FOZL provides one-stop services for the establishment of your family office-FOZL

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FOZL provides one-stop services for the establishment of your family office

As a globally renowned financial center, Singapore boasts well-established financial regulations, abundant investment resources, and a wealth of wealth management professionals, consistently ranking among the top in global business operational competitiveness. Furthermore, Singapore's clean and stable government, and its pro-business environment, have made it one of the world's leading personal wealth management centers.

In recent years, the Singaporean government has introduced numerous favorable policies for the establishment and operation of family offices, such as the Global Investor Programme (GIP) and tax exemption policies for Singaporean funds (13R/13X). Shen Yibin, head of FOZL Family Office business, says: "Due to these advantages, Singapore has become the preferred country for ultra-high-net-worth individuals and families in Asia and globally to establish family offices."

Six Reasons to Choose Singapore for Establishing a Family Office

Affected by the pandemic, many family businesses worldwide have realized the importance of asset planning. To ensure the long-term inheritance of family wealth, more and more family businesses are choosing to establish their own family offices to manage family assets specifically. Singapore is often one of the preferred countries globally for family businesses to establish family offices.

First, Singapore is a globally renowned "Garden City." In recent global liveability rankings, Singapore is ranked fourth in Asia. The air is fresh, the climate pleasant, and it is an extremely suitable place to live.

Second, Singapore has one of the world's most developed healthcare systems. From last year to the present, Singapore's performance in controlling the pandemic has been globally recognized. This is mainly due to Singapore's comprehensive medical facilities and high medical standards, as well as the island-wide community healthcare system, providing you with safe health assurance.

Third, Singapore's bilingual education system, based on the British Cambridge curriculum, results in globally recognized student achievements. In the latest global university rankings (2022 QS World University Rankings), the National University of Singapore and Nanyang Technological University rank among the top two in Asia. Singapore's education system blends Eastern and Western approaches, with a strong bilingual education system, allowing your children to receive the best education.

Fourth, Singapore is a globally renowned financial center. As the world's largest foreign exchange trading center, Singapore holds a leading position in international finance, financing, insurance, asset, and wealth management.

Fifth, Singapore's tax system is globally leading. Recently, G7 finance ministers issued a joint statement supporting a global minimum corporate tax rate of 15%. However, many experts, scholars, and business representatives point out that this will not affect Singapore's ability to attract foreign investment. This is mainly because Singapore has well-developed laws, a simple tax system, and funds can flow freely in major financial centers. In addition, Singapore has signed tax treaties with over 100 countries worldwide. Establishing a family office in Singapore provides access to the necessary talent and tax incentives.

Sixth, Singapore is globally interconnected. Recently, ASEAN and the EU completed negotiations for the world's first inter-regional aviation agreement, which will promote trade and economic exchanges between the two regions. The Singapore passport offers visa-free entry to over 170 countries, equivalent to an "international pass."

In summary, Singapore's comprehensive "service system" is fully prepared for the establishment of family offices by high-net-worth individuals and families globally. Establishing a family office in Singapore is timely.

Singapore Single Family Office Model: One of the Easiest Models to Establish Globally

In Singapore, establishing a single family office is simple, efficient, and cost-effective, making it one of the easiest models to establish globally. Generally, setting up a single family office in Singapore requires two companies: a fund company, which can be registered in Singapore (13R/13X) or offshore (13R), and a single family office registered in Singapore. The single family office provides fund management services to the fund entity, and during this process, applicants can apply for employment passes (EP) through the fund manager role.

The fund company needs to meet an annual expenditure of at least SGD 200,000. Typically, applying for a 13R fund requires assets under management of at least SGD 5 million, and 13X requires at least SGD 50 million. Currently, a 13R single family office needs to employ at least one investment specialist (a qualified family member can apply for an EP to fill this role), and a 13X single family office needs at least three investment specialists (qualified family members can apply for EPs to fill these roles).

Compared to family office models in other regions, most use holding companies. Investing through multiple holding companies in different jurisdictions is complex, inefficient, and carries high tax risks. In this regard, the Singapore family office model is one of the simplest.

FOZL Provides One-Stop Service for Your Family Office Establishment

This year, given the rapid development of family offices in Singapore, FOZL Group and RSH (Rui Sheng) Asia have joined forces to establish FOZL RSH, dedicated to providing ultra-high-net-worth individuals in the Asian market with one-stop Singapore-based services for family office establishment, Singapore immigration and relocation planning, and asset management license applications, meeting the growing demand for high-quality professional consulting services in the Asian market, especially in China.

Currently, FOZL's family office services include family office structural design, establishment, and management; application for tax incentives and regulatory exemptions/licenses (such as 13X/13R); employment pass (EP) applications; application for Singapore permanent residency (PR) under the Global Investor Programme (GIP); accounting services; CRS and FATCA registration and reporting; family office audits; and concierge services.

For businesses and entrepreneurs establishing themselves in Singapore, FOZL is your preferred service provider.

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

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