Designated Life and Legacy Partners
Wealth Planning
Singapore’s financial and economic stability, coupled with its well-organised and well-governed jurisdiction, are key justifications for setting up family offices here.
Responsibilities and scope of services of the family office
The initial intention behind the establishment of a family office is often to institutionalize the management of the family’s financial affairs. Over time, in order to meet the changing needs of the family, the scope of responsibilities of the family office can be expanded to include a range of other services, which can be roughly divided into the following categories
Investment Strategy
Asset allocation and management
Bench-marking and review
Investment and asset management
Succession planning
Liquidity planning
Family governance
Family education
Next generation plan
Target setting
Due diligence
Execution
Impact assessment
Charity
Concierge
Integration and accounting
Law and tax
Administrative Service
Classification of family offices
Single family office (SFO)
An SFO manages assets for/on behalf of only one family, is wholly owned/controlled by said family members, with only their assets injected. It offers asset allocation, management, and investment. Fund investments are selected by family members or a professional financial planner. Singapore SFOs may be exempted from the RFMC/LFMC licensing.
Multi family office (MFO)
MFO serves multiple families, with 3 main sources: (1) SFO transformed to accept other families; (2) Private banks set up for larger customers; (3) Founded by professionals. Like External Asset Management (EAM), Singapore MFOs require RFMC/LFMC fund license.
Why set up a family office in Singapore?
The political and economic environment is stable and the judicial system is strong.
The existing legal and policy framework is clear and transparent, with strong safeguards contained in local company and trusts law.
A readily available pool of experts in investments, trusts and various advisory industries
A readily available pool of experts in investments, trusts and various advisory industries
With government tax exemption incentives for offshore and onshore funds managed by FOs, almost all capital or investment gains are not taxed.
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Onshore Fund Tax Incentive Scheme (13O);
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Offshore Fund Tax Incentive Scheme (13D); and
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Enhanced-Tier Fund Tax Incentive Scheme(13U);
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In light of the above tax incentives, coupled with Singapore's sound financial system, firm adherence to the rule of law, stable political environment and economy, as well as high-quality living standards, Singapore has been established as the preferred choice for many family offices
Specifically, the tax exemption schemes are the:
How can we help you set up a family office in Singapore?
Preparation
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Find legal professionals who are suitable for the client's family
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Plan and build the architecture that is suited to incorporating the practical needs of the family
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Analyse the architecture using home and investment tools
Implementation
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Legal and tax experts draft legal documents, obtain legal/tax advice and provide tax planning solutions
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Work with a team of family advisers
Follow-up
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Annual audit and reporting of service and fund entities
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Provide relevant policy updates and reports
Allocation of assets
Overseas allocation of assets
AOM has deep experience in tax (incl. CRS) and legal regulations and risks in company expansion, immigration, residency, and cross-border wealth planning. We work with licensed partners to provide a seamless, one-stop consultancy solution customised for our clients.
CRS
AOM delves into taxation regulations in different countries/regions and leverages tax treaties and financial instruments to help high-net-worth individuals achieve overall tax efficiency.
Selection of reliable investment channel services
We carefully advise clients on reliable investment channels (such as fixed income funds, preschool education, new energy, growth corporate bonds, consumer finance, movies, etc.) based on their risk tolerance and preferences, so that our clients have more options to grow their assets.