Establishing Family Offices in Singapore: A Comprehensive Guide for 2025

Singapore has surged ahead as a top-tier global hub for private wealth management. By the end of 2024, there were over 2,000 single-family offices based here—a remarkable ~43% increase from the 1,400 in 2023 . 

The city-state’s strategic clarity, legal transparency, and ultralow corruption levels—ranked the 3rd least corrupt country globally and the least in Asia—have solidified its appeal to the ultra‑wealthiest 

This meteoric growth is fuelled by a confluence of investor-friendly policies—such as enhanced Sections 13O/U/OA tax incentives, streamlined MAS licensing applications, and clear AML frameworks—which have drawn prominent global names like Sergy Brin, Ray Dalio, Mukesh Ambani, and Liang Xinju.

Against a backdrop of stability—Singapore is Asia’s safest and most reliable arbitration centre, and digitally progressive—the city-state offers UHNW families secure foundations for wealth preservation, succession, co‑investment, and ESG‑driven philanthropy.

Why Singapore is a premier hub for family offices

Record Growth Backed by Institutional Confidence

Singapore's rise as a magnet for ultra-high-net-worth individuals (UHNWIs) is unmistakable. In just four years, the number of single family offices (SFOs) skyrocketed from ~400 in 2020 to over 2,000 by end-2024—a 3.5x expansion, according to MAS data. 

These SFOs collectively managed S$90 billion in assets as of end-2022, and 2025 projections suggest this number will breach S$120 billion, driven by inbound capital from China, India, Indonesia, and even parts of Europe and the Middle East.

Singapore is no longer just a safe port—it's a global command centre for next-generation wealth stewardship, philanthropic capital, and alternative asset deployment.

What Makes Singapore So Attractive?

1. Political and Regulatory Stability

Consistently ranked among the top 5 in the World Bank’s Ease of Doing Business Index, Singapore provides a highly predictable legal and policy environment. Its legal system, based on English Common Law, is widely trusted by international investors. 

No capital controls, strong IP protection, and a zero-tolerance stance on corruption (ranked #5 globally on the 2024 Corruption Perceptions Index) give UHNWIs peace of mind.

2. Tax-Efficient Framework

Singapore’s regulatory architecture actively supports wealth planning:

• No capital gains tax
• No estate or inheritance tax
• Attractive fund management incentives under Sections 13O, 13U, and the new 13OA tax exemptions
• A corporate income tax rate of 17%, with partial exemptions that can reduce the effective rate significantly

In addition, Singapore has signed over 90 Double Taxation Avoidance Agreements (DTAAs)—critical for cross-border income optimisation.

3. Gateway to Asia

Strategically located within a 6-hour radius of two-thirds of the world's population, Singapore is the ideal hub for families investing across the Asia-Pacific. 

Whether it's VC exposure in Southeast Asia or private equity in India or China, Singapore gives immediate access to fast-growing markets from a neutral, highly connected base.

4. Deep Financial & Talent Ecosystem

Singapore’s financial ecosystem is mature and globally integrated. Family offices benefit from:

• A large pool of seasoned professionals across law, fiduciary, tax advisory, and fund structuring. Over 2,200 professionals are employed in SFOs.
• MAS’ Variable Capital Company (VCC) framework, which simplifies fund domiciliation
• Institutional-grade service providers, including DBS Private Bank, UOB Private Bank, Bank of Singapore, HSBC Global Private Banking, and top-tier legal/accounting firms like Rajah & Tann, WongPartnership, PwC, KPMG, and Deloitte

5. High Quality of Life & Education

Singapore ranks among the safest cities globally, with world-class healthcare, global IB-curriculum schools (UWCSEA, Tanglin Trust, CIS), and a cosmopolitan lifestyle. 

For many UHNW families, this blend of economic opportunity and personal security makes relocation a strategic choice—not just a financial one.

A Rising Demand for Legacy & Succession Planning

As Asia’s first-generation wealth creators prepare to hand over the reins, Singapore provides the ideal framework for:

• Inter-generational wealth transfer
• Legacy preservation
• ESG-led investing and philanthropy
• Co-investment opportunities with sovereign and private capital

Singapore is not merely a jurisdiction—it’s fast becoming the operating system for Asian private wealth.

