Family Office
Comprehensive Family Office Setup & Advisory Services
Our Family Office Setup & Advisory Services provide end-to-end solutions for ultra-high-net-worth individuals and families looking to establish a family office in Singapore. From structuring and registration to compliance and investment planning, we ensure a seamless setup tailored to your wealth management needs.
Eligibility Criteria
To set up a family office in Singapore, there are certain eligibility criteria that individuals or entities must meet. Below are the key qualifications:
Key Benefits of Setting Up a Family Office in Singapore
A family office in Singapore offers strategic advantages, including tax efficiency, political stability, global connectivity, and access to world-class financial services, making it an ideal location for managing and growing family wealth.
Step-by-Step Process to Set Up a Family Office
The timeline can vary depending on complexity, regulatory approvals, and document preparation.
Total Estimated Time: 3 to 6 Months for Setup + 12 Months for PR Eligibility
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Step 1
Establish a Holding Company (1-2 Weeks)
A holding company is first incorporated to own and manage the family's assets.
This company holds 100% of the shares in the family office. -
Step 2
Set Up the Family Office & Investment Fund Company (3-4 Weeks)
Register two subsidiary entities under the holding company:
Investment Fund Company – Holds and manages investments. Family Office – Provides fund management and governance. Appoint directors, shareholders, , fund managers and open corporate bank accounts. -
Step 3
Apply for MAS Tax Exemption (13O/13U) (Concurrent, 2-3 months)
Submit an application to the Monetary Authority of Singapore (MAS) for tax exemption under the 13O (formerly 13R) or 13U (formerly 13X) schemes.
Prepare and submit required documentation, including fund structure, investment strategy, and minimum asset under management (AUM) requirements. -
Step 4
Apply for Employment Pass (EP) (4-8 Weeks)
The main applicant (family principal) applies for an Employment Pass (EP) under the family office.
Must demonstrate a legitimate role in managing the family's assets. -
Step 5
Start Operations & Compliance Reporting (Ongoing)
Begin asset allocation and investments.Maintain compliance with MAS regulations and annual tax reporting.
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Step 6
Apply for Singapore PR (After 12 Months on EP)
After holding an EP for 12 months, the applicant becomes eligible to apply for Permanent Residency (PR) in Singapore.
This facilitates long-term residency, asset protection, and intergenerational wealth succession.
Family Office Related Expenses
Intermediary Service Fees
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At signing of Contract (Initial Payment) SGD 5,600
If the applicant does not receive approval from the Monetary Authority of Singapore (MAS), SGD 2,000 will be deducted, and the remaining balance will be refunded.
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After receiving MAS approval (Second Payment) SGD 2,000
The payment is due within 1 week of MAS approval. If the applicant doesn't receive the approval letter from the Ministry of Manpower (MOM), SGD 3,800 will be deducted, and the rest will be refunded.
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After obtaining IPA for Employment Pass (Third Payment) SGD 2,000
The payment is due within 1 week of receiving the In-Principle Approval (IPA) for the Employment Pass (EP).
Total Cost: SGD 9,600
Overseas Service Fees
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At signing of Contract (Initial Payment) SGD 27,000
The payment is due within 1 week of signing the contract. If the applicant does not receive approval from MAS, SGD 13,500 will be deducted, and the remaining balance will be refunded.
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After receiving MAS approval (Second Payment) SGD 40,000
The payment is due within 7 working days of receiving MAS approval. An upfront payment of SGD 40,000 is required. If the applicant does not receive the In-Principle Approval (IPA) for the Employment Pass (EP) from MOM, SGD 40,000 will be deducted from the total, and the remaining balance will be refunded.
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After obtaining IPA for Employment Pass (Third Payment) SGD 27,000
The payment is due within 1 week of receiving the In-Principle Approval (IPA) for the Employment Pass (EP).
Total Cost: SGD 94,000
- Company Registration Services
- Assistance in Opening Private Banking Accounts
- First-Year Corporate Secretarial Services
- Employment Pass Application Services
- Lawyer Services
- Application for License Exemption from MAS
- Application for Tax Incentives and Exemptions
- Drafting a Family Office Investment Proposal
- Drafting Investment Management Contracts
- Drafting Documents Required by the Monetary Authority of Singapore
- Designing Family Office Structures and Due Diligence
These are additional costs that are not covered by the standard service fee and will depend on the specific circumstances. These costs are based on actual expenses incurred and include things like:
- Singapore Company Maintenance Costs: Ongoing costs related to maintaining the company in Singapore, such as fees for a local director.
- Medical Examination Fees: Costs for required medical exams (possibly for Employment Pass or other visas).
- Notary Fees: Fees charged for notarizing documents, often required for official or legal purposes.
- Translation Costs: Charges for translating documents, especially if they need to be submitted in a language other than English.
Get Started with Yobbi, in 3 Easy Steps!
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Set Up Your Family Office
To get started, we'll gather your personal and business information, register your company in Singapore, and set up both corporate and personal bank accounts. Then, we’ll help you provide the initial capital injection to fund your newly established entity.
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Ensure Regulatory Compliance
Next, we'll prepare all the necessary documents for regulatory compliance, submit them to the Monetary Authority of Singapore (MAS) for approval, and explore available tax exemptions. Once approved, we'll secure the necessary pass approval for your personnel to operate.
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Obtain Employment Pass & Finalize Visa
Finally, we’ll gather the required details for your team’s Employment Pass (EP) applications, submit the applications, and complete any necessary legal steps like fingerprinting and medical exams. Once we obtain the In-Principle Approval (IPA) for the EP, we’ll finalize the work visas for your team to execute the investment plans.
Frequently Asked Questions
Do I need to be a resident of Singapore to set up a family office?
No, you do not need to be a resident of Singapore to set up a family office. However, you must comply with Singapore’s legal and regulatory requirements, and a local director or representative may be necessary for certain family office structures.
Can a family office in Singapore qualify for permanent residency (PR)?
Yes, through Singapore’s Global Investor Program (GIP), investors who meet certain criteria and invest a minimum amount of S$2.5 million can potentially qualify for permanent residency in Singapore for themselves and their families.
Can a family office invest in any sector or industry?
Yes, a family office can invest in a variety of sectors, including real estate, private equity, stocks, bonds, and other alternative investments. However, they must ensure that their investments comply with Singapore’s financial regulations and guidelines.
Can I hire foreign staff for my family office?
Yes, you can hire foreign professionals to manage your family office. However, they must meet the necessary employment pass requirements, such as obtaining an Employment Pass (EP) or S Pass, based on their qualifications and job roles.
Can a family office serve more than one family?
No, a typical Single-Family Office (SFO) is designed to serve the wealth management needs of a single family. If you want to manage wealth for multiple families, you would need a Multi-Family Office (MFO).
What happens if my family office no longer meets the eligibility criteria?
If a family office fails to meet the eligibility criteria, such as the minimum asset threshold or regulatory compliance, it may lose its ability to operate under specific programs or tax exemptions. In such cases, corrective actions or adjustments would need to be made to ensure continued compliance.