Funds managed by a Singapore family office may qualify for full tax exemption on specified income from designated investments under the Section 13O scheme, subject to the following requirements:
1.Minimum Assets Under Management (AUM):
S$20 million in designated investments at the point of applicatio .2.Investment Professionals:
At least two investment professionals must be employed, of whom at least one must be a non-family member . Qualified professionals must meet the MAS criteria regarding relevant experience or academic credentials.3.Local Business Spending:
Tiered annual local spending requirements based on AUM: oAUM < S$250 million: S$200,000 oS$250 million ≤ AUM < S$2 billion: S$500,000 oAUM ≥ S$2 billion: S$1,000,0004.Capital Deployment Requirement:
The lower of S$10 million or 10% of AUM must be invested in qualifying local investments (e.g., Singapore-listed equities, REITs, qualifying debt securities, or unlisted Singapore operating companies).5.Private Banking Account:
The fund must maintain a private banking account with a MAS-licensed financial institution.6.MAS Approval:
Prior approval from the Monetary Authority of Singapore is required, and any material changes to the investment strategy must be communicated to MAS.Funds managed by a Singapore family office may qualify for full tax exemption on specified income from designated investments under the Section 13U scheme, subject to the following requirements:
1.Minimum Assets Under Management (AUM):
S$50 million in designated investments at the point of application.2.Investment Professionals:
At least three investment professionals must be employed, of whom at least one must be a non-family member . A grace period may be granted if this requirement cannot be met at the time of application.3.Local Business Spending:
Tiered annual local spending requirements based on AUM (same as 13O): oAUM < S$250 million: S$200,000 oS$250 million ≤ AUM < S$2 billion: S$500,000 oAUM ≥ S$2 billion: S$1,000,0004.Capital Deployment Requirement:
The lower of S$10 million or 10% of AUM must be invested in qualifying local investments.5.Private Banking Account:
The fund must maintain a private banking account with a MAS-licensed financial institution.6.MAS Approval:
Prior approval from the Monetary Authority of Singapore is required . The fund cannot be concurrently entitled to other tax incentives.7.Vehicle Flexibility:
The fund may be structured as a company, trust, or limited partnership .
Single Family Office (SFO)
※ A Single Family Office is a private entity established to manage the assets and investments of a single family. The family's assets are held in a fund vehicle, with investment decisions made either by family members internally or in consultation with external financial advisors .
※ Key Feature: SFOs that manage assets exclusively for a single family are exempt from holding a fund management license under the Securities and Futures Act, as they are considered to be managing their own funds. This exemption is a fundamental characteristic that distinguishes SFOs from other fund management entities .
Multi-Family Office (MFO)
※ A Multi-Family Office serves multiple unrelated families, pooling resources to provide wealth management and family office services. These families are typically not related to each other.
※ Key Feature: Unlike SFOs, MFOs manage third-party assets and are therefore subject to licensing requirements under the Securities and Futures Act. An MFO in Singapore must operate as an Accredited/Institutional Licensed Fund Management Company (A/I LFMC) , which has replaced the former Registered Fund Management Company (RFMC) regime .
※ The applicant's spouse and unmarried children under 21 years of age may apply for a Dependent's Pass (DP) while the applicant holds an Employment Pass (EP).
※ The applicant's spouse and unmarried children under 21 may be included as dependents in the PR application, either concurrently with the EP application or at a later stage.
※ Parents of the applicant and children over 21 years of age are not eligible to apply for PR as dependents. However, parents may apply for a Long-Term Visit Pass (LTVP) , which is typically valid for up to five years.
※ Establishing a properly structured family office with approval from the Monetary Authority of Singapore (MAS).
※ Complying with all ongoing family office operational requirements.
※ Meeting the Singapore residency requirements before converting from an Employment Pass (EP) to Permanent Resident (PR) status.
※ Communicating any special circumstances to our immigration consultant in advance for proactive planning.
※ Working closely with our immigration consultant to develop a tailored immigration plan based on individual circumstances, and providing all required documentation in a timely manner.
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