Single Family Offices in Singapore: Navigating Tax Considerations, Fund Structures, and Legacy Planning
- Roger Pay
- 6 hours ago
- 16 min read
Single Family Offices in Singapore: Navigating Tax Considerations, Fund Structures, and Legacy Planning
Singapore has solidified its position as the premier global hub for wealth management, attracting high-net-worth families worldwide. Establishing a Single Family Office (SFO) in Singapore offers unmatched regulatory clarity, access to Asian growth markets, robust asset protection, and tax optimization.
1. Regulatory Framework & Fund Structures for Singapore SFOs
Setting up an SFO in Singapore typically involves a dual-entity structure: an operating company (the SFO itself) that manages the assets of a dedicated investment holding company (the Fund vehicle).
+-----------------------------+
| Ultra High Net |
| Worth Family |
+--------------+--------------+
|
+---------------------+---------------------+
| |
v v
+-----------------------------+ +-----------------------------+
| Single Family Office | | Fund Entity / Investment |
| (Management Entity) | | Vehicle |
| | Manages | |
| - Manages family assets |------------>| - Holds family assets |
| - Employs investment team | | - Applies for 13O/13U tax |
| - Applies for CMS Exemption| | incentive schemes |
+-----------------------------+ +-----------------------------+
Capital Markets Services (CMS) Licensing Exemption
Under the Securities and Futures Act (SFA), an SFO managing funds exclusively for its own family members typically relies on a licensing exemption for fund management activities, avoiding the need for a full Capital Markets Services (CMS) license.
Corporate Legal Structures
Private Limited Company (Pte. Ltd.): The standard choice for both the family office management entity and the fund vehicle due to limited liability and straightforward tax treatment.
Variable Capital Company (VCC): Introduced by the Monetary Authority of Singapore (MAS), the VCC is a versatile corporate structure designed specifically for investment funds. It allows sub-funds under a single umbrella, segregating assets and liabilities—ideal for families managing diverse asset classes or distinct branch portfolios.
Trust Structures: Often layered above the investment entity to separate legal ownership from beneficial ownership, facilitating seamless intergenerational transfer.
2. Key Tax Considerations & MAS Schemes (13O and 13U)
The Singapore Income Tax Act (ITA) provides specific tax exemption schemes for funds managed by family offices. These schemes ensure that specified income derived from designated investments is exempt from Singapore corporate tax.
Parameter | Section 13O (Singapore Resident Fund) | Section 13U (Enhanced Tier Fund) |
Minimum AUM at Application | S$20 million | S$50 million |
Fund Vehicle Incorporation | Must be incorporated in Singapore | Singapore or foreign entity (e.g., VCC, Cayman) |
Minimum Annual Business Spending | Tiered based on AUM (minimum S$200,000 local spend) | Tiered based on AUM (minimum S$500,000 local spend) |
Investment Professionals (IPs) | Minimum 2 IPs (at least 1 non-family member) | Minimum 3 IPs (at least 1 non-family member) |
Local Investment Requirement | Minimum 10% of AUM or S$10M (whichever is lower) into local investments | Minimum 10% of AUM or S$10M (whichever is lower) into local investments |
Key Takeaway: Eligible local investments include Singapore-listed equities, Singapore dollar-denominated bonds, local private equity, real estate investments in Singapore (excluding residential property), and funds managed by licensed Singapore fund managers.
3. Intergenerational Legacy Planning & Governance
SFOs serve a purpose far beyond asset growth; they are the central vehicle for legacy preservation, family unity, and values alignment across generations.
Core Components of Family Governance
The Family Constitution: A foundational, non-binding document outlining the family's mission statement, core values, investment philosophy, and rules for family participation in the business.
Family Assembly & Council: Structured forums for operational decision-making, dispute resolution, and educating younger family members on wealth stewardship.
Trust Arrangements: Implementing discretionary or revocable trusts to protect assets against probate delays, forced heirship rules, and external claims.
Philanthropy & Impact Investing: Structuring charitable giving through Singapore-based philanthropic funds, leveraging the Tax Incentive Scheme for Approved Foreign Charities or local charitable trusts.
