Family Office Singapore
Singapore hosts 1,500+ family offices with US$1 trillion+ in assets. Tax-exempt structures under 13O and 13U schemes. Complete guide for UHNW families: structures, licensing, costs, and how to choose a provider.
What is a family office in Singapore?
A family office is an entity that provides investment management, consolidated reporting, tax structuring, family governance, and philanthropy administration to one or more wealthy families. In the Singapore context the term has a specific regulatory shape: most family offices operate either as a Single Family Office (SFO) exempt from MAS licensing under a class exemption, or as a Multi-Family Office (MFO) holding a Capital Markets Services Licence — and most apply for the Section 13O or Section 13U tax exemption on the underlying fund vehicle, typically structured as a Variable Capital Company (VCC).
The combination is what made Singapore the dominant Asian family-office hub: 0% tax on qualifying investment income under 13O/13U, no capital gains tax, no inheritance tax, a purpose-built fund vehicle (the VCC), and a clean licensing exemption for single-family structures. MAS estimates over 1,500 family offices operate in Singapore as of 2024.
New to the concept? Start with the plain-English explainer: what is a family office? Ready to build? Jump to the step-by-step setup guide.
Single family office vs multi-family office
The first structural decision. An SFO serves one family with a dedicated team; an MFO shares institutional infrastructure across multiple families. The economic crossover sits around US$50–100M.
| Criterion | SFO | MFO |
|---|---|---|
| Typical AUM band | US$50M+ | US$10M – US$200M per family |
| Cost structure | Fixed — S$1–3M / year | 0.5–1.5% of AUM + retainer |
| MAS licensing | Class exemption (one family only) | Capital Markets Services Licence |
| 13O / 13U eligibility | Yes — the typical applicant | Family vehicles within the MFO can apply |
| Setup time | 6–12 months | 4–8 weeks onboarding |
Full decision framework with AUM-band decision tree: SFO vs MFO Singapore. Browse the MFO market: multi-family offices in Singapore. A third model — independent advice with private-bank custody — is the external asset manager (EAM).
Singapore Family Office Tax Schemes
Choose between 13O (onshore) and 13U (offshore) structures based on your family's needs and investment strategy. Not sure which? Use the 13O/13U eligibility checker or read the 13O vs 13U comparison.
Section 13O Scheme
Onshore Fund Tax Exemption
Section 13U Scheme
Enhanced Tier Fund Exemption
MAS licensing — where family offices stand
The Monetary Authority of Singapore does not issue a "family office licence". The licensing position depends entirely on who the entity manages money for:
Single Family Offices — class exemption
SFOs managing only one family's assets are exempt from holding a Capital Markets Services Licence under the Securities and Futures Act. Under the framework MAS finalised after its July 2023 consultation (response published November 2024), a qualifying SFO must be:
- Wholly owned (directly or indirectly) by members of the same family
- Managing funds only for family members, family trusts, wholly family-owned corporations, family-funded charities, and the SFO's own CEO/executive directors
- Notified to MAS within 14 days of commencing business, with a supporting legal opinion
- Subject to annual reporting to MAS
Multi-Family Offices — licensed
MFOs serve unrelated families, so the exemption does not apply. They hold a Capital Markets Services Licence for fund management — typically the Accredited/Institutional (A/I) tier — and many also hold a Financial Adviser licence for product advice.
The same applies to external asset managers (EAMs), which manage client assets custodied at private banks. Note the separate RFMC registration track was repealed by MAS on 1 August 2024 — former RFMCs now operate as A/I licensed fund managers.
The 13O/13U tax exemption is a separate approval administered by MAS with IRAS — it is not a licence. Source: MAS consultation paper on the proposed framework for Single Family Offices (July 2023) and response to feedback (November 2024), mas.gov.sg.
Family Office Setup Process
The condensed view. For the full walkthrough — structure choice, MAS application, VCC vehicle, hiring, substance — see the step-by-step setup guide and the cost & timeline breakdown.
Structure Planning (4-6 weeks)
Determine optimal structure (13O vs 13U), investment mandate, family governance framework, and succession planning. Engage tax and legal advisors.
Entity Formation (2-4 weeks)
Incorporate Singapore fund management company and fund vehicle (commonly a VCC). Appoint directors and establish corporate governance.
MAS Application (8-12 weeks)
Submit application to Monetary Authority of Singapore for tax incentive scheme. Includes business plan, investment policy, and compliance framework.
Operational Setup (4-6 weeks)
Open custodian accounts with private banks, hire investment professionals, establish compliance systems, and transfer assets to the fund structure.
Ongoing Compliance
Annual reporting to MAS, maintain local spending and investment requirements, employ required investment professionals.
Family Office Setup Costs
| Cost Category | 13O Scheme | 13U Scheme |
|---|---|---|
| Setup (Legal & Tax) | S$150K - S$300K | S$200K - S$400K |
| Annual Local Spending | S$200K minimum | S$500K minimum |
| Investment Professionals | 2 (S$300K-500K/year) | 3 (S$500K-800K/year) |
| Compliance & Admin | S$50K - S$100K/year | S$75K - S$150K/year |
| Estimated Year 1 Total | S$700K - S$1.1M | S$1.3M - S$1.9M |
Line-item breakdown with the common cost surprises: setup cost & timeline guide.
