In addition to that I experienced a very uncomplicated and friendly service. DTTL does not provide services to clients. What important considerations need to be made before establishing a SFO? This article does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. This information paper follows from a series of anti-money laundering and countering the financing of terrorism (AML/CFT) thematic inspections and engagements conducted by MAS of selected external asset managers. Yes. Types of assets which are intended to be managed by the SFO; 13X of the ITA: Enhanced-Tier Fund Tax Incentive Scheme; 13CA of the ITA: Offshore Fund Tax Exemption; and, Financial Sector Initiative Fund Management (FSI-FM) Scheme, For the Monetary Authority of Singapore (. Singapore has developed a reputation among the high-net-worth community as a financial capital and a popular destination for wealthy families, so many family offices have established offices in the country to service local families and individuals. The number of high-net-worth individuals in the country is estimated to be 60,000 although that number has likely grown since. Can SFOs apply for case-by-case exemptions? SassCorp is active in various fields: consumer brands in Asia, with focus on luxury and lifestyle retail, education, real estate development and asset management as well as technology. If you would like to discuss the Singapore family office marketplace or learn more about the Family Office Club please email me at, Private Investor Strategies & Deal Making Workshop Scottsdale 4/3/2023, Private Investor Strategies & Deal Making Workshop New York 4/4/2023, Single Family Office Summit New York 5/10-5/12/2023, Private Investor Deal Flow Expo San Francisco 9/6-9/8/2023. Generally, when a Singapore based fund manager manages investments and assets of a fund, the activities of the fund manager creates a taxable presence in Singapore for said fund. Then wed like to keep in touch with you. Skills and expertise in asset management, wealth and succession planning, foreign exchange and derivatives trading. DTTL (also referred to as Deloitte Global) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. Prior to establishing a SFO, the following factors need to be considered: What tax incentives are there currently for SFOs? The family office of late Microsoft founder Paul Allen launched its Singapore office in 2019 with the expectation that it would triple its exposure to Asia-Pacific private equity. We focus on the family offices and their investment style. Accordingly, the number of family offices in Singapore is growing; however, many high-net-worth individuals and wealthy families have relied less on typical single family offices in favor of a different model. The simplicity, efficiency, clarity of succession and cost reduction associated with setting up a family office isnt just for billionaires. Generally, that means people or families with $100 million in investable assets or more, with the main goal of organizing and managing the wealth for the next generation. RHEINGOLD FAMILY OFFICE PTE LTD. Capital Markets Services Licensee; Exempt Financial Adviser +65 66534688: Singapore is one of the most important single family office centers in Asia. With trusted local knowledge, backed by our global network and deep sector expertise, were uniquely positioned to bring the very best of Deloitte to your family enterprise. Singapore is also an attractive location for firms and investments funds looking to establish an Asian hub for their business as it is a brief flight to Tokyo, Shanghai or Mumbai. The family office concept, once almost exclusively available to the wealthy families in Europe and the United States, is quickly migrating to new pockets of wealth in places like Brazil, Australia and Singapore. Singapore Family Office Resource #5: Here is another study on family offices in Asia. Many times this was driven by the need to maintain confidentiality, the perceived simplicity of setting up in offshore jurisdictions, and to achieve ring-fencing through separate SPVs. It is also an island nation that draws a lot of tourists and vacationers as well as wealthy individuals looking for an international hub that is both attractive and enjoyable from which they can conduct their business. There are two main categories of FOs: Single Family Offices ("SFO") and Multi-Family Offices ("MFO"). People and culture make Deloitte a great place to work. Exclusive news, analysis and research on global family enterprise and private investment offices. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. As you can see in Figure 2, Singapore is perhaps the most vital access point to high net worth families due to its high proportion of wealthy households and its proximity to other key locations like Hong Kong, Tokyo and Taiwan. Singapore Family Office Resource #4: If you are interested in a more academic look at the family office industry, you can find a study by Raphael (Raffi) Amit who led a global team of researchers in a first ever study of single family offices (SFOs) across Europe, the Americas and Asia. In addition, the database permits the search for active and passive co-investment opportunities. As one fund of funds manager put it, Singapore has turned out to be a great destination for wealthy individuals to relocate to because of Singapores smart government, conducive tax and regulatory environment and because its a great place to live.. Subscribe to receive notices when new events are scheduled, a FREE weekly newsletter and our quarterly printed FON Magazine. As a Partner in Deloitte Singapore, he has more t. More Shantini Ramachandra To qualify for the FSI-FM incentive, the applicant needs to satisfy the following: Legal & Regulatory Framework: Licensing Requirements. 2022 will go down as one of the most eventful years for some time, with the Russian invasion of Ukraine dominating the years events. Singapore is also an attractive location for firms and investments funds looking to establish an Asian hub for their business as it is a brief flight to Tokyo, Shanghai or Mumbai. A very helpful tool to detect the acquisition potential of a self-contained and demanding clientele. Register for free articles or subscribe for full access. All material subject to strictly enforced copyright laws. A month ago, I visited Singapore and what was perhaps most impressive to me was the huge percentage of wealth in Asia that is flowing into the country. Directory Home. This country is growing very fast and is attracting a lot of millionaires and billionaires from all over the world due to its high standard of living and friendly tax environment. The updated conditions apply to Section 13O and Section 13U of the Income Tax Act of 1947, which includes increasing the minimum assets under the management of the family office, hiring investment professionals, and . This report aims to serve as an informative guide to families looking to set up a family office in Singapore. In the event, where the SFO does not fall within the requirements stated above, the SFO may seek a licensing exemption from MAS pursuant to s 99(1)(h) of the