Setting up a family office requires a combination of certain talents and attributes. Fortunately, Singapore ranks highly not only in terms of wealth but also well-organized technological structure making it the most affluent and economically powerful country in entire Asia.
For people looking forward to a fruitful and well-regulated future, Singapore is considered to be the most accurate location for setting up their family offices. Together with rich facilities and reliable taxation structures, Singapore makes a great place for starting a family venture and taking part in legal opportunities to preserve their future through intelligent investments. Along with deep talent, this country also possesses stability in the sectors of finance, asset management, local or private banking, etc. With the help of professionals, a family office in Singapore is guaranteed to thrive and grow.
Family Office Structure in Singapore
Typically, in the regions of Europe and the USA, family office has become a traditional concept especially for wealthy families that require a proper and robust setup for the management of their assets in the future. A family office is responsible for managing and preserving the family’s assets through intelligent investment plans. A single-Family Office (SFO) particularly refers to the office where the assets and investments are solely handled by the family members. The following chart represents how a family takes part in a Family office. In conclusion, a family office basically provides advisory on the fund management, administration, financial and personal matters of the family’s assets under legal regimes.
Steps that must be taken before setting up a Family Office
Even in families, several attributes account for different needs. Depending on the family’s needs, a family office comes into existence which then only attends to concerns about the financial and personal requirements of the family. Before setting up a family, the following factors must be considered:
- reasons behind the establishment of family office
- the assets and their types to be used in the office
- Tinformation on tax incentives and regulatory requirements
- Mandate and strategies to be used for investment planning in a family office
There are various taxation incentives laid out by Singapore to ensure a secure and adequate method of investments between the investment fund and family office. Here you can find tax details and understand their significance in strengthening the asset management methods.
How Singapore Family Office can help
We, at Singapore Family Office, offer all the relevant consultation services to our clients for setting up a Family Office in Singapore with the best management ideas.
Our services include:
Setting up and Implementation
The first step towards the establishment of a Family Office in Singapore is the recognition of its purpose. We will help you find out the long term objectives of your Family office by providing you advice on its structure and requirements. We:
A private limited company refers to a single-family office as it plays the role of a coordinator for the assets belonging to other families. A single-family office does have its own assets to invest therefore it acts as the financial advisor or investment manager of the family.
- Provide Advisory on your Family Office structure
- Provide Advisory on the regulatory requirements of your Family Office
- Provide Assistance in the migration, taxation, and re-domiciliation matters
- assist in setting up the corporate entities about a family office
- Assist with tax incentives and advisory on what government authorities would you opt for
- provide advisory on the management services of your family office for pricing analysis
Ongoing Operations
With the help of our specialist team of professionals and experts, we provide the following services to our clients at any time of the day:
- Bookkeeping
- Preparation of financial statements
- Internal audit
- Corporate secretarial
- Payroll
- Immigration
- Annual tax filing for trusts, funds, and the family office
- Annual tax filing of individual tax returns for family members and employees of the family office
- Queries from the tax authorities and other government authorities
- Annual declaration for tax incentives
- Assistance in tax reporting matters (w.r.t Common Reporting Standards and FATCA)
Ad hoc Consultancy
We provide consultation and transactional advisory to help you analyze your decisions and choose the right structure for your family office in terms of both finance and optimality to ensure the best outcomes in the future. We provide:
- Advisory on Transaction
- Advisory on Financial and tax due diligence
- Advisory on Cash flow forecast and projections
- Advisory on Valuation of your family office
- Advisory on following areas about Tax:
- Cross border tax planning
- Structuring – choice of location and types of investment vehicles
- Treaty analysis
- Asset transfers
- Repatriation and distribution of income/ profits
- In-country tax analysis
To facilitate your different queries, we work with different Service providers and get their help on the desired area so that none of your queries go unresolved from our consultation platform. Together with our partners, we ensure steady and reliable consultation services.