4. Step-by-Step Roadmap to Establishing an SFO in Singapore
1 Structure Design & Incorporation
Timeline: Weeks 1–4
Determine asset allocation strategy and legal entity structures.
Incorporate both the SFO management company and the Fund vehicle (Pte Ltd or VCC) in Singapore.
2 Bank Account Setup & Capital Deployment
Timeline: Weeks 5–10
Open corporate banking accounts and private banking custodian accounts with top-tier financial institutions in Singapore.
Transfer initial assets to meet statutory minimum AUM requirements.
3
MAS Application & Tax Exemption Submission
Timeline: Weeks 11–20
Submit formal applications to MAS for Section 13O or Section 13U tax incentive status.
Demonstrate compliance with local spending, employment, and local investment criteria.
4
Operationalization & Employment Passes
Timeline: Post-Approval
Hire local investment professionals.
Apply for Employment Passes (EP) for family members or key foreign executives via the Ministry of Manpower (MOM).
Frequently Asked Questions
What is the minimum AUM to set up a Single Family Office in Singapore?
Under the MAS Section 13O tax incentive scheme, the minimum Assets Under Management (AUM) is S$20 million at the time of application. For the Section 13U scheme, the requirement is S$50 million.
Can family members qualify for Employment Passes (EP) through an SFO?
Yes. Family members hired as Investment Professionals by the SFO can apply for Singapore Employment Passes, provided they meet MOM's salary and qualification criteria (including the COMPASS evaluation framework).
How does the Variable Capital Company (VCC) benefit a Single Family Office?
The VCC allows an SFO to run an umbrella structure with multiple sub-funds, effectively isolating risks and distinct investment strategies (e.g., real estate, private equity, public markets) while consolidating administrative oversight under a single SFO.
Provide a detailed breakdown comparing the MAS Section 13O and 13U tax incentive schemes for Singapore Single Family Offices.
Under the Income Tax Act (ITA) 1947 administered by the Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS), Sections 13O (Singapore Resident Fund Scheme) and 13U (Enhanced Tier Fund Scheme) provide full tax exemptions on "specified income" derived from "designated investments" (e.g., global stocks, bonds, private equity, derivatives, and digital assets).
Alitium
While both regimes exempt fund vehicles from Singapore corporate tax (17%), they cater to different asset tiers, structuring preferences, and operational footprints.
Karman
Core Comparison Matrix
Parameter / Feature | Section 13O (Singapore Resident Fund) | Section 13U (Enhanced Tier Fund) |
Minimum AUM | S$20 million in designated investments at application & throughout. | S$50 million in designated investments at application & throughout. |
Fund Domicile / Domiciliation | Singapore only (e.g., Singapore Pte. Ltd. or Singapore VCC). | Flexible (Singapore or offshore entities like Cayman, BVI, or foreign trusts). |
Fund Legal Structure | Corporate or VCC vehicles incorporated in Singapore. | Corporations, VCCs, Unit Trusts, or Limited Partnerships (onshore or offshore). |
Investment Professionals (IPs) | Minimum 2 IPs based in Singapore. (At least 1 must be a non-family member; 1-year grace period applies). | Minimum 3 IPs based in Singapore. (At least 1 must be a non-family member). |
Local Business Spending (LBS) | Tiered based on total AUM: • < S$50M AUM: S200,000/year<br>•∗∗S50M – S100MAUM:∗∗S500,000 / year • > S$100M AUM: S$1,000,000 / year | Tiered based on total AUM: • < S$50M AUM: S200,000/year<br>•∗∗S50M – S100MAUM:∗∗S500,000 / year • > S$100M AUM: S$1,000,000 / year |
Capital Deployment (Local Investment) | Lower of S$10M or 10% of AUM deployed into qualifying local investments. | Lower of S$10M or 10% of AUM deployed into qualifying local investments. |
Employment Pass (EP) Eligibility | Generally facilitates 1–2 EPs for family principals or key executives. | Facilitates 3+ EPs across senior management and non-family investment teams. |
Detailed Breakdown of Key Operational Requirements
1. Investment Professional (IP) & Talent Requirements
Qualified IPs: Must be tax residents in Singapore, earn a minimum monthly salary of S$3,500 (or higher subject to MOM EP / COMPASS framework standards), and spend more than 50% of their working time on core portfolio management functions.