What is Single Family Offices (SFOs)

A Single-Family Office (SFO) is a privately controlled entity established to manage the wealth and affairs of one ultra-high-net-worth family. 

Think of it as a fully integrated financial, legal, administrative, and lifestyle “command centre” — operating with the singular goal of stewarding a family’s legacy across generations.

Unlike banks or external wealth managers who serve multiple clients, an SFO is exclusively dedicated to the family it serves. Its structure is tailored to the family’s long-term vision, values, and specific financial complexities.

Below is a typical structure of Single-Family Office:

Source: VCC

Core functions of an SFO

Two routes to single family office management

Tax Incentives: 13O vs. 13U (SFO)

Singapore offers two primary tax exemption schemes for family offices, each designed to serve different segments of the market based on assets under management and operational complexity:

• 13O is ideal for Singapore-based family offices with moderate AUM (S$20M+), looking to operate fully onshore.
• 13U suits larger families (S$50M+ AUM) with regional or global investment footprints, and offers flexibility to use offshore fund vehicles while still receiving tax exemptions in Singapore.

Both regimes now include mandatory impact-driven investments, aligning with Singapore’s commitment to sustainability and innovation-driven finance. The inclusion of non-listed Singapore companies and climate-linked funds ensures capital inflows are directed toward national priorities.

What is a Multi-Family Office (MFO)?

A Multi-Family Office (MFO) is a professional wealth management firm that serves multiple affluent or UHNW families under one institutional umbrella. 

Unlike an SFO, which exists for a single family, an MFO pools resources and talent to deliver holistic yet scalable financial and administrative solutions to a wider client base.

MFOs offer families access to high-quality services — including investment, legal, tax, and lifestyle support — without the need to build these capabilities in-house. They are especially attractive to families with assets below USD 100 million, or those that prefer outsourced flexibility over full control.

In Singapore, MFOs typically fall under licensed fund management entities, often holding a Capital Markets Services (CMS) license or operating under exempt fund manager frameworks.

Core services of an MFO

Key players in the Multi-Family Office structure

A Multi-Family Office (MFO) is an institutional-grade structure that brings together multiple families under one platform to share infrastructure, investment expertise, and administrative support. While legal and operational setups can vary depending on jurisdiction and licensing models, most MFO structures in Singapore involve the following core components:

Source: VCC

1. Multi-Family Office Platform

The MFO serves as the client-facing nucleus, managing wealth across multiple unrelated families. It acts as the strategic hub for:

• Investment advice and portfolio structuring
• Family governance and succession planning
• Consolidated performance reporting and advisory services

To structure clients’ assets efficiently, global MFOs commonly use the Variable Capital Company (VCC) framework in Singapore. VCCs allow the MFO to create customizable sub-funds per family or strategy, each with ring-fenced assets and liabilities. Crucially, investor identities are confidential, as VCC shareholder registers are not publicly accessible, a key consideration for privacy-focused UHNW families.

2. Singapore Licensed Fund Manager

Every fund operating under Sections 13O or 13U must be managed by a CMS-licensed fund manager regulated by MAS. There are two pathways:

• In-house Licensing: The MFO applies for its own CMS license, requiring a Singapore presence and at least two to three full-time investment professionals with relevant experience.
• Outsourced Manager: The MFO can appoint an existing MAS-licensed fund manager, reducing time to market and operational overhead. This model is ideal for global MFOs entering Singapore without building a full local team from day one.

This fund manager is legally accountable for executing investment strategies, compliance reporting, and fulfilling fund administration duties.

3. Fund Service Providers

A high-functioning MFO ecosystem requires a team of professional service providers, including:

• Fund Administrators: NAV calculation, investor servicing, financial reporting
• Auditors: Annual financial audits and tax reviews
• Legal Advisors: Compliance structuring, KYC/AML procedures, VCC and sub-fund setup
• Corporate Secretaries: Regulatory filings and governance support
• Tax Consultants: IRAS filings and incentive scheme eligibility management

These entities ensure regulatory compliance, audit readiness, and streamlined back-office operations.

