Setting up a Family Office in Singapore – Tightened criteria for Family Offices to qualify for tax incentives in Singapore 在新加坡设立单一家族办公室 – 收紧家族办公室享受新加坡税收优惠的标准
Recognised for its political stability, sound financial regulations and pro-business policies, it is unsurprising that Singapore has established itself as one of the leading private banking and wealth management hubs in Asia. The Singapore government has further introduced various tax incentive schemes targeted towards funds managed by family offices, such as income tax exemptions on almost all investment gains. Consequently, Singapore has increasingly become the jurisdiction of choice for ultra-high net worth (“UHNW”) individuals and families to set up base to manage their assets and investments, specifically, by setting up a family office. This article gives a brief overview of setting up a single-family office (“SFO”) in Singapore and what SFOs have to offer.
新加坡因其稳定的政治环境，完善的金融法规和有利于商业运作的公共政策受到认可并成为亚洲领先的私人银行和财富管理中心之一。新加坡政府还针对家族办公室管理的基金推出了多项税收优惠计划，例如免征几乎所有投资收益的所得税等。有鉴于此，新加坡已逐渐成为超高净值人士和家庭设立资产管理和投资基地的首选法域，特别是采用在新加坡设立家族办公室的方式。本文概述了在新加坡设立单一家族办公室(Single Family Office) 的基本法律要求和单一家族办公室提供的有关服务。
What is a Single-Family Office?
何为单一家族办公室？
An SFO typically refers to a legal entity that carries out the administration and management of assets and investments of UHNW individuals or families for the purposes of capital preservation, succession planning and managing investments. An illustration of a typical ownership structure[1] of an SFO is seen below:
单一家族办公室(SFO)指的是对超高净值人士或家庭的资产和投资进行日常管理的法人实体，其主要目的旨在帮助超高净值人士或家庭进行资本保全、继承规划和投资管理。单一家族办公室的典型所有权架构如下：
SFO Regulatory Requirements in Singapore
单一家族办公室的具体新加坡法律法规要求
Although fund management companies in Singapore are generally required to be licensed by the Monetary Authority of Singapore (“MAS”), the Securities and Futures Act 2001, read together with Financial Advisers Act 2001, provides exemptions for SFOs engaging in fund management and financial advisory activities from licensing requirements. For instance, under the statutory exemptions, an SFO may be exempted from licensing requirements if it was structured as either (a) a corporation which manages funds for its related corporations, or (b) a corporation that provides financial advisory services to its related corporations. In other words, SFOs performing such regulated activities will not need to be licensed by MAS. To clarify further, in the event that an SFO does not fall within the stipulated exemptions squarely, MAS has indicated its willingness to consider granting exemptions on a case by case basis. Typically, MAS will consider the following to be SFO arrangements:
虽然常规的新加坡基金管理公司均须事先获得新加坡金融管理局(“新加坡金管局”)(MAS)发出的基金管理牌照，但是《新加坡证券和期货法》(2001) 以及《新加坡财务顾问法》(2001) 在符合条件的情况下，针对为从事资金管理和财务咨询服务的单一家族办公室给予了对应的牌照的豁免。例如，根据法定的豁免规定，若单一家族办公室是（a）为其关联公司提供基金管理服务的公司，或（b）为其关联公司提供财务咨询服务的公司，则可获得牌照豁免。换句话说，对于此类管理自己家族财富的单一家族办公室无需再向新加坡金管局申请有关对应的基金管理牌照。需要进一步澄清的是，如果单一家族办公室不属于现有类别牌照豁免范围的公司，那么新加坡金管局则表示可按个别情况具体审核后给予牌照豁免。通常，新加坡金管局会将以下架构视作为典型的单一家族办公室：
- Where there is no common holding company, but the assets managed by the SFO are directly held by natural persons of a single-family;
单一家族办公室和投资基金公司虽然没有共同的控股公司，但单一家族办公室管理的资产均由该单一家族的自然人直接持有； - Where assets are held under a discretionary trust, the settlor of the trust and the beneficiaries are members of the same family;
如果资产由全权信托持有，信托的委托人和受益人为同一家族成员； - Where a family trust is set up for charitable purposes, the charitable trust is funded exclusively by settlor(s) from a single-family; and
如果家族信托基金的设立是出于慈善的目的，慈善信托基金完全由单一家族的委托人资助；和 - Where non-family members such as key employees of the SFO are shareholders in the SFO for the purpose of alignment of economic interest and risk-sharing, the initial assets and additional injection of funds are funded exclusively by a single-family.