Alitium
Non-Family Rule: Both schemes enforce economic substance by requiring at least one non-family member among the investment professionals. For 13O, if only one IP is hired at application, a 12-month grace window is granted to onboard the second.
Singapore Employment Agency
2. Local Business Spending (LBS)
Expenses must be incurred locally in Singapore to count toward the annual threshold. Eligible local business expenses include:
Raffles Corporate Services
Salaries paid to local investment professionals and staff.
Raffles Corporate Services
Management fees paid to the Singapore SFO management entity.
Raffles Corporate Services
Local professional fees (tax advisory, legal counsel, statutory audit, corporate secretarial).
Raffles Corporate Services
Commercial lease rents and operational overheads within Singapore.
Raffles Corporate Services
3. Capital Deployment Requirement (Local Direct Investment)
To ensure wealth creates local economic impact, both schemes mandate allocating the lower of 10% of total fund AUM or S$10 million into qualifying domestic categories:
Alitium
Equities, REITs, or Business Trusts listed on MAS-approved exchanges (e.g., SGX).
Alitium
Singapore dollar-denominated debt securities (e.g., Singapore Government Securities, corporate bonds).
Alitium
Non-listed funds distributed by licensed Singapore financial institutions.
Alitium
Direct investments or private equity into non-listed Singapore operating companies.
Alitium
Climate-related / ESG investments or local start-ups (often subject to 1.5x–2x multiplier factors under MAS allocation frameworks).
Singapore Employment Agency
Key Decision Factors: Which Scheme Should You Choose?
Choose Section 13O if:
The family is establishing a new onshore structure with investable wealth starting between S20millionandS50 million.
Raffles Corporate Services
The family prefers a lean team structure (e.g., 1 family principal + 1 non-family professional).
Raffles Corporate Services
The fund vehicle will be incorporated directly in Singapore (e.g., Pte Ltd or Singapore VCC).
Singapore Employment Agency
Choose Section 13U if:
The family has an established global or offshore structure (e.g., Cayman or BVI fund entities) that they do not wish to re-domicile.
Singapore Employment Agency
Assets under management comfortably exceed S$50 million.
VCC Singapore
The family intends to build a multi-person institutional investment team in Singapore (employing 3 or more qualified IPs).
Raffles Corporate Services
(Note: SFOs starting under Section 13O can seamlessly upgrade to Section 13U as their AUM grows past S$50 million and their Singapore operations expand.)
VCC Singapore
Draft a Family Office governance checklist
A robust family office governance framework balances operational discipline, regulatory compliance, asset management, and generational harmony.
Core Governance Architecture
+-----------------------------------+
| FAMILY ASSEMBLY |
| (All Family Members / Education) |
+-----------------+-----------------+
|
v
+-----------------------------------+
| FAMILY COUNCIL |
| (Governance, Values, Philanthropy)|
+-----------------+-----------------+
|
v
+-----------------------------------------------------------------------------------+
| BOARD OF DIRECTORS |
| (Family Principals + Independent Directors) |
+-----------------------------------------+-----------------------------------------+
|
+--------------------+--------------------+
| |
v v
+-----------------------------------------+ +---------------------------------------+
| INVESTMENT COMMITTEE | | AUDIT & RISK COMMITTEE |
| - Asset Allocation & IPS | | - MAS Compliance & AML/CFT |
| - Manager Selection & Performance | | - Financial Audit & Risk Controls |
+-----------------------------------------+ +---------------------------------------+
| |
+--------------------+--------------------+
|
v
+-----------------------------------+
| EXECUTIVE / C-SUITE |
| (CEO, CIO, CFO, Compliance Team) |
+-----------------------------------+
Master Governance Checklist
1. Strategic Vision & Family Alignment
[ ] Family Constitution (Charter): Draft and formalize non-binding values, mission statements, and generational legacy goals.
[ ] Family Assembly: Establish an annual meeting framework for broader family updates, financial literacy training, and relationship building.
