How to set up a family office in Singapore

Step 1 — Choose the structure (1–2 weeks)

Singapore family offices fall into four broad shapes. Choose first; the regulatory path follows from the choice.

• Single Family Office (SFO) — operates under MAS class-licence exemption. Serves only one family. Typically the cleanest setup for a UHNW family with concentrated assets.
• Multi-Family Office (MFO) — requires a Capital Markets Services Licence (CMSL) for Fund Management. Serves multiple families; economies of scale; commercial entity. See the SG MFO landscape.
• VCC-based family office — uses the Variable Capital Company (VCC) structure for the fund vehicle. Common for 13O/13U applicants requiring sub-fund flexibility.
• FO under existing fund manager — the family acts as a separately-managed account of an existing licensed fund manager or external asset manager (EAM). Lowest setup cost, lowest control. Pre-MFO scaffold.

Undecided between a dedicated SFO and joining an MFO platform? Work through the SFO vs MFO decision guide — the economic crossover sits around US$50–100M.

Step 2 — Pick the tax-incentive scheme (concurrent)

Three options. Pick based on AUM and structure flexibility — or run your numbers through the 13O/13U eligibility checker.

13O is the default starting point for most SG-incorporating families. 13U is for offshore structures and larger AUM (full comparison: 13O vs 13U). Choosing "no incentive" forfeits Singapore's main attraction — only fits families with non-investment-income use cases.

Step 3 — Incorporate (2–4 weeks)

Two entities are typically required:

1. The fund vehicle — Singapore-incorporated Pte. Ltd., or — now the default for new setups — a VCC for sub-fund flexibility and statutory ring-fencing. Holds the investable assets. Beneficially owned by the family.
2. The fund management company (FMC) — separately incorporated. Holds the MAS Capital Markets Services Licence (MFOs) or relies on the SFO class exemption. Employs the investment professionals. Manages the fund vehicle under contract.

Both entities require: at least one Singapore-resident director, a registered office address, a company secretary, an auditor (for fund vehicles above SGD 10M revenue).

Step 4 — MAS application (8–12 weeks for the tax incentive)

Up to three concurrent applications, typically managed by a Big-4 firm or specialist law firm:

• CMSL application (MFOs only) — MAS reviews the fund management company's business plan, key personnel, compliance framework. Typical timeline 12–16 weeks.
• 13O or 13U scheme application — joint MAS + IRAS approval of the fund vehicle's eligibility. Typical timeline 8–12 weeks. Application must demonstrate the fund will meet the minimum AUM, local-spend and investment-professional thresholds within 12 months.
• SFO class-exemption notification (SFOs only) — under the framework MAS finalised after its July 2023 consultation (response published November 2024), a qualifying SFO must be wholly family-owned, manage assets only for family members and related structures, notify MAS within 14 days of commencing business with a supporting legal opinion, and report annually. Much faster than a full CMSL application, but no longer a paperwork-free position.

Step 5 — Hiring, substance + operational setup (4–6 weeks, can run concurrent with Step 4)

• Custodian bank account — open with one of Singapore's private banks (UBS, DBS, Bank of Singapore, HSBC, Julius Baer, Pictet, etc.). KYC + source-of-wealth documentation; typical timeline 4–8 weeks per bank. Entry thresholds vary by bank — compare minimums or use the minimum picker. Most SFOs above US$100M run 2–4 custodian relationships.
• Investment professionals — the substance requirement — hire and onboard the required 2 (13O) or 3 (13U) investment professionals, of whom at least one must be a non-family member. They must be employed in Singapore and substantively make investment decisions — family members on the org chart without a real investment role do not count. Each professional needs MAS Representative Notification Framework (RNF) registration; employment passes are required for non-residents (typical salary threshold S$8K–S$15K/month + qualifications — allow 3–4 months for MOM processing).
• Compliance + admin — engage a compliance consultant (typical SGD 50K–150K/year), fund administrator, auditor. Many CMSL holders also engage an outsourced MLRO (Money Laundering Reporting Officer).
• Physical office — small footprint (1–3 desks) is sufficient for most SFOs. CBD-area co-working space (eg WeWork at Raffles Place / Marina Bay) commonly chosen. Required for local-spend qualifying as scheme-eligible.

Step 6 — Ongoing compliance (annual)

• Annual reporting to MAS — fund vehicle and FMC each file annual returns; SFOs file the annual return required under the class-exemption framework. The fund must demonstrate continued compliance with the 13O/13U thresholds (AUM, local spend, investment pros).
• Audited financial statements — by Singapore-registered auditor. Filed with ACRA.
• Tax filings — corporate tax return (typically nil under 13O/13U), GST registration if applicable, transfer-pricing documentation for cross-border family-office service fees.
• Local-spend tracking — separate ledger demonstrating S$200K (13O) or S$500K (13U) in qualifying SG expenditure annually. Common qualifying spend: investment-pro salaries, office rent, custodian-bank fees, compliance/audit/legal fees.

Total cost summary

Line-item detail — including the common cost surprises (comp inflation, the local-investment rule, cyber insurance, per-sub-fund audit fees) — in the setup cost & timeline guide.

Realistic timeline

End-to-end for a 13O Single Family Office: 14–22 weeks from engagement to operational. End-to-end for an MFO with 13U: 20–32 weeks. Add 4–8 weeks if seeking accelerated MAS approval (rare). Consensus-driven multi-generational families commonly run 6–12 months — see the month-by-month phase breakdown.

Who to engage — the professional-services ecosystem

A typical setup engages five service providers:

1. A Big-4 firm or Big-4-trained boutique (KPMG, EY, PwC, Deloitte; or smaller specialists) — drives the 13O/13U application and tax structuring.
2. A SG law firm — handles incorporation, MAS submission, employment-pass support. Rajah & Tann, Allen & Gledhill, Drew & Napier, WongPartnership all have active family-office practices.
3. A corporate services provider — registered office, company secretary, ACRA filings. Tricor, Vistra, Hawksford are common.
4. A fund administrator — Apex, IQ-EQ, Citco, Trident and peers. Pick early so the VCC sub-fund design is admin-compatible.
5. Custodian banks — see private banking in Singapore for comparison of minimums, services and fees.

Our editorial shortlist of the advisors who do this work: top Singapore family-office advisors.