为了协调经济利益和分担风险，单一家族办公室的股东存在有非家族成员（例如关键雇员）的情形时，初始资产及后续额外注入的资产完全由单一家族资助。
MAS may take between two to four months to review an application for licensing exemption, depending on the complexity of the arrangement, the quality of the information submitted and the responsiveness of the applicants.
取决于个案结构的复杂程度、递交信息的质量以及申请人对问题的答复速度等因素，新加坡金融管理局通常需2至4个月的时间来审核牌照豁免的申请。
Tax Schemes and Incentives in Singapore
新加坡政府指定的税收优惠计划
Singapore has several tax incentive schemes under the Income Tax Act 1947 (“ITA”) that are available for funds managed by family offices which allow for onshore and offshore family investment vehicles to be exempted from income tax on certain designated investments:
根据《新加坡所得税法》(1947)，新加坡有几项税收优惠计划可适用于由在新加坡设立的家族办公室管理的对应基金。具体而言，该优惠计划允许家族投资机构（新加坡境内或境外）的某些特定投资的收益享受新加坡免税待遇：
- Offshore Fund Tax Exemption Scheme (Section 13D (previously Section 13CA) of ITA);
离岸基金税收豁免计划（《新加坡所得税法》第13D条(原为第13CA条））; - Onshore Fund Tax Exemption Scheme (Section 13O (previously Section 13R) of ITA); and
在岸基金税收豁免计划 （《新加坡所得税法》第13O条(原为第13R条））；和 - Enhanced Tier Fund Tax Exemption Scheme (Section 13U (previously Section 13X) of ITA)
特级基金税收豁免计划（《新加坡所得税法》第13U条(原为第13X条））
This segment focuses on the tax incentive schemes for onshore funds. For applications submitted to the MAS from 18 April 2022 onwards, the key features and requirements of the schemes are as follows:
以下部份重点讨论在岸基金的税收优惠计划。对于从 2022 年 4 月 18 日起提交给新加坡金管局的申请，该税收优惠计划的主要特点和要求如下：
| Tax Incentive Schemes 对应优惠计划 | Section 13O (previously Section 13R) 13O条例（简称“13O计划”） | Section 13U (previously Section 13X) 13U条例（简称“13U计划”） |
| Fund’s Residence* 投资基金公司的所在地 | Singapore tax resident 新加坡税收居民 | No restrictions 无特定要求 |
| Assets under Management (AUM) 基金资产管理规模 | The fund entity must have a minimum of S$10 million at the point of application and commit to increasing AUM to S$20 million within a 2-year grace period 家办基金公司在13O计划下申请税收豁免时，最低资产管理规模必须为1000万新币并且需承诺在2年的宽限期内将其资产管理规模增加至2000万新币 | The fund entity must have a minimum of S$50 million at point of application 家办基金公司在13U计划下申请税收豁免时，基金资产管理规模必须为5,000万新币或者以上 |
| Investment Professionals 投资专业人士Note: Only individuals who are Singapore tax resident can be considered as investment professionals.注：只有新加坡税收居民的个人才能被视为投资专业人士 | (a) The fund entity must be managed or advised directly throughout each basis period relating to any year of assessment by a family office in Singapore, where the family office employs at least two investment professionals (i.e., portfolio managers, research analysts and traders earning more than S$3,500 per month and must be engaging substantially in the qualifying activity). 家办基金公司在任何评估相关年度需由家族办公室直接管理或提供建议。该家族办公室至少需要聘用2名投资专业人员（即投资组合经理、研究分析师和交易员，其收入需每月超过 3,500 新币，并且必须大量参与符合条件的活动） (b) In the event that the family office is unable to employ 2 investment professionals by the point of application, the fund entity would be given a 1 year grace period to employ the second investment professional. 