SFA. Billionaires and their family offices have backed Singapore mental health start-up Intellect's $10m latest funding round to support it ramping up its presence in Asia in response to growing demand for mental healthcare services triggered by Covid-related work stress. The most comprehensive information service on the global family enterprise world, featuring exclusive news, analysis, research and data on global family enterprises, family offices, and private investment offices. Our list of the most important single family offices in Singapore covers a large percentage of the 200 active family investment vehicles. The familyofficehub.io provides a compelling product that is sufficiently detailed and accurately displayed. Saravanan is also actively involved in the startup space, advising a number of startups on regulatory obligations, corporate structure, and investment agreements with venture capital funds. While in Singapore I was shocked at just how much wealth is concentrated in the city. In the following, we are introducing you to three interesting Singaporean single family offices that invest in various asset classes. There could be many reasons for setting up a family office but one we see increasingly is that families are looking to in-source the fund management function or at the minimum be more involved in the management of their financial assets. The investment focus is on global equities, fixed income products as well as private markets, for example in private equity, credit and real estate. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Competencies: For a charitable entity registered in USA (11 years) and Singapore (1 year). 2Family Office | Singapore EDB. Extract Lets start with a brief introduction to Singapore: international trade has helped jetison Singapore above leading Western countries in terms of GDP per capita (the IMF, CIA World Factbook and World Bank all place Singapore in a range of 3-5 in the rankings and always above the United States, Switzerland and other wealthy countries). Thereby, our customers receive a high-quality list of Singaporean single family offices. Companies, trust (certain exceptions apply here), and limited partnerships. This city-state is a popular financial destination due to its business- and wealth-friendly tax environment. Family offices are constantly in pursuit of excellent direct investment opportunities and our annual Family Office Private Investor Summit is the only conference that brings together family investors with off-market deal flow. However, this trend is reversing as forward-thinking hedge funds and private equity firms realize the potential in Singapore and Southeast Asia. The country has a high concentration of billionaires compared to other Asian countries, making it a very attractive destination for family offices. High net worth individuals choose Singapore for our sound financial regulation, strong rule of law, as well as political and economic stability. It is estimated that there are 17,500 ultra-high net worth individuals in Asia and the region accounts for 18.5% of ultra-high net worth individuals in the world. Yes. Whether you are looking to raise capital, find a job, or are just interested, we are here to help. The Sassoon family from Singapore manages its wealth through the Sassoon Investment Corporation (SassCorp). Learn more about this by clicking here. Ltd. Family Office in Singapore, Asia Golden Vision Capital. The aggregate wealth of billionaires at end 2018 is over a third higher than five years ago, with a margin of $2.2 trillion USD. Please enable JavaScript to view the site. individuals who are lineal descendants from a single ancestor, as well as the Family Office in India, Asia Ding Asset Ltd. Family Office in Singapore, Asia Emmar Family Offices. and more than 700 single family offices operating in Singapore. Developed capital markets as well as a vibrant private equity and venture capital eco-system. A FO carries out its functions to fulfil objectives such as capital preservation, capital growth, intergenerational transfer of wealth, and managing investments. Family Office in India, Asia Rheingold Family Office Pte. Non-qualifying investors (i.e. For those looking for a foothold in Asia and an access point to under-served wealthy investors, you need look no further than Singapore. Get notified whenever news and updates are posted on this website. No requirement. We offer the most datapoints and the highest data quality: every single family office we add to our list is manually checked by our research team. hosting a Family Office Workshop in Singapore, I recently was asked to speak at a few investment conferences for IQPC in the, At the Family Office Club association, and at my capital raising firm, Billionaire Family Office we are looking to Singapore as one of the top emerging hot beds for family office activity. It is mandatory to procure user consent prior to running these cookies on your website. Our ultimate goal is for your family office to be operationally ready within the stipulated time frame. There was an error. About 200 single family offices in Singapore manage some $27 billion in assets: Tharman | The Straits Times About 200 single family offices in Singapore manage some $27 billion in assets:. Find a financial institution, licence type or activity in Singapore. If you require any advice or information, please speak to a practicing lawyer in your jurisdiction. After using familyofficehubs European database for a few months now, I can say with confidence that it is of strong quality (especially compared to competing US products) and that the team is constantly trying to expand it with relevant additional investors. Beyond the consideration of tax incentives, applicants should also be aware of the regulatory regime surrounding SFOs and the exemptions that they may avail themselves of. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the Deloitte organization). I have been an investment professional in the alternative asset space for 20 years with the last ten years as as a senior portfolio managers of a Global Absolute Return Fund. There are existing class exemptions from licensing It sets out MAS supervisory expectations for effective AML/CFT frameworks and controls and includes good practices and illustrative examples observed. On the back of rising growth of Asian wealth, an increasing number of families are consolidating their wealth in Singapore through formal structures, such as family offices. The setting up of a family office is typically coupled with the setting up of a family fund. Beyond his professional interests, he maintains a keen interest in finance, economics, and law and has published legal, economic, and finance works in a number of journals and publications. Are there currently for SFOs detect the acquisition potential of a family office in Singapore I was shocked at how... Following factors need to be 60,000 although that number has likely grown.. News and updates are posted on this website popular financial destination due to its business- wealth-friendly! 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