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Singapore MAS Tharman Shanmugaratnam on Single Family Offices in Singapore: Around 400 in 2020 & 700 in 2021, Not Required to Register with MAS
7th July 2022 | Singapore
Singapore central bank Monetary Authority of Singapore ( Minister in charge) & Senior Minister Tharman Shanmugaratnam had replied in a Singapore parliamentary question on single family office data in Singapore (No. of Single Family Offices, Total Business Spending, Assets under Management (AUM), AUM invested in Singapore).Tharman Shanmugaratnam: “As Single Family Offices (SFOs) do not manage third party monies, they are not required to be registered or licensed by the Monetary Authority of Singapore (MAS). As such, MAS does not have authoritative data on the number of SFOs or the scale of their operations in Singapore. Based on MAS’ estimates, there were about 400 SFOs as at end-2020 and 700 SFOs as at end-2021. MAS does not have estimates on aggregate business spending, aggregate AUM held and the amount invested locally by SFOs.For SFOs seeking tax incentives on income derived from their investments managed in SingaporeThese are commonly known as Section 13O and 13U schemes under the Income Tax Act. , they are required to meet criteria on business spending, assets under management, and investment professionals hired. With effect from April this year, the requirements under each of these criteria were increased, and a new requirement stipulating that SFOs must make a certain amount of local investments was introduced. Besides these direct contributions, SFOs also generate indirect employment when they work with external finance, tax and legal professionals on wealth planning and operational matters. In addition, they expand the potential pool of capital for purposeful causes such as ESG investments and philanthropic activities. These will increase the positive spillovers to the Singapore economy and enhance the professionalism of the family offices in Singapore.”
“ Single Family Offices in Singapore: Around 400 in 2020 & 700 in 2021, Not Required to Register with MAS “
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Singapore Monetary Authority of Singapore Reply
Singapore | Leading financial centre in Asia
Date: For Parliament Sitting on 4 July 2022
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, MP, Sengkang GRC
Question: To ask the Prime Minister in each of the last five years and year-to-date, what is (i) the number of family offices registered in Singapore (ii) their aggregate business spending (iii) the amount of assets under management (AUM) held and (iv) the amount of their AUM invested locally.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. As Single Family Offices (SFOs) do not manage third party monies, they are not required to be registered or licensed by the Monetary Authority of Singapore (MAS). As such, MAS does not have authoritative data on the number of SFOs or the scale of their operations in Singapore.
2. Based on MAS’ estimates, there were about 400 SFOs as at end-2020 and 700 SFOs as at end-2021. MAS does not have estimates on aggregate business spending, aggregate AUM held and the amount invested locally by SFOs.
3. For SFOs seeking tax incentives on income derived from their investments managed in SingaporeThese are commonly known as Section 13O and 13U schemes under the Income Tax Act. , they are required to meet criteria on business spending, assets under management, and investment professionals hired. With effect from April this year, the requirements under each of these criteria were increased, and a new requirement stipulating that SFOs must make a certain amount of local investments was introduced. Besides these direct contributions, SFOs also generate indirect employment when they work with external finance, tax and legal professionals on wealth planning and operational matters. In addition, they expand the potential pool of capital for purposeful causes such as ESG investments and philanthropic activities. These will increase the positive spillovers to the Singapore economy and enhance the professionalism of the family offices in Singapore.
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2024 Upcoming Events
> The 2024 Family Office Summit Hong Kong (St Regis) – 17th Oct
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Join The 2024 Family Office Summit in Hong Kong on 17th Oct at St Regis or Singapore 7th Nov at Amara Sanctuary Resort (9 to 345 pm).Join 5 billionaire family offices, and 60% of family offices with more than $300 million AUM. Limited complimentary passes available for SFOs & pure MFOs. Links:2024 Family Office Summit | Register here
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