.

Since every family office has a unique structure, professional advice should be obtained to determine whether a licensing exemption applies or whether regulatory approvals are required before commencing operations.

Sections 13O and 13U are Singapore tax incentive schemes designed to encourage investment fund management activities, but they differ in their eligibility requirements and scale.

Section 13O is generally intended for family offices with a smaller asset base, requiring a minimum fund size of SGD 20 million along with prescribed local business spending and employment requirements. Section 13U is designed for larger fund structures and typically requires a minimum fund size of SGD 50 million, together with higher local business spending commitments. Families with more substantial investment portfolios and international assets may find Section 13U more suitable due to its broader scope and scalability.

Selecting the appropriate incentive depends on factors such as assets under management, investment strategy, operating structure, and long-term growth plans.

Yes. Foreign individuals and international families can establish a Single Family Office in Singapore. The country is widely chosen by global investors because of its stable legal framework, well-developed financial sector, extensive network of tax treaties, and established wealth management industry.

Foreign families typically establish a Singapore company or Variable Capital Company (VCC), appoint directors and service providers where required, and structure their investments in accordance with Singapore regulations. Depending on their objectives, they may also apply for applicable tax incentives under Sections 13O or 13U.