Family Office Legal Services at Advomi Singapore
Advomi stands at the intersection of traditional values and modern legal innovation, offering a suite of comprehensive legal services tailored exclusively for family offices.
Family Office In Singapore
In the vibrant business ecosystem of Singapore, family offices have emerged as a robust vehicle for wealth preservation, intergenerational wealth transfer, and strategic investments.
Setting up a family office in Singapore
Singapore is regarded as one of the most prominent financial centres in Southeast Asia and the world. With its transparent and stable regulatory environment, Singapore is a gateway for asset managers and investors. This, along with many other factors like political and economic stability, a robust wealth management ecosystem and an attractive tax regime, have prompted many affluent families, HNWIs and UHNWIs from Asia and abroad to invest wisely with the ultimate goal of assuring, protecting and managing a family’s legacy for generations by setting up a family office in Singapore.
Why Choose Advomi?
Our panel of lawyers is dedicated to ensuring that your wealth legacy is structured optimally, safeguarded, and continues to flourish.
Deep Expertise
Our panel of lawyers has years of experience in providing valuable insights, specifically for family offices, throughout each project.
Agile Approach
As boutique-size firms we are able to provide the agility and flexibility you need.
Transparent Pricing
Our clarity in pricing, leaning towards fixed-fee models, prioritizes your interests over all else.
Secure Your Legacy with Advomi
Our Spectrum of Services
At Advomi, our panel of lawyers can provide you with the following services for family offices:
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Structural Advisory
Guidance on establishing your family office, with insights into the most fitting vehicle and structure.
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Tax Consultation
Comprehensive tax advisory spanning income tax, GST compliance, and transfer pricing documentation.
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Governance & Compliance
Expertise on corporate governance, regulatory nuances, and ensuring compliance.
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Financial Insights
Corporate finance and deal advisory tailored to your investment goals.
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Conflict Resolution
Dispute advisory to address any potential conflicts or issues.
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Philanthropic Guidance
Ensuring your legacy also positively impacts the community through philanthropy consulting.
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Specialized Asset Management
Collaborative efforts with trusted advisers and investment specialists for efficient wealth management, encompassing investment strategies, tax considerations, financial consultation, licensing, and exemptions.
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Regulatory Audit & Due Diligence
Comprehensive reviews to ensure all regulatory requirements are met.
Discover more about our solutions
Meet Our Panel Of Lawyers
Kenneth George Pereire
- General Counsel
Corporate and commercial law, compliance, employment law, fintech
- Singapore |
- KGP Legal LLC
Mahdev Mohan
- Associate General Counsel
International law, regulatory compliance, commercial law, dispute management, tech
- Singapore |
- KGP Legal LLC
Robert lee
- Counsel
Corporate and commercial law
- HK |
- Robert Lee Law Offices HK
Shobna Chandran
- Counsel
Cross border commercial litigation, arbitration, insolvency and appellate matters
- Singapore |
- Shobna Chandran LLC
Shloka Vsr
- Counsel
Corporate and commercial law, alternative dispute resolution, commercial agreements
- Singapore |
- KGP Legal LLC
Marissa Daisy Decruz 美丽莎
- Counsel
Litigation, arbitration, employment and criminal matters.
- Singapore |
Frequently asked questions about setting up a family office in Singapore
The business advice lawyers will assess the problems that you are experiencing while running your organisation and help resolve them so that you can focus on your company and its operations.
Managing an organisation as an entrepreneur can be very challenging at times. Our consultants are well-placed to resolve any complex legal issue that you face and will also be able to alert you to any issues beforehand so that you will be able to make the best business decision.
What are family offices / Why set up family offices?
Family offices are private wealth management advisory firms that provides a range of services (e.g. investment management, family administration, estate planning, management of luxury assets, philantrophy, consolidation of family’s accounts, tax filing / planning, facilitation of the day-to-day management of a family assets, avenue for families to discuss their private investment matters and strategies) to high-net-worth (“HNW”) clients and their financial needs.
The assets and wealth of HNW clients would be managed by a team of professionals (e.g. legal compliance, financial planning) employed by the family office, ensuring the safe management of the HNW clients’ resources.
What are the different kinds of family offices?
How can I structure my family office?
- Unit trusts
- Special limited partnerships
- Limited liability partnership
- Company limited by guarantee (“CLGs”)
- Variable capital companies (“VCCs”)
What are the benefits of setting up a family office in Singapore?
There are various considerations for families to consider when deciding where to locate their family office, including the jurisdiction of choice.
Singapore has quickly become the jurisdiction of choice to set up a family office due to the following reasons:
- Leading financial hub – access to a wide range of financial services and expertise
- Politically stable environment where many HNW individuals and their trusted advisors are happy to live
- Robust legal framework / strong regulatory environment
- Favourable tax regime for family offices
- SFOs can be used as part of the personal planning of HNW family members – Singapore SFO may sponsor employment passes and may even be used as part of an application for permanent residency by HNW family members under the Global Investor Programme.
How will your incorporation journey look like?
Sourced from EDB
What tax incentive schemes / exemptions are available to family offices?
Family offices can be considered under these tax incentive schemes –
Section 13U of the Income Tax Act – Enhanced-Tier Fund Tax Incentive Scheme Requirements:
- Minimum asset under management (“AUM”) of S$50 million at the time of application.
- Family office would be required to employ a minimum of 3 investment professionals (at least 1 investment professional has to be a non-family member. 1 year grace period for firms to implement this).
- Scheme must be approved by MAS.
- Changes in the family office’s investment strategy must be approved by the MAS.
- Subject to a tiered framework for minimum local business spending as follows:
- S$500,000 for AUM of S$50 million and above but less than S$100 million.
- S$1,000,000 for AUM of S$100 million and above.
- Invest at least 10% of AUM or S$10 million, whichever is lower, in local investments (with 1 year grace period)
Section 13O of the Income Tax Act – Singapore Resident Fund Scheme
- Minimum AUM of S$10 million at time of application with a commitment to increase fund size to S$20 million within a 2-year period.
- Family office will need to employ a minimum of 2 investment professionals (1 year grace period for firms to employ the 2nd investment professional)
- Scheme must be approved by MAS.
- Changes in the family office’s investment strategy must be approved by the MAS.
- Subject to a tiered framework for minimum business spending as follows:
- S$200,000 for AUM of S$50 million.
- S$500,000 for AUM of S$50 million and above, but less than S$100 million.
- S$1,000,000 for AUM of S$100 million and above.
- Invest at least 10% of AUM or S$10 million, whichever is lower, in local investments (with 1 year grace period)
No capital gains tax
- No capital gains tax on the sale of financial assets (e.g. stocks and bonds) in Singapore. Family offices can sell their investments without incurring any tax liability on the capital gains earned.
Financial sector incentive – fund management scheme (“FSI-FM”)
- Family offices can apply for the FSI-FM scheme, where the fee income derived by a fund manager from managing a fund is subject to a tax rate of 10%, instead of the usual corporate rate of 17%.
No withholding tax on dividends
- Singapore does not impose withholding tax on dividends received by individuals or companies. Family offices can receive dividends from their investments without incurring any withholding tax.
No estate duty
- Legal form must be a Singapore company and must not have previously carried on business in Singapore.
For more information, please click here (link them to https://www.advomi.com.sg/tax-incentives-for-funds/ )
What licensing exemptions can SFOs rely on?
The SFOs in Singapore are typically designed to be exempt from regulation under local securities law – allowing the SFO to avoid the need to obtain licence / become registered to provide fund management services to the investment vehicles held by a HNW family.
We will be able to advise you on the exemptions in detail.