Singapore vs Hong Kong for a family office
Singapore and Hong Kong are the two serious Asian contenders, and both now run dedicated family-office tax concessions. Hong Kong's regime — the Family-owned Investment Holding Vehicle (FIHV) profits-tax concession — came into operation in May 2023 in direct response to Singapore's 13O/13U franchise.
| Criterion | Singapore (13O / 13U) | Hong Kong (FIHV, 2023) |
|---|---|---|
| Tax on qualifying income | 0% (exempt) | 0% (concessionary rate) |
| Minimum AUM | S$20M (13O) / S$50M (13U) | HK$240M (~US$30M) |
| Local staffing | 2 (13O) / 3 (13U) investment professionals | At least 2 full-time HK employees |
| Local spending | S$200K (13O) / S$500K (13U) per year | HK$2M operating expenditure per year |
| Local-investment rule | 10% of AUM or S$10M (whichever lower) | None |
| Purpose-built fund vehicle | VCC (sub-fund ring-fencing) | OFC (less used for FOs) |
| SFO licensing | Class exemption + MAS notification | No SFC licence if single-family + intra-group |
When families choose Singapore: Southeast Asia and India exposure, political neutrality, the deeper purpose-built ecosystem (VCC, SFO class exemption, established 13O/13U practice at the major law firms), and a lower entry threshold (S$20M under 13O vs HK$240M). When families choose Hong Kong: proximity to mainland China deal flow and operating businesses, no local-investment requirement, and Greater Bay Area family ties. Many US$500M+ families run structures in both.
HK figures per the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Ordinance 2023 — ird.gov.hk. Singapore figures per MAS fund tax incentive scheme for family offices — mas.gov.sg.
How to evaluate family-office providers
Whether you are shortlisting an MFO, an EAM, or the professional-services team for an SFO build, the same seven checks apply. The first two are MAS-published facts you can verify on every firm profile in our directory.
1. MAS licence type & tenure
CMSL fund management vs Exempt FA vs trust licence — and how long the firm has held it. Verify on the firm's profile or the MAS Financial Institutions Directory.
2. Regulated activities & key personnel
What the licence actually permits, and the MAS-published key personnel running the firm.
3. Typical client AUM band
A US$10M family at a US$100M+-band firm gets junior coverage. Match your size to the firm's centre of gravity.
4. Custodian-bank relationships
Which private banks the firm can custody at, and at what negotiated terms. Compare entry thresholds on the private-banking minimums table or use the minimum picker.
5. Fee structure & transparency
% of AUM vs retainer vs performance fees — and whether the firm takes retrocessions from product providers.
6. Services beyond investments
Consolidated reporting, tax/13O-13U administration, governance, philanthropy, next-generation programmes.
7. Independence
Bank-affiliated platforms bring product depth but potential conflicts; independents bring open architecture. Neither is automatically better — but you should know which you are buying.
Named-firm landscape
See the multi-family offices in Singapore for the editorial view across global, bank-affiliated, and independent SG firms.
Singapore family offices we cover
13 MAS-licensed firms in our directory that brand themselves explicitly as family offices. Singapore hosts 1,500+ family offices per MAS estimates — the much larger population also includes firms operating under fund-management licences without a "family office" brand. Use the full firm directory or search to find more.
Cohort method: brand-name match across MAS Financial Institutions Directory + ACRA Open Data (Tier C — name heuristic, not a regulator-published classification). Per-firm regulatory status is Tier A (regulator-published) on each profile page.
- 1
AF
AGLAIA FAMILY OFFICE PTE. LTD.
CMSL - 2
AF
ALPHAROCK FAMILY OFFICE PTE. LTD.
CMSL - 3 AF
APAC FAMILY OFFICE PTE. LIMITED
CMSL - 4 AF
AVENUE FAMILY OFFICE (SG) PTE. LTD.
CMSL - 5
DF
DAS FAMILY OFFICE PTE. LTD.
CMSL - 6 DF
DL FAMILY OFFICE PTE. LTD.
CMSL - 7 GF
GRANDWAY FAMILY OFFICE PTE. LTD.
CMSL - 8 KF
KORU FAMILY OFFICE PTE. LTD.
CMSL - 9 RF
RAFFLES FAMILY OFFICE PTE. LTD.
CMSL - 10 RF
RHEINGOLD FAMILY OFFICE PTE LTD
CMSL - 11 RF
RJ FAMILY OFFICE PTE. LTD.
CMSL - 12 RF
ROSELINE FAMILY OFFICE PTE. LTD.
CMSL - 13
TF
TSAO FAMILY OFFICE PTE LTD
CMSL
Looking for a specific structure? See multi-family offices, external asset managers (EAMs), or our setup guide.
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Planning a Singapore family office?
We can introduce you to MAS-registered family-office service providers and Singapore tax/legal partners covering 13D / 13O / 13U structures. Typical client portfolio S$20M+.