How do you keep investments, businesses and succession plans coordinated when the family is spread across several countries? A family office brings investment decisions, reporting and financial administration into one structure, with a team working around the family’s long-term objectives.
Singapore has become a major base for these operations. The Monetary Authority of Singapore (MAS) reported that more than 2,000 single family offices were receiving fund tax incentives at the end of 2025.
In this article, we will walk you through how to set up a family office in Singapore, including the structures, licensing exemption, banking arrangements, fund tax incentives and ongoing requirements.
What Is a Family Office in Singapore?
A family office coordinates a family’s wealth, investments and financial administration. Its responsibilities can include investment management, consolidated reporting, succession planning and coordination with legal and tax advisors.
In Singapore, the main distinction is between a single family office serving one family and a multi-family office serving several unrelated families.
| Feature | Single family office | Multi-family office |
|---|---|---|
| Clients | One family and other permitted participants | Several unrelated families |
| Operating model | A dedicated team organized around the family | A commercial provider sharing resources across clients |
| Investment oversight | Designed around the family’s governance and investment strategy | Determined by the services and mandate agreed with the provider |
| Regulatory position | Can use the single family office licensing exemption if it meets the conditions | Fund management requires a license or another valid exemption |
| Fund tax incentives | Qualifying funds can apply under Section 13O, 13OA or 13U | Eligibility depends on the fund and the scheme |
A dedicated office gives a family control over its team, reporting and investment processes. However, it also creates recurring staffing and operating costs, so the decision depends on the portfolio’s complexity and the services the family needs.
The S$20 million and S$50 million thresholds discussed below relate to fund tax incentives. They are not universal minimum asset requirements for establishing a single family office.
How to Set Up a Single Family Office in Singapore
There are three separate parts to the setup: establishing the legal entities, meeting the licensing-exemption conditions and applying for fund tax incentives if the family wants them. Incorporating a company does not, by itself, complete the other two.
1. Design the fund and management structure
Start with the family’s investment strategy, asset mix, ownership arrangements and succession plans. These determine which entities will hold the assets and which entity will employ the team and manage the portfolio.
A common arrangement uses two entities:
- The fund vehicle: holds the investment assets and applies for the fund tax incentive.
- The management company: operates as the single family office, employs the team and manages the fund under an agreement.
The family can combine companies, trusts and other vehicles within the wider structure. Each serves a different purpose.
| Structure | Role in a family office arrangement | Main consideration |
|---|---|---|
| Private limited company | Can serve as the management company or fund vehicle | Shareholder information is available through ACRA records |
| Variable Capital Company | A fund vehicle with flexible capital and optional segregated sub-funds | Must appoint a permissible fund manager |
| Family trust | Holds assets under a trust deed for beneficiaries | Requires suitable trustee, control and distribution arrangements |
| Limited partnership | An alternative fund vehicle, including for the Section 13OA scheme | Requires general and limited partner arrangements |
A Variable Capital Company can be useful where the family wants separate investment pools or flexible subscriptions and redemptions. However, the single family office licensing exemption does not, by itself, qualify the office to manage a Variable Capital Company. A permissible fund manager must be appointed.
Privacy also needs to be assessed at each level. A Variable Capital Company’s shareholder register is not open to public inspection, but banks and authorities still require ownership and beneficial-owner information. Read more about business entities in Singapore to compare the general company and partnership options.
2. Incorporate the entities
Once the structure is settled, register the Singapore entities with the Accounting and Corporate Regulatory Authority (ACRA). Foreign investors can own 100% of a Singapore company, subject to restrictions governing particular activities.
For a private limited company, the core requirements include:
- At least one director ordinarily resident in Singapore
- A company secretary appointed within six months of incorporation
- A registered office address in Singapore
The single family office management company must be incorporated in Singapore to use the exemption. Its investment vehicles can be established in Singapore or overseas, subject to the relevant licensing, banking and tax conditions.
Plan the financial year-end and corporate responsibilities at this stage. These decisions affect annual filings and the first reporting periods for any tax-incentive award. The Singapore company registration process covers the incorporation requirements in more detail.
3. Confirm eligibility for the licensing exemption
The single family office exemption allows qualifying offices to conduct fund management without a Capital Markets Services license. It limits whose assets the office can manage and how the office is funded.
Permitted assets include those belonging to:
- Members of the same family
- Family trusts and corporations wholly owned by, and solely benefiting, that family
- Charitable organizations funded exclusively by the family
- Permitted key employees, within the prescribed limits
Under MAS’s guidelines, assets originating from non-family key employees cannot exceed 10% of total assets under management. Separately, those employees can hold only a non-controlling stake of up to 10% in the management company.
MAS’s family definition includes lineal descendants of a common ancestor, together with specified spouses, children and in-law relationships.
The common ancestor cannot be more than five generations removed from the youngest generation that established the office; subsequent generations can then be served.
