![]() ![]() The FMC must be licensed under the Securities and Futures Act of Singapore. Singapore family offices under the S13O scheme must now have at least two investment professionals such as a portfolio manager, a trader, and a research analyst and if unable to do so at the time of application, are granted one year grace period to hire the second one.īesides, the investment professional must have earnings exceeding SGD 3,500 (USD2,500) per month and have sufficient and satisfactory experience in this industry.Įarlier, under the S13O scheme, the fund only needed to be managed or advised by a fund management company (FMC) in Singapore. The fund must increase its AUM to SGD 20 million (USD14.6 million) within two years. While registering under the S13O scheme, Family offices based and incorporated in Singapore must have a minimum fund size of SGD 10 million (USD 7.3 million) at the time of application. The revised rules apply to Section 13O and Section 13U of the Singapore Income Tax Act in terms of minimum assets under management (AUM), growth of AUM over a specified period, business spending, local investments and the number of the investment professionals hired by family offices.Ī family office is a privately held wealth management advisory firm that manages the assets of ultra-high-net-worth families and handles financial investments, shares, properties and other assets including tax and legal affairs. The new rules have come into force from 18th April, Monday itself. The figure is wrong and has been revised by Bloomberg.The Monetary Authority of Singapore (MAS) announced new stricter rules on 18th April 2022 for family offices that are benefiting from tax incentives in the country. BLOOMBERGĬorrection note: The earlier Bloomberg story said the net inflow of money in 2021 is 59 per cent higher than in the previous year. “There’s so much money coming in, you can choose,” he said. MAS, which also serves as financial regulator, is strict when it comes to illicit fund flows, repeatedly reminding financial institutions to be on guard, Mr Menon said. In the meantime, Singapore’s capital and financial markets, as well as its banking system, are deep and liquid enough to handle large fund flows, he said. I am not sure we are looking at any marked pickup.” “Some of it have come to Singapore, you would have seen in the last few years. ![]() “There’s already some happening,” he said. In China, Asia’s largest wealth market, assets plummeted following the Communist Party congress, where President Xi Jinping solidified his grip on power.Īsked whether China may see accelerated capital outflows, Mr Menon said it is too early to tell. “They are richer, they have more investable assets,” he said, speaking ahead of Singapore’s FinTech Festival that starts on Wednesday. He acknowledged that North Asia’s affluent contribute a large portion of asset flows into Singapore. Mr Menon said money is coming from growing wealth across Asia, where the rich are seeking a place to invest. ![]() The assets are helping to boost the financial hub as it seeks to add as many as 20,000 finance jobs over five years, in areas including wealth management and sustainable financing. ![]()
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