Family OfficeSingapore
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 the single-family-office class exemption, or as a Multi-Family Office (MFO) holding aCapital Markets Services Licence — and most apply for theSection 13O or Section 13Utax exemption on the underlying fund vehicle, typically structured as aVariable 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 notification-based 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 thestep-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) + notice to MAS | 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 theexternal 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
Figures are for single-family-office funds. Minimum AUM and local spending are tested at each financial year-end; at least one investment professional must be a non-family member by the end of the first financial year of the award.Per MAS Circular FDD Cir 05/2026 (31 July 2026), for new single-family-office awards from 1 August 2026. Verified 14 September 2026. MAS circular.
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
A qualifying SFO is exempt from holding a Capital Markets Services Licence under the revised framework in force since 15 June 2026. It no longer relies on the general related-corporations exemption, and there is no MAS approval step. A qualifying SFO must be:
- Incorporated in Singapore and owned by the family, directly or through trusts, foundations or other structures, with non-family key employees holding at most 10%
- Managing money only for family members, including family trusts and corporations wholly owned by, and for the sole benefit of, the family; charitable organisations funded exclusively by the family; key employees. Assets from non-family key employees may not exceed 10% of AUM
- "Family" covers all lineal descendants of a common ancestor not more than five generations removed from the youngest generation that established the SFO, including current or former spouses, adopted children, stepchildren, parents-in-law and siblings-in-law.
- Banking with an MAS-licensed bank, for the SFO and each Singapore investment vehicle
- Filing a notice with MAS within 14 days of commencing business, with a declaration signed by the family member providing the assets and a director. No legal opinion is required
- Filing an annual return within 4 months of each financial year-end
SFOs already operating before 15 June 2026 have until 15 June 2027 to meet the conditions and file with MAS.
Multi-Family Offices — licensed
MFOs serve unrelated families, so the exemption does not apply. They hold aCapital Markets Services Licence for fund management — typically the Accredited/Institutional (A/I) tier — and many also hold aFinancial Adviser licence for product advice.
The same applies to external asset managers (EAMs), which manage client assets custodied at private banks. Note the separateRFMC 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. SFO licensing: Per the MAS FAQs on Licensing Exemption Framework for Single Family Offices (12 June 2026, updated 31 July 2026) and para 5(1)(ba), Second Schedule, SF(LCB) Regulations. Verified 14 September 2026.MAS FAQs.
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 guideand 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 |
| 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$500K - S$900K | S$775K - S$1.35M |
| Minimum Local Spending (both schemes) | S$200,000 a year where AUM is below S$250 million, S$500,000 from S$250 million and S$1 million from S$2 billion (tested at year-end AUM). Singapore salaries, fees and operating costs above count toward it — top up only if they fall short of your tier. | |
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 (apply with 1) (13O) / 3 (apply with 2) (13U) investment professionals | At least 2 full-time HK employees |
| Local spending | S$200,000 / S$500,000 / S$1 million per year, tiered by AUM | HK$2M operating expenditure per year |
| Local-investment rule | Capital deployment: the lower of 10% of AUM or S$10 million | None |
| Purpose-built fund vehicle | VCC (sub-fund ring-fencing) | OFC (less used for FOs) |
| SFO licensing | Class exemption: notice to MAS within 14 days + annual return | 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, a notification-based SFO licensing 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 (single-family-office funds): Per MAS Circular FDD Cir 05/2026 (31 July 2026), for new single-family-office awards from 1 August 2026. Verified 14 September 2026.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 thefull firm directory orsearch 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 - 2AF
ALPHAROCK FAMILY OFFICE PTE. LTD.
CMSL - 3AF
APAC FAMILY OFFICE PTE. LIMITED
CMSL - 4AF
AVENUE FAMILY OFFICE (SG) PTE. LTD.
CMSL - 5
DF
DAS FAMILY OFFICE PTE. LTD.
CMSL - 6DF
DL FAMILY OFFICE PTE. LTD.
CMSL - 7GF
GRANDWAY FAMILY OFFICE PTE. LTD.
CMSL - 8KF
KORU FAMILY OFFICE PTE. LTD.
CMSL - 9RF
RAFFLES FAMILY OFFICE PTE. LTD.
CMSL - 10RF
RHEINGOLD FAMILY OFFICE PTE LTD
CMSL - 11RF
RJ FAMILY OFFICE PTE. LTD.
CMSL - 12RF
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), orour setup guide.
Family offices in Singapore — FAQs
What is a family office in Singapore?
