Single family office Singapore – Latest Requirements in 2023
Single family office Singapore – Singapore has attracted many single family office applicants in 2023 and as a result the Monetary Authority of Singapore (MAS) has received many applications. This article highlights several key changes that have come to the fore in 2023.
Singapore Family Office Singapore – SFO Class Exemption
Singapore Family Office Singapore – After some discussion in parliament on anti-money laundering rules in relation to single family offices, the MAS has on 31st July 2023 introduced additional anti-money laundering requirements. Currently under the Securities and Futures Act, as a single family office does not manage third party assets, they can rely on either an existing class exemption from licencing requirements under the Securities and Futures Act or apply to the MAS on a case by case basis. MAS has decided to harmonise all the exemption criteria for all SFOs operating in Singapore.
To qualify for the class exemption, SFO must:
- be incorporated in Singapore;
- notify MAS and confirm that it is in compliance with the qualifying criteria under the class exemption when they commence operations in Singapore;
- report annually on total assets managed after the end of each calendar year; and
- maintain a business relationship with an MAS-regulated financial institution that will perform anti-money laundering checks on these SFOs.
Singapore Family Office Singapore – S13O / S13U Tax Incentive
The Single Family Office Singapore is usually set up as a Singapore incorporated private limited company and will manage a Singapore company (a fund entity) (the “Fund”). This Fund will usually be under Section 13O or Section 13U of the Income Tax Act 1947.
Singapore is also encouraging more Single Family Offices to use Singapore as a base for overseas donations capped at 40% of the Donor’s statutory income. Such qualifying single family offices must:
- Appoint and maintain Philanthropy Professional (inhouse or outsource)
- Incur additional local business spending of S$200,000
- Employ one additional local Professional Headcount
Singapore Family Office Singapore – There are new additional spending requirements that have been imposed on the new family offices that are coming into Singapore whereby 10% of the Assets Under Management must be invested into Singapore companies or other Singapore securities. There are additional anti-money laundering and know your client requirements in the works. All family offices going forward need also to have at least one bank account in Singapore with a financial institution.
In conclusion, there are many new conditions that Single Family Offices Singapore need to comply with in terms of registration and ongoing compliance. One should consult a Singapore qualified law firm to advise you in relation to such requirements. Singapore is constantly innovating in the space of Single Family Offices so the applicable conditions and compliance requirements keep on changing.
新加坡独立家族办公室 – 2023年最新要求
新加坡已吸引了许多独立家族办公室的申请者，因此新加坡金融管理局（MAS）在2023年收到了许多申请。本文重点介绍了在2023年浮现出来的一些关键变化。
SFO类别豁免
在新加坡议会对独立家族办公室的反洗钱规定进行了一些讨论后，MAS于2023年7月31日引入了额外的反洗钱要求。根据《证券和期货法》，由于独立家族办公室不管理第三方资产，它们可以依赖于《证券和期货法》下的现有类别豁免或按情况向MAS申请。MAS决定统一所有在新加坡运营的SFO的豁免标准。
要符合类别豁免的条件，SFO必须：
• 在新加坡注册成立； • 在开始在新加坡运营时，通知MAS并确认其符合类别豁免下的资格标准； • 在每个日历年结束后报告其管理的总资产； • 与一家受MAS监管的金融机构保持业务关系，该机构将对这些SFO进行反洗钱检查。
S13O / S13U税收激励
新加坡独立家族办公室通常以新加坡注册的私人有限公司的形式设立，并将管理一个新加坡公司（基金实体）（“基金”）。该基金通常受到《所得税法》1947年第13O条或第13U条的规定。
新加坡还鼓励更多的独立家族办公室将新加坡作为海外捐赠的基地，捐赠额度上限为捐赠者的法定收入的40%。符合资格的独立家族办公室必须：
• 任命并维持慈善专业人员（内部或外包） • 发生额外的本地业务支出，金额为新币200,000 • 雇佣一名额外的本地专业人员
总之，新加坡独立家族办公室在注册和持续合规方面需要遵守许多新的条件。您应该咨询一家新加坡合格的律师事务所，以就此类要求向您提供建议。
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