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FAMILY OFFICE

A Family Office is an all-round solution for our Ultra High Net Worth clients, which can help them and their families to manage their wealth and legacy planning.  At IPCG, we find the best, consolidated solutions for our clients, tailored according to their needs.

As Ultra High Net Worth families accumulate their wealth, it will get increasingly difficult and time consuming for them to balance their capital, needs and responsibilities. This is where Family Offices come in, to help them to manage their family wealth and investments, plan their legacy, and most importantly, manage their businesses amidst a period of technological disruptions. Family Offices help not just the client, but also their family, by considering each member’s desires and perceptions. Setting up a Family Office’s primary interest is to support the Ultra High Net Worth families with a wide range of advisory, incorporating both professional and operational capacity to grow and preserve their wealth for their next generations.

We understand that setting up Family Offices can be tedious with a complex procedure.  That is why our team has the avenues to help you set up your Family Office with ease.  Besides sharing knowledge and expertise when you need personalized recommendations, we also partner with a number of the best service providers and financial institutions who can offer the most beneficial solutions to your needs.   We are Independent Advisors who offer objective and efficient advisory to your best interests.

These are just some of the benefits you stand to gain by setting up a Family Office especially if you are considering setting up a Family Office in Singapore with plans to relocate to Singapore together with your family members:

• You will be eligible for the Singapore Tax Incentive Scheme.

• You may apply for an Employment Pass.

• You may apply for a Long-term Visit Pass for your parents.

• You may apply for a Dependent Pass for your spouse or children (under 21 years of age).

• In the future, you may be eligible for Permanent Resident status or Singapore citizenship.

Overview of Sections 13O and 13U

of Singapore Income Tax Act (SITA)

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MAS Approval

Assets Under Management

(AUM)

Family Office

as Fund Manager

(Service entity)

Fund

Expenditure

Fund

Administrator

 

Section 13O (formerly 13R)

Onshore Fund Tax Incentive Scheme

 

Section 13U (formerly 13X)

Enhanced Tier Fund Tax Incentive Scheme

 

Approval required from MAS

Minimum S$10 million at time of application with a commitment to increase fund size to S$20 million within a 2-year grace period.

Minimum SGD 50M

(can include insurance)

At least 2 investment professionals (“IPs”)

At least 3 IPs and at least one IP being a non family member

Singapore based

Singapore based where fund entity /

asset-holding entity is Singapore

incorporated

S$200,000 - S$1 million business

spending in a year, subject to tiered business spending framework

S$500,000 - S$1 million business

spending in a year,  subject to tiered business spending framework