Singapore has become a popular destination for families looking to set up a 13O/U family office. With its stable political and economic environment, favourable tax policies, and well-established legal and regulatory framework, Singapore offers an attractive platform for managing the wealth of high-net-worth families. In this article, we will explore the eligibility criteria for setting up a 13O/U family office in Singapore.
Definition of a 13O/U family office
A 13O/U family office is a company that is set up to manage the wealth of a family or a group of families. In Singapore, a 13O/U family office is regulated under the Monetary Authority of Singapore (MAS) and is subject to certain eligibility criteria.
Minimum assets under management
One of the eligibility criteria for setting up a 新加坡家族办公室-13U-13O is the minimum assets under management (AUM) requirement. The MAS requires that the family office must have a minimum AUM of SGD 200 million, which can be held in cash, securities, and other financial instruments. This requirement ensures that only families with substantial wealth can set up a family office in Singapore.
Eligible investors
Another eligibility criterion for setting up a 13O/U family office in Singapore is that the family office must only serve eligible investors. Eligible investors are defined as individuals with a personal net worth of at least SGD 2 million or corporations with a net asset value of at least SGD 10 million. The family office must also ensure that each eligible investor invests at least SGD 200,000 in the family office.
Singapore residency
To set up a 13O/U family office in Singapore, the family office must have at least one key executive who is a Singapore resident. The key executive must have the necessary expertise and experience to manage the family office’s operations effectively. Additionally, the family office must maintain an office in Singapore and employ at least two staff members who are Singapore residents.
Compliance with regulations
The MAS requires that family offices comply with specific regulations and guidelines to ensure that they operate in a transparent and efficient manner. Family offices must have robust risk management policies and procedures in place, including anti-money laundering and counter-terrorism financing measures. The family office must also maintain proper books and records and submit regular reports to the MAS.
Other considerations
In addition to the eligibility criteria outlined above, there are other factors that families should consider when setting up a 13O/U family office in Singapore. These include the availability of talent and expertise in Singapore’s financial industry, the cost of setting up and operating a family office, and the tax implications of establishing a family office in Singapore.
Setting up a 13O/U family office in Singapore requires families to meet specific eligibility criteria. The family office must have a minimum AUM of SGD 200 million, serve only eligible investors, have at least one key executive who is a Singapore resident, and comply with regulations and guidelines set by the MAS. Families should also consider other factors when deciding whether to set up a family office in Singapore, such as the availability of talent and expertise, the cost of setting up and operating a family office, and the tax implications of establishing a family office in Singapore. With the right 新加坡13O/U家族办公室申请常见问题解答 you can provide a solid platform for managing the wealth of high-net-worth families.
