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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.
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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