What is a Single Family Office?
A concept that has been around since the early days, the single family office is a privately controlled structure specially set up to manage the funds, investments, growth, and other lifestyle interests of High Net Worth Individuals (HNWIs) and their families. Below is a typical structure of a Single Family Office in Singapore:
Read More » 5 Things You Must Consider Before Setting up a Family Office in Singapore
What is the purpose of setting up a Single Family Office?
Setting up a single-family office will enable HNWIs to do the following:
- Preserve family legacy
- Control and manage assets
- Manage investments
- Ensure wealth protection
- Safeguard family’s confidentiality
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Why Set Up Family Office in Singapore?
Though economies around the world have been deeply affected by the COVID-19 pandemic, there has been a 7.6% growth in HNWIs in Asia. Many of these HNWIs are naturally looking for a safe place to grow, manage, and secure their legacies for the next generations to come.
Singapore, without a doubt, poses tons of benefits and security which makes it an attractive location for HNWIs. Some key factors include:
Over recent years, there have already been about 200 single family offices currently set up in Singapore, managing nearly US$20 billion of assets in total.
To encourage growth in the asset management industry, the Singapore government has also introduced various tax incentive schemes that can be applied to family offices.
How Rikvin can help
We fully help HNWIs and their families to secure and manage their wealth by setting up a family office in Singapore.
Setting Up and Implementation
We will address your priorities with you before introducing a structure that supports the current and future plans of the family office. We will advice and assist you with the following:
Dedicated Team for Daily Operations
Our committed teams will support your family office’s daily needs in the following areas:
- Preparation of financial statements
- Internal audit
- Corporate secretarial
- Annual tax filing for trusts, funds and the family office
- Annual tax filing of individual tax returns for family members and employees of the family office
- Attending to queries from the tax authorities and other government authorities
- Annual declaration for tax incentives
- Assist in tax reporting matters in respect of Common Reporting Standards and FATCA
We help you identify potential investment opportunities and the best acquisition framework. We also offer guidance on transactions so that you are mindful of the various consequences and are able to make well-informed decisions.
- Transaction advisory
- Financial and tax due diligence
- Cash flow forecast and projections
- Tax advice on the following areas:
- Cross border tax planning
- Structuring – choice of location and types of investment vehicles
- Treaty analysis
- Asset transfers
- Repatriation and distribution of income/ profits
- In-country tax analysis
- Family offices are private wealth management entities with full-service services that support either one or a small handful of ultra-high-net-worth families. Family offices in Singapore also offer planning, charitable donation advice, concierge, and other comprehensive facilities in addition to financial services.
- The Single Family Office (SFO) is a private structure built to manage the funds, investments, growth, and other lifestyle interests of High Net Worth Individuals (HNWIs) and their families.
- Yes. As Singapore is encouraging the growth of the asset management industry, there are been various tax incentive schemes that have been introduced to support the establishment of family offices. Learn more about the following schemes:
- Offshore Fund Tax Exemption Scheme
- Onshore Fund Tax Exemption Scheme
- Enhanced Tier Fund Exemption Scheme
- It is highly recommended for HNWIs to set up a family office as this will enable you to preserve your family’s legacy for the next generations, control and manage the family’s assets, provide wealth protection and safeguard your family’s privacy.
Continue to grow and preserve your legacy in Singapore.
Our team of specialists at Rikvin ensures smooth set up and management of your family office and can support you with one-stop services to meet your all your day-to-day needs.