If the office intends to manage assets outside these permitted categories, it is advisable to assess the licensing position before accepting them. Taking on unrelated clients can change the regulatory requirements for the business.
4. Open the required bank accounts
The management company and its Singapore-incorporated investment vehicles must each maintain an account with an MAS-licensed bank. A foreign-incorporated investment vehicle can instead use a regulated bank in a jurisdiction with anti-money laundering and counter-terrorist financing standards consistent with Financial Action Task Force standards.
For new Section 13O, 13OA or 13U applications, the fund must also satisfy the private banking account condition. Open the required accounts before submitting the licensing notification or tax application.
Prepare a bank-onboarding package covering:
- The ownership structure and beneficial owners
- The family’s source of wealth
- The source of the funds entering the accounts
- Asset records and relevant transaction history
- The investment strategy and expected account activity
- Identification and tax-residency information
Bank approval follows the institution’s own assessment. Complex ownership chains or incomplete wealth records can extend the process, so prepare the banking documents alongside incorporation.
5. Notify MAS
The revised single family office licensing-exemption framework took effect on 15 June 2026. New offices must notify MAS within 14 days of commencing operations, while offices already operating before that date have a transition period until 15 June 2027.
The office must meet the exemption conditions before filing. MAS does not require a legal opinion to accompany the notification, although legal advice can help resolve questions about the structure or permitted participants.
The office must also maintain its required banking arrangements, appoint the required Singapore-based contact and submit its annual return. Notification does not make the office MAS-licensed or MAS-approved, and its communications must not imply that status.
Family Office Tax Incentives in Singapore
The licensing exemption and fund tax incentives serve different purposes. The exemption permits qualifying fund management activity, while Sections 13O, 13OA and 13U exempt a fund’s specified income from designated investments when the scheme conditions are met.
The fund exemption does not automatically cover management fees earned by the family office management company. Assess the tax treatment of each entity separately when preparing the structure and service agreements.
Comparing Sections 13O, 13OA and 13U
For new single family office fund awards approved from 1 August 2026, the main conditions include the following. Investments in the family’s operating businesses do not count toward the minimum asset threshold.
| Requirement | Section 13O / 13OA | Section 13U |
|---|---|---|
| Minimum designated investments | S$20 million | S$50 million |
| Asset-testing points | At application and the end of each basis period | At application and the end of each basis period |
| Qualifying investment professionals | At least two, including one non-family member | At least three, including one non-family member |
| Fund structure | 13O: Singapore-incorporated, tax-resident company; 13OA: Singapore-registered limited partnership | Various legal forms, including approved fund structures |
| Tax exemption | Specified income from designated investments | Specified income from designated investments |
Hiring the investment team
Qualifying investment professionals include portfolio managers, research analysts and traders. They must be Singapore tax residents, earn more than S$3,500 per month and spend more than half their time on qualifying fund-management activity.
The rules allow the initial team to be completed after application:
- A Section 13O or 13OA fund can apply with one qualifying professional.
- A Section 13U fund can apply with two qualifying professionals.
The full required team, including the non-family professional, must be employed by the end of the first basis period. Failure results in revocation from the award’s commencement date.
The S$3,500 salary condition is a tax-scheme requirement. A foreign employee must separately meet the salary and eligibility conditions for the relevant work pass.
Preparing the application
Prepare the fund and ownership structure, investment strategy, staffing plan, banking evidence, projected Singapore spending and capital deployment plan before applying. These documents must show how the fund will meet its conditions.
The application must also reflect how the office will operate in practice. Align the employment arrangements, management agreement and bank accounts with the entities identified in the application.
Annual Requirements for Family Office Funds
The conditions below describe the current framework for new awards. Older awards can have different transitional or continuing conditions, so use the fund’s award letter and relevant MAS provisions when preparing its compliance calendar.
Local spending
The annual spending requirement depends on the fund’s assets in designated investments. Eligible local business spending includes Singapore operating expenses such as remuneration, rent and professional-service fees.
| Assets in designated investments | Total annual spending requirement | Minimum local business spending |
|---|---|---|
| Below S$250 million | S$200,000 | S$200,000 |
| S$250 million to below S$2 billion | S$500,000 | S$300,000 |
| S$2 billion or more | S$1 million | S$500,000 |
For the higher tiers, eligible donations and grants to qualifying blended finance instruments can contribute toward the amount above the local business spending minimum. Qualifying grants receive double recognition but cannot replace that minimum.
For example, a qualifying S$100,000 grant contributes S$200,000 toward the recognized spending requirement. Donation eligibility also has exclusions, including certain grantmakers, so check the recipient before including a contribution.
Capital deployment
The recognized capital deployment requirement is the lower of 10% of designated investments or S$10 million. It first applies at the end of the basis period for the first full Year of Assessment following commencement, then at subsequent basis-period ends.
