DBS Private Bank DBS Multi Family Office Foundry VCC Launched in 2023 Reports $780 Million (S$1 Billion) AUM from More than 25 UHNW Families, Clients Can Setup Family Office with Investment Structure & Tax Benefits with Minimum of S$15 Million ($11 Million) for DBS MFO Service, Singapore VCC (Variable Capital Company) Framework Reduces Need to Setup Multiple Companies & Administration
24th September | Hong Kong
DBS Private Bank DBS Multi Family Office Foundry VCC launched in 2023 has reported $780 million (S$1 billion) AUM from more than 25 UHNW families (Ultra high net worth). Clients can setup a family office with investment structure & tax benefits with a minimum of S$15 million ($11 million) for DBS MFO service. Singapore VCC (Variable Capital Company) framework reduces the need for family offices to setup multiple companies and thus reduces administration. Announcement (23/9/25): “As ultra-high net worth (UHNW) individuals and their families increasingly view Asia as a gateway for growth and investment opportunities, DBS Private Bank today announced that its pioneering DBS Multi Family Office Foundry VCC (DBS MFO) has achieved a record SGD 1 billion in assets under management (AUM) two years after its launch. The strong uptake reflects the surging demand for innovative wealth planning solutions amid a historic intergenerational wealth transfer and growing interest in alternative investments, such as private markets and digital assets. Since debuting in 2023 as the world’s first bank-backed multi family office that leverages Singapore’s Variable Capital Company (VCC) structure, the DBS MFO has onboarded more than 25 UHNW families around the world, underscoring Singapore’s position as a leading family office and fund management hub. These include families who were originally considering setting up their own Single Family Office (SFO), but were won over by cost optimisation, manpower benefits and the ease of administration which the DBS MFO offers.” Even as UHNW families now have a wider pool of wealth structuring solutions at their fingertips, the DBS MFO continues to stand out in the following ways: (i) It is designed as a unique ‘plug-and-play’ offering, where DBS will set up the sub-fund (which automatically benefits from the VCC’s tax incentive award) and manage ongoing regulatory reporting requirements on a client’s behalf. This contrasts with other options that require families to set up their own fund entities and apply separately for tax incentives. Clients need only to invest SGD 15 million to qualify for the DBS MFO. (ii) It does not impose pre-determined investment philosophies nor are clients required to invest in DBS products. Instead, a client is free to directly customise investment strategies that are aligned with the family’s long-term vision. Clients can, in fact, leverage the bank’s open-architecture model to access an even broader ecosystem of funds and alternative investments, which includes private assets, structured products, as well as digital assets. (iii) Capital is held and managed professionally by DBS, thereby maintaining the highest standard of governance and oversight underpinned by robust compliance frameworks and institutional resilience. An additional layer of legal separation and professional governance is further embedded within the DBS MFO structure … … Today, DBS banks more than one-third of the SFOs established in Singapore, and its Family Office AUM has also more than doubled in the last two years. Employing a multi-dimensional approach to wealth and legacy planning – As Singapore’s leading family office practice, DBS offers structures such as family trusts, private trust companies and donor advised funds to address their wealth and legacy planning needs. These complement the DBS MFO and provide flexibility for clients to seamlessly transition to an SFO when ready.” In 2023, DBS Private Bank launched a new Multi-Family Office (MFO) service using the Singapore Variable Capital Company framework (VCC) for clients to setup family office or investment structure with a minimum of $11 million (S$15 million) for the DBS MFO service. The Singapore VCC framework (Variable Capital Company framework) reduces the need for family offices to setup multiple companies and thus reduces administration. With the launch of DBS Multi-Family Office (MFO) service using the Singapore Variable Capital Company framework (VCC), clients now can setup a family office without the need to establish a primary company (holding structure), with DBS MFO service also managing the fund administration and custody of assets. DBS Managing Director & Group Head of Wealth Planning, Family Office & Insurance Solutions is Lee Woon Shiu, who is also a Board Member of DBS Trustee & DBS Foundation. DBS Private Bank Head of Family Office is Yvonne Lim. The Singapore Variable Capital Company (VCC) is a new corporate structure for investment funds in Singapore (14th January 2020). It can be formed as a single standalone fund, or as an umbrella fund with 2 or more sub-funds, each holding different assets. As of 14th October 2022, there are more than 660 Variable Capital Companies (VCC) in Singapore, with 1,300 sub-funds by 420 regulated fund management companies, and supported by more than 220 fund service providers. The VCC fund strategies are Private Equity / Venture Capital (33%), EAM / MFO (28%), Hedge Fund (20%), Traditional (14%), Others (5%). Earlier in 2023 January, Singapore central bank Monetary Authority of Singapore (MAS) extended the Variable Capital Companies Grant Scheme (VCCGS) for 2 years till 2025 (15/1/25), with the grant to co-fund 30% & maximum of S$30,000 of qualifying expenses to service providers (legal, tax, admin, compliance) to incorporate or register VCC in Singapore.