[ ] Family Council: Appoint representative members to oversee family policy decisions, dispute resolution, and employment policies.
[ ] Next-Gen Integration: Define structured onboarding, mentorship, and financial education pathways for younger family members.
2. Board & Strategic Oversight
[ ] Board Composition: Maintain a balanced Board of Directors combining family principals with qualified independent non-executive directors.
[ ] Fiduciary Duties: Codify clear fiduciary guidelines, voting thresholds, and reserved matters requiring unanimous family approval.
[ ] Conflict of Interest Policy: Establish written protocols for declaring personal interests, managing related-party transactions, and recusal from voting.
[ ] Meeting Cadence: Mandate quarterly formal Board meetings with distributed agendas, recorded minutes, and actionable resolutions.
3. Investment Management & Oversight
[ ] Investment Policy Statement (IPS): Define target return benchmarks, risk tolerance, liquidity requirements, asset class boundaries, and ESG/impact mandates.
[ ] Investment Committee (IC): Appoint an IC (including experienced independent professionals) to vet deals, approve capital deployment, and monitor manager performance.
[ ] Rebalancing & Execution: Establish automated quarterly portfolio rebalancing thresholds and execution guidelines.
[ ] Custodian & Banking Oversight: Maintain dual-control bank signatories, custody tiering with tier-1 private banks, and independent valuation processes.
4. Operational Risk & MAS Regulatory Compliance
[ ] MAS Exemption Status: Maintain compliance with the Single Family Office licensing exemption framework under the Securities and Futures Act (SFA), filing annual returns and required notifications on time.
Monetary Authority of Singapore
[ ] Tax Incentive Maintenance: Verify continuous adherence to Section 13O or Section 13U criteria (minimum AUM, local business spending, investment professional headcounts, and qualifying local investments).
ASEAN Briefing
[ ] AML / CFT Framework: Implement Anti-Money Laundering and Counter-Financing of Terrorism policies, conducting customer due diligence (CDD) and source-of-wealth verifications.
Government Support - Singapore Economic Development Board (EDB)
[ ] Cybersecurity & Data Privacy: Deploy multi-factor authentication, secure cloud infrastructure, encrypted messaging, and data protection policies aligned with local laws (e.g., PDPA).
5. Estate, Succession & Ownership Structuring
[ ] Holding & Trust Structures: Layer discretionary trusts, holding companies, or Variable Capital Companies (VCCs) above fund entities to separate legal control from beneficial ownership.
Bethel Chambers LLC
[ ] Shareholders’ Agreements: Draft binding buy-sell clauses, share transfer restrictions (right of first refusal), and valuation formulas for family-held shares.
Bethel Chambers LLC
[ ] Succession Protocol: Design clear operational continuity plans identifying immediate successor roles for the C-suite and key decision-makers.
[ ] Emergency Protocols: Maintain secure, centralized vaults containing key legal deeds, trust documents, passwords, insurance policies, and power-of-attorney designations.
6. Philanthropy & Social Impact
[ ] Mission Mandate: Align philanthropic initiatives with core family values (e.g., education, healthcare, sustainability).
[ ] Giving Vehicles: Structure charitable grants via local philanthropic foundations, donor-advised funds (DAFs), or international tax-optimized charitable trusts.
Government Support - Singapore Economic Development Board (EDB)
[ ] Impact Evaluation: Establish quantitative KPIs to track the social ROI and real-world outcomes of charitable donations.
Step-by-Step Implementation Roadmap
1
Align Family Intent & Value Framework
Phase 1: Foundation (Weeks 1–6)
Conduct structured interviews across all generations of family members.
Draft the core Family Constitution, mission statement, and governance charter.
2
Establish Legal Structures & Committees
Phase 2: Entity Setup (Weeks 7–14)
Form the Board of Directors, Family Council, and Investment Committee.
Draft the Shareholders' Agreement, Trust Deeds, and Conflict of Interest policies.
3
Codify Investment & Compliance Controls
Phase 3: Operationalization (Weeks 15–20)
Finalize the Investment Policy Statement (IPS) and risk parameters.
