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) — exempt from MAS licensing if it meets the single-family-office conditions, with a notice and annual return to MAS. 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 theSFO 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.

Figures are for single-family-office funds. Local spending minimum: 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, based on AUM at financial year-end. Both schemes also require at least one non-family investment professional by the end of the first financial year and capital deployment of the lower of 10% of AUM or S$10 million in qualifying investments. 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.

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 licensing exemption, which requires the management company itself to be Singapore-incorporated. 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. For a single-family-office fund, minimum AUM must be met at application (and at each financial year-end); the fund can apply with 1 (13O) or 2 (13U) investment professionals, with the full count due by the end of the first financial year; local spending is tested at each year-end; and capital deployment is first tested at the end of the first full financial year after the award starts, then every year-end.
• SFO notification (SFOs only) — not an application. 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. The notice includes the bank-account details, so open the accounts first. SFOs already operating before 15 June 2026 have until 15 June 2027 to meet the conditions and file with MAS.

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.

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 by the end of the first financial year of the award. Each must be a Singapore tax resident portfolio manager, research analyst, trader paid more than S$3,500 a month, engaged substantially in fund management — family members on the org chart without a real investment role do not count. 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 licensing-exemption annual return within 4 months of each financial year-end (no extensions). At each financial year-end the fund must meet the 13O/13U conditions — minimum AUM, local spending for its AUM tier, investment-professional headcount and capital deployment.
• 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 local spending against the minimum for the fund's year-end 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). Above the first tier, part of the minimum may be eligible donations and grants to blended-finance instruments. Common qualifying spend: investment-pro salaries, office rent, custodian-bank fees, compliance/audit/legal fees.

Total cost summary

Minimum local spending is not a separate line: for single-family-office funds it is tiered by AUM (S$200,000 / S$500,000 / S$1 million), and Singapore salaries, fees and operating costs above count toward it — top up only if they fall short of your tier. Non-SFO funds have different conditions.

Line-item detail — including the common cost surprises (comp inflation, the capital deployment 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.