4. VCC Umbrella Fund Structure

The Variable Capital Company (VCC) acts as the fund structuring layer. A single umbrella VCC can house multiple sub-funds, each tailored for a different purpose:

• Family Sub-Funds: Each client family may operate a distinct portfolio ring-fenced within its own sub-fund
• Thematic/Managed Sub-Funds: The MFO may offer pooled investment opportunities across clients (e.g., private equity, ESG funds)
• Co-Investment Vehicles: Used when multiple families wish to co-invest via a unified legal structure

This modular design enables cost-efficient scaling, while maintaining regulatory separation and reporting granularity per client or strategy.

Tax Incentives: 13O vs. 13U (MFO)

Family office regulatory framework

Singapore's regulatory environment for family offices—under the stewardship of the Monetary Authority of Singapore (MAS)—strikes a strategic balance between robust oversight and operational flexibility. 

MAS ensures integrity and stability through measures like AML/CFT enforcement and periodic reviews, while also facilitating family offices to flourish. The framework treats Single-Family Offices (SFOs) and Multi-Family Offices (MFOs) distinctly.

Single-Family Offices (SFOs)

SFOs—entities managing assets exclusively for one family—are generally exempt from licensing under the Securities and Futures Act (SFA) if they meet certain criteria. Historically, MAS assessed these on a case-by-case basis, particularly under the "related corporations" exemption.

However, MAS has announced that it will replace the current ad-hoc exemption model with a class exemption framework.

MAS has announced that a new class exemption framework for SFOs will be implemented, with further details on the effective date to be provided. The regime is expected to take effect in 2025, following a transitional period for existing SFOs.

As per the most recent consultation response, SFOs seeking exemption must meet the following criteria:

• Be wholly owned and controlled by members of the same family
• Be incorporated in Singapore
• Maintain a business relationship with a MAS-regulated financial institution (e.g. bank, CMS license holder)
• Appoint at least one Singapore-resident employee as liaison with MAS

MAS Consultation Response (Nov 2024): Clarifies the upcoming class exemption regime and eligibility criteria.

While exempt from licensing, SFOs are not exempt from regulation. They are still expected to comply with:

• Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT): SFOs must conduct KYC and Know-Your-Source-of-Wealth (KYSOW) checks, especially when using regulated banks for fund flows.
• Personal Data Protection (PDPA): As handlers of sensitive family and financial information, SFOs must comply with Singapore’s data protection laws.
• Regulatory Reporting & Disclosures: SFOs benefiting from tax incentives (e.g., under Sections 13O or 13U) are required to make annual declarations to MAS and IRAS, detailing AUM, local expenditure, and investment professional headcount.

Multi-Family Offices (MFOs)

MFOs managing assets for multiple unrelated families are classified as licensed fund managers under the SFA and must hold a Capital Markets Services (CMS) license. 

In addition, should they provide discretionary advisory services, they may also require a Financial Advisers’ License (FAA) under the Financial Advisers Act.

Operationally, MFOs typically deploy their strategies via Variable Capital Companies (VCCs), which must be managed by MAS-licensed fund managers, complying with AML/CFT standards and maintaining necessary FM infrastructure.

As licensed entities, MFOs must:

• Maintain rigorous AML/CFT protocols, including enhanced KYC/KYSW and transaction surveillance
• Comply with PDPA data protection obligations
• Submit regular compliance reports and undergo internal or external audits

Government support & oversight

MAS and the Economic Development Board jointly operate the Family Office Development Team (FODT), offering advisory support on licensing, tax incentives, and ecosystem engagement—available to both SFOs and MFOs.

Regulatory comparison: SFOs vs MFOs

Steps to set up family office in Singapore

Establishing a family office in Singapore requires careful planning, adherence to regulatory requirements, and strategic execution. A structured, step-by-step approach is essential to navigate the process successfully and efficiently.

1. Define Objectives & Structure

Start by clarifying the core purpose of the family office. Is it focused on wealth preservation, active investment, philanthropy, or legacy planning? Then determine whether to set up a Single-Family Office (SFO) for maximum control and privacy, or partner with a Multi-Family Office (MFO) for shared resources and cost efficiency.

Also define what functions will be handled in-house (e.g., investment management, legal, compliance) versus outsourced to specialists.

2. Choose and Establish Legal Structure

Select the legal form that aligns with your goals—common options include Private Limited Companies, LLPs, Trusts, and especially the Variable Capital Company (VCC), which is optimal for fund structuring under tax schemes like 13O/13U.