“ DBS Private Bank DBS Multi Family Office Foundry VCC Launched in 2023 Reports $780 Million (S$1 Billion) AUM from More than 25 UHNW Families, Clients Can Setup Family Office with Investment Structure & Tax Benefits with Minimum of S$15 Million ($11 Million) for DBS MFO Service, Singapore VCC (Variable Capital Company) Framework Reduces Need to Setup Multiple Companies & Administration “
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Lee Woon Shiu, Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Private Bank: “The wealth structuring landscape is evolving rapidly, with families demanding solutions that are flexible, transparent and trusted. While the traditional SFO model still appeals to many, we anticipated very early on that there would be growing demand for cost-efficient yet institutionally-supported solutions. That was the thinking behind our DBS MFO, which we launched back in 2023 as a market-first, and today, the response has exceeded expectations. This milestone reflects our clients’ trust in us to come up with innovative structures that empower them to shape their wealth and legacies on their own terms. Our wealth and institutional businesses at DBS are well integrated, and when combined with our strong track record of collaboration for the benefit of our clients, they create a differentiated wealth proposition – what we call our ‘One Bank’ model. For instance, we leverage the structuring capabilities of our Global Financial Markets team to design bespoke solutions for DBS MFO clients with specific investment mandates. One of our clients was able to gain exposure to a sub-fund portfolio through a total return swap transaction, a solution typically reserved for institutional investors … … Client interest in succession planning and wealth preservation has intensified, and we are currently in talks with more than 15 prospects who see the DBS MFO as an attractive solution. With this in mind, we are on track to double our AUM to SGD 2 billion by end-2026, achieving in just over half the time what it took to reach our first billion.”
DBS Private Bank Launches Multi-Family Office Service with Singapore Variable Capital Company Framework for Clients to Setup Family Office or Investment Structure with Minimum of $11 Million for DBS MFO Service, Singapore VCC Framework Reduces Need to Setup Multiple Companies & Administration
12th June 2023 – DBS Private Bank has launched a new Multi-Family Office (MFO) service using the Singapore Variable Capital Company framework (VCC) for clients to setup family office or investment structure with a minimum of $11 million (S$15 million) for the DBS MFO service. The Singapore VCC framework (Variable Capital Company framework) reduces the need for family offices to setup multiple companies and thus reduces administration. With the launch of DBS Multi-Family Office (MFO) service using the Singapore Variable Capital Company framework (VCC), clients now can setup a family office without the need to establish a primary company (holding structure), with DBS MFO service also managing the fund administration and custody of assets. DBS Managing Director & Group Head of Wealth Planning, Family Office & Insurance Solutions is Lee Woon Shiu, who is also a Board Member of DBS Trustee & DBS Foundation. DBS Private Bank Head of Family Office is Yvonne Lim. The Singapore Variable Capital Company (VCC) is a new corporate structure for investment funds in Singapore (14th January 2020). It can be formed as a single standalone fund, or as an umbrella fund with 2 or more sub-funds, each holding different assets. As of 14th October 2022, there are more than 660 Variable Capital Companies (VCC) in Singapore, with 1,300 sub-funds by 420 regulated fund management companies, and supported by more than 220 fund service providers. The VCC fund strategies are Private Equity / Venture Capital (33%), EAM / MFO (28%), Hedge Fund (20%), Traditional (14%), Others (5%). Earlier in 2023 January, Singapore central bank Monetary Authority of Singapore (MAS) extended the Variable Capital Companies Grant Scheme (VCCGS) for 2 years till 2025 (15/1/25), with the grant to co-fund 30% & maximum of S$30,000 of qualifying expenses to service providers (legal, tax, admin, compliance) to incorporate or register VCC in Singapore.
DBS Private Bank Launches Multi-Family Office Service with Singapore Variable Capital Company Framework or Clients to Setup Family Office or Investment Structure with Minimum of $11 Million for DBS MFO Service
DBS Private Bank launches new Multi-Family Office (MFO) service using the Singapore Variable Capital Company framework (VCC) for clients to setup family office or investment structure with a minimum of $11 million (S$15 million) for the DBS MFO service.
Singapore MAS Extends Variable Capital Companies Grant Scheme for 2 Years Till 2025, Co-Fund 30% with Maximum S$30,000 of Qualifying Expenses to Service Providers to Incorporate or Register VCC in Singapore
14th January 2023 – Singapore central bank Monetary Authority of Singapore (MAS) has extended the Variable Capital Companies Grant Scheme (VCCGS) for 2 years till 2025 (15/1/25), with the grant to co-fund 30% & maximum of S$30,000 of qualifying expenses to service providers (legal, tax, admin, compliance) to incorporate or register VCC in Singapore. As of 14th October 2022, there are more than 660 Variable Capital Companies (VCC) in Singapore, with 1,300 sub-funds by 420 regulated fund management companies, and supported by more than 220 fund service providers. The VCC fund strategies are Private Equity / Venture Capital (33%), EAM / MFO (28%), Hedge Fund (20%), Traditional (14%), Others (5%). The Variable Capital Company (VCC) is a new corporate structure for investment funds in Singapore. It can be formed as a single standalone fund, or as an umbrella fund with 2 or more sub-funds, each holding different assets. See below for Variable Capital Companies Grant Scheme (VCCGS) announcement | View: MAS Singapore Asset Management Survey 2021
The Variable Capital Companies Grant Scheme (“VCCGS”), first introduced on 15 January 2020 for a period of three years till 15 January 2023, has catalysed the adoption of Variable Capital Companies (“VCCs”) in Singapore. With effect from 16 January 2023, the VCCGS has been extended for a validity period of two years from 16 January 2023 to 15 January 2025 (both dates inclusive) (hereinafter referred to as the “Extended VCCGS”).
