Singapore as Growing Hub for Family Offices
With the continued uncertainty of the traditional investment Asian hub of Hong Kong, Singapore has risen to be the prime choice for many UHNWI seeking security, transparency, and diversification of their interests.
The benefits of Singapore as a base for an ultra high-net-worth (UHNW) family office are clear as day; an established and renowned financial services industry, low tax rates, an extremely stable political environment, and an excellent reputation for transparency. In reality, every benefit Singapore has as a superior Asian investment hub translates into tangible benefits for a family office.
By creating a Single-Family Office (SFO) in Singapore, that family can expect to have their own dedicated staff servicing the full spectrum of financial needs, completely tailored to that family. While that team of experts are devoted to the goals of wealth growth, security, and succession, the family retains full control and privacy of all financial matters, in order to keep operations in line with their values, goals, and interests.
What to Consider When Setting up a Family Office in Singapore
When setting up a family office in Singapore, you should expect your family office provider to go over the following questions to ensure your family’s objectives are met.
- * What are your ultimate goals for the family office? Is your number one priority privacy? Perhaps it’s simplifying your wealth management, or ensuring your children and grandchildren have the tools and resources to live well into the future. * By having a good understanding of your underlying goals, you can be sure your family office will be set up for optimal performance for your needs.
- * Be clear about the assets that you will be putting into your family office. Not only is this important for the utilisation of these assets, but it will also help in creating the best possible scenario for reducing the burdens of tax and legal responsibilities.
- * What is your appetite for risk? Will your children and grandchildren be suited to handling that risk profile if they are involved?
- * Find out what tax exemptions are available. A good family office will have expert tax advice on what is available to you.
- * What are your licencing requirements? Make sure the family office has sufficient compliance and regulatory advice to be in accordance with the Monetary Authority of Singapore (MAS).
- * There will be a veritable shopping list of family office services available to you — from accounting to information technology, to human resources. What can be done in-house, and what has to be outsourced?
Read more on how family offices in Singapore can secure your legacy at Singapore Company Incorporation.