Register the chosen structure with the Accounting and Corporate Regulatory Authority (ACRA), appoint directors, and set up a local registered office.

3. Determine Applicable Tax Schemes

Singapore offers world-class tax incentives for qualifying family offices:

• Section 13O: For onshore funds managed by SFOs
• Section 13U: For larger, often offshore structures with AUM ≥ S$50M
• Section 13D: For traditional fund managers

Eligibility depends on AUM, staffing (non-family professionals are often required), and local economic commitments.

4. Appoint Key Professionals

Recruitment should align with operational complexity and tax incentive criteria. Most SFOs hiring under 13U will need at least one investment professional who is not a family member. Roles typically include an Investment Manager, CFO, Compliance Officer, and Legal Counsel.

5. Establish Governance Framework

Create a Family Charter to articulate the family’s values, vision, and purpose. Define structures such as a Family Council and formal decision-making protocols.

Complement this with documented investment mandates, risk controls, and a compliance framework (including AML/CFT procedures).

6. Open Bank and Custody Accounts

Establish banking relationships with MAS-licensed financial institutions for both operational accounts and asset custody. These are mandatory for tax incentive eligibility and AML compliance.

7. Develop an Investment Strategy

Align investment planning with the family’s vision. This involves asset allocation, geographic focus, and ESG or philanthropic considerations. Tax schemes like 13O/13U may require minimum investments in local or climate-focused assets.

8. Comply with Regulatory & Tax Requirements

If setting up an MFO or engaging in fund management, apply for a Capital Markets Services (CMS) license from MAS. If exempt under the SFO framework, ensure compliance with the conditions outlined in MAS’ upcoming class exemption regime.

Stay current with AML, PDPA, and MAS/IRAS reporting obligations.

9. Establish Operational Processes

Implement back-office systems for accounting, portfolio management, compliance, and communication. Invest in tools to ensure cybersecurity, reporting transparency, and operational scalability.

10. Develop a Long-Term Legacy Plan

Plan beyond wealth—define leadership succession, inter-generational education, and family philanthropy. Schedule regular strategy reviews to evolve with market dynamics and family needs.

Key legal structures for family offices in Singapore

Singapore offers a variety of legal vehicles to support the strategic, operational, and intergenerational objectives of family offices. Selecting the right structure is essential, as it determines not only how the assets are held and managed but also how the family office qualifies for tax exemptions and complies with regulatory requirements.

The optimal setup often involves a combination of entities—especially when balancing wealth management, succession planning, governance, and philanthropic goals. Below are the four most common legal structures used by family offices in Singapore:

1. Private Limited Company (Pte Ltd)

The Pte Ltd remains the most versatile and widely used structure for family offices in Singapore, particularly for:

• The management entity (the family office itself)
• The investment holding company that owns and operates the fund entity

This structure is simple to set up, highly familiar to regulators and service providers, and is mandatory for families seeking tax exemptions under the Section 13O and 13U schemes administered by MAS. It also satisfies the requirement for Singapore-incorporation, a critical condition for SFOs applying under MAS’s new class exemption framework.

2. Trusts

Trusts—either Singapore-based or offshore—are often layered into the family office structure for privacy, asset protection, and succession planning.

In this setup, the family can:

• Use the trust as the ultimate holding vehicle for assets
• Appoint the family office as trustee, investment manager, or protector
• Shield beneficiaries from public disclosure while controlling asset distribution

Trusts are ideal for families with cross-border beneficiaries, philanthropic legacies, or long-term dynastic goals.

3. Variable Capital Company (VCC)

The VCC is a modern legal structure launched by MAS and ACRA in 2020, tailored specifically for fund management. It’s increasingly popular among sophisticated family offices seeking flexibility, privacy, and fund-like operations.

A VCC allows the family office to:

• Create multiple ring-fenced sub-funds under one umbrella
• Structure different portfolios for different family branches, investment themes, or risk profiles
• Gain eligibility for 13O/13U tax incentives when properly managed by a CMS-licensed entity

VCC shareholder registers are not public, which enhances confidentiality for UHNW families.