Establish MAS compliance controls, AML/CFT manuals, and private banking signatory hierarchies.
4
Annual Review & Generational Onboarding
Phase 4: Optimization (Ongoing)
Conduct annual independent financial audits and regulatory tax reviews.
Run annual Family Assemblies to educate next-gen leaders and update succession plans.
Q: What is the primary focus for your family office governance setup? A: (no selection) Q: Would you like assistance drafting specific governance documents? A: (no selection)
write SEO CRO GEO SGE AIO AEO Voice Search optimized article: How Bestar Singapore can Help Single Family Offices in Singapore: Navigating tax considerations, fund structures, and legacy planning
How Bestar Singapore Helps Single Family Offices: Navigating Tax, Fund Structures, and Legacy Planning
Singapore has solidified its status as Asia’s premier financial hub, attracting ultra-high-net-worth (UHNW) families globally to establish Single Family Offices (SFOs). While Singapore provides exceptional political stability and progressive wealth management frameworks, establishing an SFO involves navigating complex regulatory requirements, corporate structuring choices, and strict tax exemption guidelines enforced by the Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS).
Bestar serves as a trusted corporate services partner, helping global family principals and wealth managers end-to-end—from initial structuring and MAS tax incentive applications to corporate secretarial compliance, accounting, and long-term legacy governance.
Bestar Services
1. Structuring the Single Family Office & Fund Entities
A typical Singapore Single Family Office operates via a dual-entity setup: an Operating Company (the SFO) that manages the family’s assets, and an Investment Holding Company (the Fund Vehicle) that holds the actual portfolio assets.
+-----------------------------+
| Ultra High Net |
| Worth Family |
+--------------+--------------+
|
+---------------------+---------------------+
| |
v v
+-----------------------------+ +-----------------------------+
| Operating SFO Entity | | Fund Entity |
| (Bestar Management Setup) | | (Investment Holding Co) |
| | Manages | |
| - Manages asset strategies |------------>| - Holds global portfolio |
| - Employs investment team | | - Applies for Section 13O |
| - Holds Licensing Exemption| | or 13U tax incentive |
+-----------------------------+ +-----------------------------+
Bestar’s Role in Entity Incorporation & Setup
Structure Optimization: Assisting families in choosing between Private Limited Companies (Pte. Ltd.), Variable Capital Companies (VCCs), or Offshore/Onshore trust layers.
Capital Markets Services (CMS) Exemption: Guiding SFOs through the statutory exemption under the Securities and Futures Act (SFA), ensuring the management entity qualifies for exemption without requiring a full fund management license.
Corporate Secretarial & ACRA Compliance: Providing resident corporate secretary services, statutory register maintenance, and annual filings to ensure strict compliance with ACRA.
2. Navigating MAS Tax Exemption Schemes (Section 13O & 13U)
To optimize portfolio returns, most SFOs in Singapore apply for tax exemption schemes under Section 13O (Singapore Resident Fund) or Section 13U (Enhanced Tier Fund). These schemes grant full tax exemption on specified income from designated investments (e.g., global stocks, bonds, private equity, derivatives).
Operational Criteria | Section 13O (Onshore Fund) | Section 13U (Enhanced Tier) | Bestar Support Services |
Minimum AUM | S$20 Million at application | S$50 Million at application | AUM valuation, audit preparation, and bank confirmation. |
Fund Structure | Singapore Pte. Ltd. or VCC | Onshore / Offshore entities | Entity formation & secretarial maintenance. |
Investment Professionals (IPs) | Min. 2 IPs (at least 1 non-family member) | Min. 3 IPs (at least 1 non-family member) | Work pass application (EP / COMPASS) & payroll administration. |
Local Spending (LBS) | Tiered (min. S200k–S1M/yr based on AUM) | Tiered (min. S200k–S1M/yr based on AUM) | Bookkeeping, expense tracking, and MAS compliance reporting. |
Local Investments | Min. 10% of AUM or S$10M into local assets | Min. 10% of AUM or S$10M into local assets | Monitoring qualifying local capital allocations. |
3. Intergenerational Legacy Planning & Governance
Wealth preservation extends beyond asset allocation; it requires robust governance mechanisms to prevent family friction and ensure smooth wealth transfer across generations.
