Setting up a family office in Singapore: What you need to know-FOZL

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Setting up a family office in Singapore: What you need to know

Why is Singapore a good place to set up a family office?

Over the past decade, with the significant growth in wealth and affluence in the region, the number of ultra-high-net-worth individuals and families has grown exponentially. Asia is one of the fastest-growing regions for High-Net-Worth Individuals (HNWIs), with wealth highly concentrated here.

As a leading financial center, Singapore is one of the preferred locations for high-net-worth individuals to manage their wealth. In addition to a stable and well-regulated financial legal system, Singapore boasts wealth-friendly regulations and a highly attractive tax system. Coupled with a deep talent pool in private banking, asset management, legal, and financial fields, Singapore becomes one of the most attractive places to set up a family office.

Typical Family Office Structure

Family offices have long been a familiar concept in Europe and the United States. With the growth of wealth in Asia, family offices have become a popular wealth management solution, customizable to the needs of high-net-worth individuals and their families. It is essentially a fund management and advisory firm designed to oversee the management, preservation, growth, and intergenerational transfer of assets and investments for high-net-worth families.

A common family office structure is the single-family office. In a Single-Family Office (SFO), the legal entity manages the financial and personal affairs of one family and is wholly owned by family members of the same family.

Factors to Consider When Setting Up a Family Office

Each high-net-worth family has specific needs and objectives for establishing a family office. There is no one-size-fits-all family office structure; each family office must be tailored to the family's requirements, taking into account various factors such as:

Objectives for setting up a family office
Types of assets to be injected into the family office;
Investment strategy and mandate of the family office
Existing regulatory requirements and tax incentive schemes

To promote the development of the asset management industry and encourage the establishment of family offices, Singapore has introduced various tax incentive schemes that are available to both family offices and investment funds.

How FOZL Can Help You

As a one-stop enterprise business solution provider, we possess the expertise and strong collaborative network to support family offices, and we will tailor-make a wealth management solution suitable for you.

Our services include:

Providing suitable structural advice for family offices
Advisory on regulatory requirements
Assistance with tax planning, immigration, and resettlement matters.
Establishment of the legal entity for the family office
Assistance in obtaining tax incentives and liaising with relevant government authorities.
Transfer pricing analysis for family office management services

Welcome to contact FOZL, our highly qualified team will be happy to serve you!