Why Singapore’s Single-Family Offices (SFOs) are now becoming so Hugely Popular?
The country has demonstrated significant resilience in financial sectors amidst the covid 19 pandemics and performed better than many of its Asian peers by registering new Company Formation in Singapore.
Individual wealth and private capital have grown significantly over the past decade and Singapore has witnessed a surge in Single-Family Offices (SFOs) growing fivefold over the past couple of years. As confirmed by the Monetary Authority of Singapore (MAS) the SFOs are neither registered nor licensed entities and as of December 2020, there were some 400 SFOs in Singapore with an estimated asset of USD 20 billion.
The Securities and Futures Act does not explicitly define the term ‘single family office.’ However, according to MAS, it generally pertains to an entity managing assets for a family, wholly owned or controlled by its members.
An SFO typically engages in diverse activities to oversee a family’s assets daily. These activities encompass investment management, consolidating family accounts, and handling tax filings.
Single-family offices commonly hire small teams of trusted advisors and investment experts. Additionally, they create indirect employment in Singapore by engaging external finance and tax professionals for guidance on wealth planning and operational concerns.
What are Single Family Offices?
SFO Incorporation
Business Form
Single Family Offices - Guide
- Explore the reasons for the fivefold growth of Single-Family Offices (SFOs) in Singapore over the past couple of years
- Discover the Business form of SFO’s and how it is incorporated
- Analyse the legal and tax environment in Singapore which makes it a preferred destination for establishing an SFO
How can IMC help?
Activities carried out by SFOs
Technologies usually outsourced except for the handling of social media.
Bookkeeping, accounting, budgeting and cash flow planning are often outsourced to accounting services in Singapore.
Tax and wealth planning, only regulatory compliance is done in-house while tax planning is outsourced.
Operations except hiring and employment are usually managed by external services.
Legal services are outsourced.
Family governance, education and succession planning are mostly outsourced.
Charitable services are managed by external sources.
Risk management about fraud and data theft, insurance, managed both in-house and by external agencies.
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