Key Governance Frameworks Supported by Bestar
Family Constitutions & Charters: Assisting families in drafting non-binding operational codes, defining core family values, decision-making rules, and criteria for next-generation family employment.
Trust & Estate Co-ordination: Working alongside legal counsel and independent trust companies to integrate discretionary trusts with Singapore fund structures.
M&A and Business Succession: Assisting families with business valuations, buy-sell agreements, and transaction advisory through dedicated M&A and financial due diligence specialists.
Bestar Services
4. End-to-End Implementation Roadmap with Bestar
1
Feasibility & Legal Entity Formation
Phase 1: Discovery & Structuring
Assess asset size, family objectives, and target timeline.
Incorporate the SFO management company and the Fund vehicle (Pte. Ltd. or VCC).
2
Banking Setup & Investment Team Onboarding
Phase 2: Banking & Operationalization
Assist with opening corporate and private banking custodian accounts.
Draft employment contracts and handle Employment Pass (EP) applications for family members and professional hires via MOM.
3
MAS Incentive Submission (13O / 13U)
Phase 3: Regulatory Application
Prepare full tax exemption application dossiers for MAS submission.
Liaise with regulatory officers to secure incentive approvals.
4
Accounting, Audit & Annual Compliance
Phase 4: Ongoing Governance
Perform ongoing bookkeeping, payroll, and local business spend tracking.
Manage statutory annual audits, GST filings, and annual MAS compliance declarations.
Frequently Asked Questions
Why do families engage Bestar for SFO setup instead of managing it internally?
Setting up an SFO involves strict compliance across tax, corporate secretarial, accounting, immigration, and regulatory domains. Bestar provides a single point of contact for entity registration, MAS incentive applications, ongoing bookkeeping, and local regulatory filings.
Can family members gain Singapore residency through an SFO?
Yes. Family principals employed as qualified Investment Professionals by the SFO management company can apply for Employment Passes (EPs) under Singapore’s COMPASS framework, paving the way for long-term residency.
What ongoing administrative services does an SFO require in Singapore?
A Singapore SFO requires ongoing corporate secretarial maintenance, annual financial statements preparation, statutory audits, corporate tax/GST filings, payroll administration, and regular compliance monitoring to maintain Section 13O or 13U tax status.
Detailed list of accounting, tax, and secretarial compliance services Bestar offers for Single Family Offices in Singapore.
Bestar Singapore provides a modular suite of corporate secretarial, tax, accounting, and regulatory compliance services tailored specifically for Single Family Offices (SFOs). By operating as a Virtual Family Office (VFO) partner, Bestar helps ultra-high-net-worth (UHNW) families maintain lean internal staffing while satisfying the Monetary Authority of Singapore (MAS) and Inland Revenue Authority of Singapore (IRAS) economic substance and compliance requirements.
1. Corporate Secretarial & Entity Governance Services
Singapore law requires every registered company to maintain ongoing secretarial compliance under the Companies Act. Bestar manages both the SFO management company and fund vehicles (including Private Limited entities, Variable Capital Companies, or Holding Companies).
Named Resident Company Secretary: Providing qualified company secretarial officers to maintain statutory compliance.
ACRA Statutory Filings: Handling annual returns, director/shareholder updates, registered office address maintenance, and statutory register management.
Variable Capital Company (VCC) Administration: Managing VCC sub-fund registrations, corporate governance registers, and umbrella structure governance.
Board & General Meetings: Preparing board resolutions, holding annual general meetings (AGMs), and recording official minutes.
Nominee & Directorship Support: Provisioning local resident director or agent support where required for compliance frameworks.
2. Tax Advisory & Incentive Compliance
To maintain tax-exempt status under Section 13O (Singapore Resident Fund) or Section 13U (Enhanced-Tier Fund), SFOs must continuously meet strict operational mandates.
MAS Section 13O / 13U Application & Maintenance: Preparing tax incentive dossiers, filing portal applications, and managing annual declarations with MAS.
