Single Family Office (SFO)
Singapore offers an ideal environment for wealth, business, and investment management through a family office structure, thanks to its robust financial infrastructure, comprehensive regulatory framework, and attractive tax incentives. Over the years, the government has continuously enhanced the financial landscape, while working to expand employment opportunities in the financial sector by attracting top talent internationally and digitalising financial services.
“Singapore is now home to almost 60 percent of Asia's family offices. The number of wealthy families coming here is projected to have risen from 2,800 in 2022 to 3,200 in 2023, DBS said.” - straitstimes
With its dynamic financial ecosystem, Singapore provides an exceptional platform for managing wealth. Establishing a family office here can be a strategic way to preserve and grow wealth across generations.
The Family Office Hub of Asia
As of August 2024, there are 1,650 family offices established in Singapore.
68% of global family offices are increasing their investments in the Asia-Pacific region.
68% of Asian family offices are involved in sustainable green investments.
3X Interest in establishing a Single Family Office (SFO) in Singapore has tripled since the COVID-19 pandemic.
Since 2016, as Asian wealth has grown, more families are consolidating their assets in Singapore through formal structures like family offices. These family offices are regulated by the Monetary Authority of Singapore (MAS) and the Singapore Economic Development Board (EDB), ensuring Singapore remains a leading hub for wealth management and family offices in the region.
Setting up a family office goes beyond standard company incorporation, involving detailed wealth management, tax advisory, and thorough due diligence regarding the source of wealth. Thanks to its favorable political and business environment, Singapore has become one of the top destinations in Asia for families looking to centralize their wealth. Singapore’s government is actively positioning the city as Southeast Asia's financial center, offering strong support to both businesses and family offices.
For families seeking to manage their investments while supporting philanthropic efforts, an SFO in Singapore offers a compelling structure.
Comprehensive Family Office Solutions
Key Objectives and Benefits of Setting Up an SFO
A Single Family Office (SFO) is typically established to serve a variety of strategic purposes, which can vary depending on each family's unique goals. Common objectives include:
Tax Planning and Efficiency
Securing Permanent Residency
Mitigating Family Disputes
Wealth Preservation & Growth
Philanthropy
Education for Future Generations
Navigating Geopolitical and Environmental Risks
Generational Legacy Planning
Each family's specific goals guide the creation of bespoke strategies, helping to determine the level of personalization and detail required for their family office.
With strong support from regulatory bodies and government agencies, Singapore has become a preferred jurisdiction for family office formation. The city-state meets the needs of many families, offering:
A Robust Regulatory Framework
Access to Trusted Financial Services Providers and World-Class Infrastructure
Stable, Pro-Business Government Policies
A Skilled Talent Pool
The Singapore Immigration Roadmap
Current Goal - Establish a Single Family Office and apply for relevant work and dependent passes for yourself and immediate family members.
Future Possibilities:
Singapore Permanent Residency (PR) + Social Integration
Global Investor Programme (fast-track option to Singapore PR)
Sponsorship for PR, Citizenship, or Long-Term Visit Pass (LTVP) for immediate family members
Singapore Citizenship and Social Integration
Typical Pathway for Incorporating a Family Office
Define Objectives
Clarify the family's vision and investment goals.
Determine the level of family involvement.
Identify the assets to be managed.
Develop a Business Plan
Analyze jurisdiction and geographical considerations.
Define tax planning requirements.
Determine the most suitable legal structure.
Estimate operational costs and budgets.
Identify complementary services.
Set Up & Implement the Family Office
Incorporate the family office and set up necessary infrastructure.
Recruit qualified professionals.
Establish advisory committees and implement relevant licensing and tax incentive applications.
Set up key operational functions and standard procedures.
Immigration Bureau Consulting assists with every aspect of setting up a family office, from incorporation and licensing to recruiting talent and sourcing office space.
Begin Operations
Launch family office operations.
Monitor performance using key benchmarks and indicators.
Join family office networks and investment communities to explore opportunities and further the family's legacy.
Single Family Office Structures
SFO structures are highly customizable to meet the unique needs and goals of each family. Here are some common configurations that clients may adopt in Singapore:
General Notes
Investments are held within a dedicated investment holding company to ensure asset/liability segregation from the Single Family Office (SFO) entity.
Family Holding Company (HoldCo)
The Singapore (SG) Asset Holding Entity may apply for Fund Tax Incentives if it meets eligibility criteria.
The Offshore Asset Holding Entity qualifies for the Offshore Fund Tax Exemption Scheme.
Family Trust
An optional Trust, which would be managed by a Trustee.
Asset Holding / Fund Entity
Allocations may include investment assets such as:
Properties
Equities in listed and unlisted companies
Insurance products
Foreign exchange and derivatives
Bonds and warrants
Fund Manager
Employment of family members and qualified investment professionals.
A legal opinion or formal approval from the Monetary Authority of Singapore (MAS) may be sought regarding fund license exemption to support the fund tax exemption application.
Investment Management Agreement
Establishes the agreement between the Asset Holding/Fund Entity and the Fund Manager.
The Family Office Company delivers management services to the Fund Entity in exchange for management fees.
General Notes
Investments are held within a separate investment holding company to ensure asset/liability segregation from the SFO entity.
The SG Asset Holding Entity may apply for Fund Tax Incentives if the necessary criteria are met.
Family Trust
Optional Trust to be managed by a Trustee.
Asset Holding / Fund Entity
Investment assets may include:
Properties
Equities in listed and unlisted companies
Insurance products
Foreign exchange and derivatives
Bonds and warrants
Fund Manager
Employment of family members and qualified investment professionals.
A legal opinion or formal approval from the Monetary Authority of Singapore (MAS) may be sought regarding fund license exemption to support the fund tax exemption application.
Investment Management Agreement
Establishes the agreement between the Asset Holding/Fund Entity and the Fund Manager.
The Family Office Company delivers management services to the Fund Entity in exchange for management fees.
General Notes
Investments are held within a separate investment holding company to ensure asset/liability segregation from the SFO entity.
The SG Asset Holding Entity may apply for Fund Tax Incentives if the necessary criteria are met.
Asset Holding / Fund Entity
Investment assets may include:
Properties
Equities in listed and unlisted companies
Insurance products
Foreign exchange and derivatives
Bonds and warrants
Single Family Office (Fund Manager)
Qualified family members and investment professionals will be employed.
Legal opinion or formal approval from MAS on fund license exemption may be sought to support the fund tax exemption application.
Investment Management Agreement
Defines the agreement between the Asset Holding/Fund Entity and the Single Family Office.
The Family Office Company provides management services to the Fund Entity in return for management fees.
Get in Touch with Our Immigration Experts
Need personalized guidance on your Singapore PR or Citizenship journey? Our team is here to help! Whether you have questions about the process, need document assistance, or want to explore your options, simply fill out the form below, and we'll get back to you shortly.