Eligible categories include:
- Investments listed on Approved Exchanges
- Investment products distributed by MAS-licensed financial institutions in Singapore, excluding equities listed outside Approved Exchanges
- Non-listed Singapore companies with operating businesses and a substantive Singapore presence
“Approved Exchanges” refers to exchanges approved under Singapore’s Securities and Futures Act. Use the MAS Financial Institutions Directory to identify them.
Certain investments receive double recognition:
- Equities listed on Approved Exchanges
- Funds with at least 30% of their assets in equities listed on Approved Exchanges
- Blended finance instruments distributed by licensed financial institutions in Singapore
- Investments in qualifying non-listed Singapore companies with operating businesses and a substantive Singapore presence
Consequently, the recognized requirement can differ from the cash invested. A fund with S$80 million in designated investments has an S$8 million recognized requirement. If the qualifying investments receive double recognition, S$4 million of those investments can satisfy that amount.
Reporting and records
The management company’s exemption return and the fund’s tax declaration are separate obligations. Both have four-month deadlines measured against their respective financial or basis-period ends.
| Filing | Responsible entity | Deadline |
|---|---|---|
| Licensing-exemption annual return | Single family office management company | Within four months after its financial year-end |
| Tax-incentive Annual Declaration | Incentivized fund | Within four months after the corresponding basis period ends |
Retain records supporting asset values, professional eligibility, spending, deployment calculations and banking arrangements. The tax incentive does not remove ordinary company, accounting or tax-filing obligations.
A coordinated calendar helps prevent the management company’s and fund’s filings from being confused. Emerhub’s Singapore accounting team can support bookkeeping, financial statements and recurring corporate tax compliance.
Family Offices and Pillar Two
Families with substantial operating businesses across countries must assess Pillar Two at group level. The rules concern large multinational groups meeting the EUR 750 million consolidated revenue threshold in at least two of the preceding four financial years.
The outcome depends on consolidation, entity classification and special rules for investment entities. Singapore treats the domestic top-up amount of qualifying investment entities as nil. Other top-up rules, in Singapore or elsewhere, can still apply depending on the group, including Singapore’s Multinational Enterprise Top-up Tax.
Review the fund, management company and operating businesses separately. Ownership by the same family alone does not determine the group’s tax treatment.
Set Up Your Family Office in Singapore with Emerhub
A family office setup brings together corporate structuring, banking, staffing and tax-incentive requirements. Emerhub helps coordinate these workstreams so the entities and operating arrangements support the family’s plans.
Our Singapore team can help you:
- Establish the fund and management entities
- Handle incorporation and corporate secretarial requirements
- Prepare ownership and corporate documents for bank onboarding
- Coordinate licensing notifications and fund tax-incentive applications
- Establish accounting and compliance processes
- Support work-pass applications for qualifying employees
Speak with our team about your proposed structure, investment portfolio and staffing plans. Fill out the form below and we will get in touch.
Frequently asked questions
What is the minimum amount needed for a family office in Singapore?
There is no universal asset threshold simply to establish a single family office. However, the fund tax incentives require at least S$20 million in designated investments under Section 13O or 13OA, or S$50 million under Section 13U.
The operating budget is separate. Account for staffing, banking, professional fees and the annual spending conditions before choosing the structure.
Does a single family office need an MAS license?
A qualifying single family office can rely on the class licensing exemption. It must satisfy the conditions, notify MAS and complete ongoing reporting.
Managing unrelated clients’ assets falls outside that exemption. Assess the proposed activities before extending the office’s services.
Can a family office obtain permanent residency for its owners?
Establishing a family office does not automatically grant permanent residency. Eligible applicants can apply separately through Option C of the Global Investor Programme.
The route requires a Singapore-based single family office with at least S$200 million under management and at least S$50 million deployed into equities listed on Singapore-approved exchanges. Applicant eligibility, deployment conditions and re-entry permit renewal requirements are assessed separately from the fund tax incentives.
Can family members obtain Employment Passes?
A family office can sponsor an Employment Pass for a family member employed in a genuine role, subject to Ministry of Manpower approval. Family ownership or a tax-incentive award does not guarantee a pass.
For financial-services applications, the current minimum qualifying salary is S$6,200 per month for younger applicants and rises with age. From 1 January 2027, the starting minimum for new applications becomes S$6,600. Candidates must also pass COMPASS unless exempt.
Can an exempt single family office manage a Variable Capital Company?
The single family office exemption does not, by itself, make the office a permissible Variable Capital Company manager. A family using that structure must appoint a manager meeting the separate requirements.
This arrangement affects management, cost and governance. Confirm the manager before incorporating the fund vehicle.
How long does it take to establish a family office?
For planning, a setup involving incorporation, private banking and a tax-incentive application can take six to twelve months. This is an estimate rather than an official processing commitment.
Bank due diligence and preparation of the incentive application account for much of the work, and stages can overlap. Start ownership, wealth and asset-document preparation early.