Local Business Spending (LBS) Tracking: Monitoring, calculating, and documenting annual local business expenditure to meet minimum required thresholds (e.g., S$200k to S$1M+ based on AUM).
Capital Deployment Monitoring: Verifying that the mandatory local allocation (lower of 10% of AUM or S$10 million) is properly deployed in qualifying local investments.
Corporate Tax & GST Compliance: Filing annual corporate tax returns (Form C-S / Form C) with IRAS, managing Goods and Services Tax (GST) registration/remission, and applying for relevant double taxation agreements (DTA).
Foreign Tax Credit & Tax Clearance: Advisory on withholding taxes, foreign income tax credits, and tax residency certificates (TRC).
3. Financial Accounting, Bookkeeping & Consolidated Reporting
Proper bookkeeping ensures compliance with Singapore Financial Reporting Standards (SFRS) and enables seamless reporting during statutory audits and MAS tax reviews.
Multi-Entity General Ledger Maintenance: Managing monthly, quarterly, and annual accounts for both the management company and investment fund entities.
Asset & Portfolio Consolidation: Compiling statements across diverse global asset classes—including private equity, real estate, liquid public equities, and digital assets.
Financial Statement Compilation: Preparing audit-ready Financial Statements in accordance with SFRS / IFRS.
Management Accounting & Cash Flow Analysis: Custom management reporting tailored to the family principal or investment committee.
4. HR, Payroll & Immigration Solutions
Both 13O and 13U tax incentive schemes require SFOs to employ local qualified Investment Professionals (IPs), including non-family hires.
Employment Pass (EP) & Pass Applications: Managing EP, Personalised Employment Pass (PEP), or Dependants' Pass (DP) applications for family members and foreign executives via the MOM COMPASS framework.
Payroll Processing & CPF Administration: Handling executive compensation, itemized payslips, Central Provident Fund (CPF) monthly contributions, and IR8A annual tax returns.
HR Advisory & Employment Contracts: Drafting legally compliant employment agreements for investment team members and support staff.
5. Regulatory, AML & Audit Support
Given heightened regulatory scrutiny around Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), Bestar ensures SFOs satisfy risk management criteria.
AML / KYC Due Diligence Dossiers: Preparing background profiles and source-of-wealth/source-of-funds documentation for Ultimate Beneficial Owners (UBOs) to facilitate private bank onboarding.
Statutory & Non-Statutory Financial Audits: Conducting independent external audits for fund vehicles and management entities via Bestar’s public accounting and audit practice.
Licensing Exemption Notifications: Managing initial notifications and ongoing compliance updates under the Capital Markets Services (CMS) licensing exemption framework.
Summary Matrix of Bestar SFO Services
Compliance Domain | Core Deliverables | Value to Single Family Office |
Corporate Secretarial | Resident secretary, ACRA annual filings, statutory registers, board minutes | Ensures good standing with ACRA and legal corporate entity health. |
Tax & MAS Compliance | Section 13O/13U management, LBS tracking, corporate tax & GST returns | Safeguards 0% corporate tax exemption on qualifying portfolio income. |
Accounting & Reporting | SFRS financial compilation, asset consolidation, bookkeeping | Delivers audit-ready books and visibility over consolidated global assets. |
HR & Immigration | EP applications (COMPASS), payroll processing, CPF filings | Satisfies MAS headcount rules and secures residency for key executives. |
Audit & Risk | Statutory audit, AML/KYC dossiers, private bank onboarding support | Delivers institutional credibility for financial institutions and regulators. |
Ready to Establish Your Single Family Office in Singapore?
Navigating tax incentives, fund structuring, and cross-border regulatory compliance requires an experienced corporate services partner. Bestar manages every step of your Single Family Office setup—from entity incorporation and MAS Section 13O/13U applications to ongoing accounting, secretarial, and immigration support.
Get in touch with Bestar's Family Office Specialists:
Phone: +65 6299 4730
WhatsApp / Mobile: +65 8836 4489
Email: admin@bestar-asia.com
Office Location: 23 New Industrial Road, #04-08 Solstice Business Center, Singapore 536209
Select a next step to connect with Bestar:
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