A family office is an entity that provides investment management, governance, tax structuring, philanthropy administration, and related services to one or more wealthy families. In Singapore the term covers Single Family Offices (SFO — one family, typically US$50M+) and Multi-Family Offices (MFO — multiple families, typically US$10M-200M+ per family). SFOs that meet MAS's single-family-office conditions are exempt from licensing and notify MAS instead; MFOs require a Capital Markets Services Licence.
What is the minimum to set up a family office in Singapore?
The minimum AUM for a single-family-office fund under the Section 13O tax incentive scheme is S$20 million, tested at application and at each financial year-end. The enhanced Section 13U scheme requires S$50 million minimum. Investments in the family's own operating businesses do not count toward the minimum. Without tax incentives there is no statutory minimum, but most service providers require S$10 million+.
How much does it cost to set up a family office in Singapore?
Setup costs for a Singapore family office range from S$150,000 to S$400,000 for legal, tax and incorporation fees. An estimated year-1 total including setup, investment-professional salaries and compliance ranges from about S$500,000 to S$1.35M depending on the scheme (13O or 13U). Singapore salaries and operating costs count toward the minimum local spending, which is tiered by AUM at S$200,000 / S$500,000 / S$1 million.
What are the tax benefits of a Singapore family office?
Singapore family offices under the 13O or 13U schemes enjoy tax exemption on specified investment income including dividends, interest and capital gains. Singapore also has no capital gains tax, no inheritance tax, and no tax on foreign-sourced income not remitted to Singapore.
What is the difference between 13O and 13U schemes?
For single-family-office funds: 13O requires S$20 million minimum AUM, a Singapore-incorporated company (or Singapore-registered limited partnership under 13OA) and 2 investment professionals (you can apply with 1). 13U requires S$50 million minimum, allows fund structures in any jurisdiction and requires 3 investment professionals (apply with 2). Under both, at least one investment professional must be a non-family member by the end of the first financial year; minimum local spending is the same and tiered by AUM (S$200,000 a year where AUM is below S$250 million, S$500,000 from S$250 million and S$1 million from S$2 billion); and the fund must deploy the lower of 10% of AUM or S$10 million in qualifying investments. 13U offers more structural flexibility but a higher AUM and headcount floor.
Do single family offices need a MAS licence?
Not if it qualifies. A qualifying Singapore-incorporated SFO is exempt from a Capital Markets Services licence under a class exemption (para 5(1)(ba), Second Schedule, SF(LCB) Regulations), in force from 15 June 2026. It may manage money only for one family, family-funded charities and its key employees (non-family key employees capped at 10% of AUM and 10% of shares), must bank with an MAS-licensed bank, file a notice with MAS within 14 days of commencing business and file an annual return within 4 months of each financial year-end. No MAS approval or legal opinion is required. SFOs already operating before 15 June 2026 have until 15 June 2027 to meet the conditions and file with MAS. A multi-family office serves more than one family, so it cannot use the single-family-office exemption; fund management for third-party families requires a Capital Markets Services licence for fund management unless another exemption applies.
Is Singapore or Hong Kong better for a family office?
Both offer 0% tax on qualifying investment income. For single-family-office funds, Singapore's 13O scheme starts at S$20 million AUM (13U at S$50 million) with 2-3 investment professionals and minimum local spending tiered by AUM at S$200,000 / S$500,000 / S$1 million a year. Hong Kong's FIHV concession (May 2023) requires HK$240M (~US$30M) AUM, at least 2 full-time HK employees and HK$2M annual HK operating expenditure. Singapore is typically chosen for Southeast Asian exposure, political neutrality and the deeper purpose-built scheme ecosystem (VCC vehicles, a notification-based SFO licensing exemption); Hong Kong for proximity to mainland China deal flow.
How many family offices are there in Singapore?
MAS estimates over 1,500 family offices operate in Singapore as of 2024. WealthManagement.sg's directory identifies 13 MAS-licensed firms explicitly named as family offices, primarily holding Capital Markets Services Licences. The actual MFO population is larger — many family offices operate under fund-management licences without a family-office brand.
Who regulates family offices in Singapore?
The Monetary Authority of Singapore (MAS) regulates family offices. Most operate under a Capital Markets Services Licence (CMSL) for fund management, or as a Single Family Office (SFO) under the licensing exemption for single family offices, which requires a notification and annual return to MAS. The 13O/13U tax incentives are jointly administered by MAS and the Inland Revenue Authority of Singapore (IRAS).
How do I evaluate a family-office provider in Singapore?
Compare providers on (1) MAS licence type and tenure, (2) AUM band of typical client, (3) custodian-bank relationships, (4) alternatives platform depth, (5) fee structure and transparency, (6) governance services beyond investments, and (7) independence (bank-affiliated vs independent). Every firm in the WealthManagement.sg directory shows the MAS-published facts for licence and regulated activities.
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+.