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Singapore's New Single Family Office Policies(2023)
2023-12-07
On July 5, 2023, the Monetary Authority of Singapore (MAS) introduced a series of new policies regarding Singapore single family office, providing clearer guidelines on investment directions and updating some application conditions. This article will delve into the 3 major changes brought about by these policies.
1. Increased Initial Capital Requirement:
The previous requirement for family offices to submit their final tax-exempt and license-free applications within 24 months with an initial investment of SGD 10 million has been revised. As of July 5, 2023, family offices are now mandated to invest a direct sum of SGD 20 million in the first year, with no grace period for reaching this threshold.
2. Restriction on Employment Passes (EP):
Earlier policies allowed family offices to apply for two EPs, both of which could be family members. However, the new regulation, effective July 5th, stipulates that one EP must be a family member, while the other fund manager must be a non-family member.
The MAS has specified the minimum capital's investment direction, aiming to encourage local hiring and investments in the Singaporean stock market. Qualified actions include donating to eligible Singaporean charitable organizations, which will be counted as double expenditures for tax calculations.
Climate-related investments and hybrid financing structures are also deemed eligible investments. In the case of hybrid financing, stocks listed in Singapore will be accorded double recognition. For instance, a donation of $300,000 to the Asian Climate Solutions Scholarship Fund will be considered as a $600,000 contribution.
In summary, Singapore's new family office policies aim to enhance transparency, attract local talent, and stimulate investments in crucial sectors. These changes provide a more structured framework for family offices to operate within the country's regulatory landscape.
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Skyline Business Consulting Pte Ltd, a Skyline Business Group affiliate, was established in Singapore in 2011. After more than 13 years of growth, we are now able to provide a wider range of services, including company incorporation, immigration, education, investment, and translation. Our company is constantly striving to provide the highest quality work while also assisting our clients in achieving their objectives in an engaging way.
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Tel: +65-64388369 +65-65340985
Fax: +65 6534 3785
Email: skylinetbm@gmail.com
Address: 133 New Bridge Road, #15-07, Chinatown Point, Singapore 059413
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