Under the Extended VCCGS, the Financial Sector Development Fund (“FSDF”) will co-fund 30% of qualifying expenses paid to Singapore-based service providers for qualifying work performed in Singapore in relation to the incorporation or registration of a VCC, up to a maximum grant cap of S$30,000 per application.
See also:
Applicant Eligibility – First-time Qualifying Fund Managersthat must not have previously incorporated a VCC or successfully re-domiciled a foreign corporate entity as a VCC and must not have previously applied for the VCCGS.
Project Eligibility – The Extended VCCGS is available only to First-time Qualifying Fund Managers that have incorporated a VCC or successfully re-domiciled a foreign corporate entity to Singapore as a VCC for the first time, and have obtained a Notice of Incorporation or Notice of Transfer of Registration from the Accounting and Corporate Regulatory Authority (“ACRA“) (as the case may be) which specifies a date between 16 January 2023 and 15 January 2025 (both dates inclusive). The following conditions apply:
- The set-up of the VCC cannot be simultaneously funded by other government grants/incentives with respect to the same set of qualifying costs and commitments;
- Each applicant may only apply for the Extended VCCGS for qualifying work performed in relation to one VCC that has been incorporated or successfully re-domiciled;
- Qualifying expenses must be paid to Singapore-based service providers for work done in Singapore in relation to the incorporation and registration of the VCC and its sub-fund(s) (if any);
- A Qualifying Fund Manager may not claim co-funding under the grant scheme solely for registration of sub-fund(s) (without the accompanying incorporation or transfer of registration of a VCC). However, a Qualifying Fund Manager may claim qualifying set up costs incurred for the registration of sub-fund(s) as part of the set-up of an umbrella VCC; and
- Applicants should formally submit their applications within three months from the date specified on the Notice of Incorporation issued by ACRA (for a newly incorporated VCC) or within three months from the date of ACRA’s approval of the VCC’s evidence of de-registration (for a foreign corporate entity re-domiciled to Singapore as a VCC).
Funding – 30% co-funding of qualifying expenses listed below, capped at S$30,000 per VCC.
- Legal services
- Tax services
- Administration or regulatory compliance services
Please refer to the downloadable Extended VCCGS Factsheet for full details on qualifying expenses: Extended VCCGS Factsheet(147.5 KB)
Minimum Operational Period – A VCC which has been awarded a grant under the Extended VCCGS is required to remain operational for at least one year from the Registration Date. This means that the VCC cannot be wound up within the first year from the Registration Date. In the event that the VCC is wound up within the first year from the Registration Date, the Qualifying Fund Manager is to inform MAS promptly and by no later than one week from the date of the application for the winding up or passing of resolution for a voluntary winding up. MAS reserves the right to claw back the grant awarded if the VCC is wound up within the first year from the Registration Date and/or if the recipient fails to inform MAS of the winding up of the VCC within one week from the date of the winding up.
- For VCCs incorporated or registered on or before 15 January 2023 as evidenced by the date specified in the Notice of Incorporation or Notice of Transfer of Registration issued by ACRA, the original VCC Grant Scheme parameters will apply. For further information, please write to [email protected].
- Refers to: (i) a licensed fund management company, i.e., a holder of a capital markets services license for fund management under section 86 of the Securities and Futures Act 2001 (“SFA”); (ii) a registered fund management company, i.e. a corporation which is exempted from holding a capital markets services licence under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations; or (iii) a financial institution exempted under sections 99(1)(a), (b), (c) or (d) of the SFA from the requirement to hold a capital markets services licence to carry on business in fund management, i.e., a bank licensed under the Banking Act 1970 (“BA”), a merchant bank licensed under the BA, a finance company licensed under the Finance Companies Act 1967 or a company or co-operative society licensed under the Insurance Act 1966. For VCCs incorporated or registered on or before 15 January 2023 as evidenced by the date specified in the Notice of Incorporation or Notice of Transfer of Registration issued by ACRA, the original VCC Grant Scheme parameters will apply. For further information, please write to [email protected].
- Registration Date refers to the date of incorporation or registration as specified on the Notice of Incorporation or Notice of Transfer of Registration issued by ACRA (as the case may be).
How to Apply
Interested parties can write to [email protected] to obtain the application form or for more information.
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