Answer
To set up a family office in Singapore, you typically follow these key steps:
- Determine the family’s objectives (wealth protection, investment control, succession planning, etc.)
- Choose the legal structure — often a Private Limited Company under Singapore law
- Apply for regulatory incentives such as Section 13O or 13U tax exemptions
- Hire key personnel (fund managers, compliance officers, administrators)
- Prepare a business plan, governance framework, and comply with MAS regulations
- Open corporate bank accounts and begin operational activities
Professional legal and tax advice is essential during this process to ensure compliance and optimal structure.
Related FAQs
- What are the tax benefits of setting up a family office in Singapore?
- How long does the setup process usually take?
- Is it necessary to have local staff or directors?
Editor's Note
Singapore’s combination of legal clarity and financial infrastructure makes it a top-tier choice for HNWIs establishing a family office.