4. Company Limited by Guarantee (CLG)

A CLG is a legal structure with no share capital, used for non-profit purposes. Within the family office context, this vehicle is typically employed for:

• Charitable foundations
• Philanthropic arms
• Legacy initiatives or grant-making entities

It cannot distribute profits but aligns well with families focused on giving back in a structured and transparent manner.

Legal structure comparison table

Regulatory & tax considerations

• SFOs must be Singapore-incorporated and wholly family-owned to qualify for MAS’ class licensing exemption and apply for tax schemes under Sections 13O or 13U.
• MFOs must operate under a Capital Markets Services (CMS) license, with at least two to three investment professionals and are subject to additional fund management regulations.
• The structure chosen will influence:
• Tax residency
• AUM thresholds for incentivesEmployment pass eligibility
• Reporting and governance obligations

For most families, a Private Limited Company serves as the foundation for both management and investment operations. Trusts complement this structure when privacy, control, and estate planning are priorities. Meanwhile, VCCs offer an ideal platform for more institutionalized setups or co-investment structures, especially within MFOs. Finally, CLGs serve a meaningful purpose for families engaged in philanthropy.

Building your team & governance

Singapore’s family office ecosystem is evolving rapidly—driven by increasing regulatory expectations, intergenerational wealth transfer, and the need for institutional-grade professionalism. To operate effectively and sustainably, every family office must focus on building the right team and establishing a robust governance framework that reflects both the family’s values and best-in-class operational standards.

Key roles and hiring strategies

• CEO / Head of Family Office / CIO / CFO – Oversees strategic direction and daily operations
• Chief Legal Officer / General Counsel – Manages legal risks, contracts, regulatory affairs
• Investment Professionals – Portfolio managers, analysts, and advisors focused on asset growth
• Finance & Accounting Team – Responsible for tax structuring, reporting, and audit readiness
• Family Governance & Philanthropy Lead – Aligns legacy and charitable initiatives with family values
• Lifestyle & Concierge Manager – Handles travel, security, education planning, and personal matters
• Executive & Admin Support – Ensures smooth day-to-day functioning and coordination

Governance framework

Effective governance aligns family dynamics with regulatory standards. It ensures sustainability, prevents disputes, supports succession, and provides clear accountability structures.

• Draft a Family Charter or Constitution - Codify the family's wealth philosophy, decision-making processes, succession rules, and conflict resolution mechanisms.
• Define Governance Policies - Include investment mandates, risk appetite, compliance protocols, and operational controls.
• Set Up Oversight Mechanisms - Create a Family Board or Advisory Committee with a mix of family members and independent professionals to guide strategy.
• Maintain Transparent Communication - Schedule regular board and family meetings to review performance, align on direction, and pre-empt misunderstandings.
• Plan for Succession - Establish written guidelines for leadership transition, mentorship pathways, and next-generation engagement.
• Stay Audit-Ready - Monitor MAS regulatory changes, perform internal audits, and stay compliant with AML/CFT and tax reporting obligations.

Implementation roadmap

1. Define Objectives - Clarify the family's values, mission, and long-term goals for both financial and non-financial matters.
2. Design Organizational Structure - Set reporting lines, role scopes, and decision hierarchies (board, committees, operating roles).
3. Recruit & Onboard Talent - Use trusted networks and professional recruiters to build a multi-disciplinary team aligned with cultural and strategic goals.
4. Document Governance - Prepare governance materials such as the Family Charter, Investment Policy Statement (IPS), and Compliance Manual.
5. Establish Systems & Controls - Implement platforms for performance tracking, compliance alerts, and reporting dashboards.
6. Engage Advisors - Work with legal, tax, and compliance experts to audit governance systems and remain MAS-compliant87.

Summary key elements of building a family office team & governance

By adhering to these best practices, Singapore-based family offices can ensure resilience, regulatory integrity, and long-term alignment across generations.

Expanding investment capabilities with StashAway

While many family offices choose to build in-house investment teams, there’s growing interest in collaborating with regulated investment platforms to gain access to institutional-grade opportunities, especially in niche or complex asset classes such as private credit.

Platforms like StashAway offer accredited investors exposure to curated private credit investments—a traditionally illiquid asset class that’s increasingly favored for its yield potential and portfolio diversification benefits.

This allows family offices—particularly new or leaner setups—to outsource niche allocations while maintaining control over core investment strategy.