Singapore Tax Incentives (13O & 13U) Family Offices Application Wait Time Reduced from 12 Months to 3 Months, Working with Private Banks to Help Clients Open Accounts in Shorter Timeframe, More than 2,000 Single Family Offices in Singapore at the End of 2024
12th July | Hong Kong
Monetary Authority of Singapore (MAS) Deputy Chairman Chee Hong Tat – Singapore tax incentives (13O & 13U) family offices application wait time has been reduced from 12 months to 3 months, and authorities are working with private banks to help clients open accounts in shorter timeframe. In 2024, Singapore reported more than 2,000 single family offices (SFOs) in Singapore at the end of 2024. In 2025 April, Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (10/4/25) on family office governance standards, tax incentives & fraud prevention: 1) Single family office only managed own private wealth, 2) Family to establish governance & controls, 3) Family to hire right people to mange their private wealth, 4) Single family offices are not regulated & subject to same standards as corporate entities independent of tax incentives, 5) MAS approach to monitoring single family office is focused on money laundering risks, 6) Recent alleged misappropriation of funds by ex-employees from Chinese family office is a risk faced by all businesses, 7) Singapore legal regime allows recourse for misappropriation of funds. In 2025 March, China businessman Lee Fung International founder Zhong Renhai (Lee Fung International & Family Office Panda Enterprise) filed a Singapore lawsuit against 4 ex-employees & their company Singa Wealth (BVI) to freeze assets & injunctions for misappropriating $55.5 million (S$74 million). The discovery was made in 2023 December with Alvarez & Marsal appointed to investigate in 2024. The $55.5 million was misappropriated from his Singapore-based company Lee Fung International & family office (Panda Enterprise). Zhong Renhai China onshore business is in petrochemical production & trading conglomerate. The 4 ex-employees are Shannon Goh Sock Ngee, Alice Lim Wee Siew, Eileen Ealham & Richard Yap Shin Tze. There is also a salary discrepancy of $6.2 million (S$8.3 million), with Shannon receiving annual salary ranging from S$781,000 to S$1.8 million from 2019 to 2022, Eileen receiving annual salary from S$885,000 to S$1.4 million from 2019 to 2022, and Alice receiving annual salary from S$281,000 to S$980,000 from 2019 to 2022. Earlier in 2024 November, the Monetary Authority of Singapore (MAS) is reviewing industry proposal feedback to allow single family offices to give maximum of 10% equity to non-family key employees to allow staff to invest alongside family, with the new incentive to allow family offices to attract & retain staff. In 2024 November, Monetary Authority of Singapore (MAS) Proposed Framework for Single Family Offices (6/11/24) – Key updates include 1) Annual reporting timeline increased to 4 months after financial year-end from current 14 days at end of calendar year, 2) Timeline to notify Singapore MAS after commencement of business increased to 14 days from 7 days, 3) Will recognise family trusts & foundation assets if family office is not appointed to manage assets of charitable organizations, 4) Allows 10% limit of AUM for non-family key employees to co-invest alongside family office, 5) Allows maximum of 10% equity to non-family key employees & 1-year timeline for ex-employees to sell or divest investments, 6) Generation limit of maximum of 5 generations back from youngest generation establishing the family office in Singapore, 7) Allows parents-in-law & siblings-in-law to be included as family, 8) Legally adopted children & stepchildren are already included in definition of family. In 2024 October, Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (16/10/24): Many single family offices awarded with MAS tax incentives are from emerging markets, and more than 1,700 Singapore locals are employed by single family offices awarded with MAS tax incentives in 2023. Earlier in 2024 October, Monetary Authority of Singapore (MAS) issued an update on family office & fund tax incentive scheme with new criteria to start in 2025, including 1) Tax Incentives Scheme 13D, 13O & 13U to sunset on 31st December 2029 if not extended, 2) New definition of AUM refers to value of Designated Investments (DI) while current definition is Net Asset Value, 3) 13O Requires S$5 million DI in 2027 for existing funds, 13U requires S$50 million DI in 2027 for existing funds. In 2024 August, MAS updated the tax incentive schemes for fund managers & family offices under the Section 13O & 13U schemes, requiring screening report for applications from 1st October 2024 provided by 6 screening service providers including EY, KPMG, PwC & BDO Advisory. 13O requires S$20 million AUM (designated investments) & S13U requires S$50 million AUM.
“ Family Offices Applying for Singapore Tax Incentives (13O & 13U) Wait Time Reduced from 12 Months to 3 Months, Working with Private Banks to Help Clients Open Accounts in Shorter Timeframe, More than 2,000 Single Family Offices in Singapore at the End of 2024 “
Singapore Tax Incentives (13O & 13U) Family Offices Application Wait Time Reduced from 12 Months to 3 Months, Working with Private Banks to Help Clients Open Accounts in Shorter Timeframe, More than 2,000 Single Family Offices in Singapore at the End of 2024
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