Setting up Family Office in Singapore
Establish and Manage Family Wealth with Apexia Corporate Advisory's Premium Family Office Services
Singapore has emerged as a top global destination for high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) seeking a stable and tax-efficient environment to manage their wealth. As Asia's financial hub, Singapore offers unique opportunities for families to preserve and grow their assets across generations. Apexia Corporate Advisory provides bespoke Family Office services tailored to the specific needs of your family, ensuring long-term success and stability.
Why Choose Apexia Corporate Advisory Family Office Services in Singapore?
Apexia Corporate Advisory's Family Office services provide a comprehensive suite of wealth management solutions for high-net-worth individuals and families looking to safeguard and grow their assets in a tax-efficient manner. Singapore's robust financial infrastructure, combined with its favourable tax policies, makes it an ideal location for your Family Office. With tax schemes like Section 13O and 13U, we help you optimise your family's wealth management while ensuring compliance with local regulations.
Our premium services include:
- Wealth Management: Tailored investment strategies to grow and protect your assets.
- Estate Planning: Ensuring a smooth transfer of wealth across generations with trusts and other legal structures.
- Tax Advisory: Structuring tax-efficient solutions to minimise liabilities and maximise asset growth.
- Lifestyle Management: Personalised concierge services, travel planning, and security management.
- Philanthropy Services: Guidance on charitable giving and establishing private foundations.
The Importance of Family Offices for High Net Worth Individuals (HNWI)
Family offices in Singapore are designed to provide a centralised, comprehensive approach to managing the diverse needs of HNWIs and UHNWIs. Beyond wealth management, they handle budgeting, tax planning, investment management, succession planning, and philanthropy. Family offices not only preserve family wealth but also foster unity, shared values, and long-term financial success.
Key benefits include:
- Wealth Preservation: A family office helps ensure your family's wealth is preserved for future generations through strategic asset management and succession planning.
- Unified Family Vision: Aligning financial goals with family values and philanthropic aspirations.
- Tax Efficiency: Optimising tax strategies using Singapore's tax incentives to reduce liabilities and increase asset growth.
Step-by-Step Guide to Setting Up Your Family Office in Singapore
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Establish Your Family Charter
Begin by creating a family charter, outlining your family's goals, values, and long-term vision. This serves as the foundation of your family office and ensures all key family members are aligned.
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Define Asset Management Strategies
Determine which assets—such as real estate, private equity, stocks, and fine art—will be managed by the family office. Each asset class has different tax implications, which we can help you optimise.
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Select Services for Your Family Office
Customise the services your family office will provide based on your unique needs. Options include wealth management, estate planning, tax advisory, property management, and more.
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Structure the Leadership Team
Select a skilled leadership team to manage the complexities of your family office. While you can rely on trusted family members, seeking professional advice from experts like investment managers and tax advisors is highly recommended.
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Create a Family Office Business Plan
A robust business plan is essential for outlining the family office's objectives, governance structure, legal framework, and operational processes.
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Implement Pro Forma Budgeting
Establish a pro forma budget to guide your family office's financial planning and ensure effective wealth management.
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Maximise Tax Efficiency
Take advantage of Singapore's tax incentives, such as the 13O and 13U schemes, to reduce tax liabilities while meeting minimum spending and asset requirements.
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Recruit the Right Team
Build a professional team, including financial advisors, legal experts, and administrative support, to effectively manage your family office's operations.
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Set Up Operational Infrastructure
Ensure that your family office has the necessary infrastructure in place, including IT systems, cybersecurity, and office space, to support smooth operations.
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Ensure Long-Term Stability
With your family office established, rest assured that your wealth is being managed in one of the world's most stable and prosperous financial markets, setting a strong foundation for future generations.
Tax Benefits and Optimization Strategies for Family Offices in Singapore
Singapore's tax policies make it a highly attractive location for family offices, offering several incentives to maximise wealth preservation:
- Section 13O and 13U Schemes: These tax schemes provide significant exemptions on income generated by family office fund management. To qualify, family offices must meet certain criteria, including a minimum of S$20 million or S$50 million in assets under management.
- No Capital Gains Tax: Singapore's lack of capital gains tax makes it an ideal destination for investment management.
- Double Taxation Treaties: Singapore has an extensive network of treaties with over 80 countries, minimising the tax burden on international investments.
Family Office Structure: Single vs. Multi-Family Offices
The structure of your family office will depend on your family's needs and preferences:
- Single Family Office (SFO): Customised to meet the specific needs of one family, providing the highest level of privacy, control, and tailored services.
- Multi-Family Office (MFO): Serves multiple families, offering shared resources and cost-effective services, though with slightly less customisation.
Comprehensive Family Office Services
Apexia Corporate Advisory's Family Office services are tailored to meet the unique needs of your family. Our services include:
- Wealth and Asset Management: Customised investment strategies and portfolio management.
- Estate and Succession Planning: Trusts, wills, and other legal mechanisms to preserve wealth for future generations.
- Philanthropy Services: Structuring charitable activities and setting up private foundations.
- Lifestyle Management: Personalised concierge services, travel planning, and security management.
- Tax Advisory: Ensuring your family's tax strategy is efficient and compliant with local and international laws.
How Apexia Corporate Advisory Can Help You Establish a Family Office in Singapore
Setting up a Family Office in Singapore is a complex process that requires expert guidance. Apexia Corporate Advisory's experienced team of accountants, lawyers, tax advisors, and investment professionals provides end-to-end services to help you create a family office tailored to your specific needs. From establishing your family charter to optimising for tax efficiency and recruiting your team, we guide you every step of the way.
Start Your Family Office Journey Today
Apexia Corporate Advisory's Family Office services offer you the opportunity to manage and preserve your family wealth in one of the most attractive financial hubs in the world. Contact us today to discuss how we can help you establish a Family Office in Singapore, ensuring the legacy and prosperity of your family for generations to come.