如果家族办公室在申请时无法聘用2位投资专业人员（即在申请时只有1为投资专业人员），家办基金公司将会被给予1年的宽限期去聘用另外一位投资专业人员。 | (a) The fund entity must be managed or advised directly throughout each basis period relating to any year of assessment by a family office in Singapore, where the family office employs at least three investment professionals (portfolio managers, research analysts and traders earning more than S$3,500 per month and must be engaging substantially in the qualifying activity), with at least one being a non-family member. 家办基金公司在任何评估相关年度需由家族办公室直接管理或提供建议。该家族办公室至少需要聘用3名投资专业人员（即投资组合经理、研究分析师和交易员，其收入需每月超过 3,500 新币，并且必须大量参与符合条件的活动），其中一位投资专业人员必须是非家族成员。 (b) In the event that the family office is unable to employ one non-family member as an investment professional by the point of application, the fund entity will be given a 1 year grace period to do so. 如果家族办公室在申请时无法雇佣到非家族成员作为其投资专业人员，家办基金公司将会被给予1年的宽限期去完成该雇佣。 |
| Business Expenditure 家办基金公司年度业务开支Note: 注：Expenses incurred should relate to the operating activities of the fund entity (as opposed to financing activities).产生的费用支出应与家办基金公司的运营活动有关（不包括融资活动）Typical expenditure includes, but are not limited to, remuneration, management fees, tax advisory fees, and operating costs.一般费用支出包括但不限于，薪酬、管理费、税务咨询费、及运营成本。 | The fund entity will incur a total business spending of: 家办基金公司在新加坡将产生的业务开支需达到以下的要求： (a) at least S$200,000 in a year if the Fund’s AUM is less than S$50 million; 若基金资产管理规模小于5000万新币，每年在新加坡的业务开支需达到20万新币； (b) At least S$500,000 in a year if the Fund’s AUM range is between S$50 million and S$100 million; or 若基金资产管理规模介于5000万新币及1亿新币之间，每年在新加坡的业务开支需达到50万新币；或 (c) At least S$1 million in a year if the Fund’s AUM is at least S$100 million 若基金资产管理规模大于1亿新币，每年在新加坡的业务开支需达到100万新币。 | The fund entity will incur a total business spending of: 家办基金公司在新加坡将产生的业务开支需达到以下的要求： (a) At least S$500,000 in a year if the Fund’s AUM is more than S$50 million but less than S$100 million; or 若基金资产管理规模介于5000万新币及1亿新币之间，每年在新加坡的业务开支需达到50万新币；或 (b) At least S$1 million in a year if the Fund’s AUM is more than S$100 million 若基金资产管理规模大于1亿新币，每年在新加坡的业务开支需达到100万新币 |
| Local Investment 基金公司本地投资范围限制 | The fund entity managed by the family office must invest at least 10% of its AUM or S$10 million, whichever is lower, in local investments, at any one point in time. 由家族办公室管理的基金需把至少资产总额的10%或者1000万新币（以两者间较低者为准）的资金投资在新加坡本地市场。 Such investments may include: (i) equities listed on Singapore-licensed exchanges, II) qualifying debt securities, (iii) funds distributed by Singapore-licensed/registered fund managers, (iv) private equity investments into non-listed Singapore-incorporated companies (e.g., start-ups) with operating business(es) in Singapore. 该投资包括：(i)新加坡证券交易所的挂牌上市的证券、（ii）符合条件的债券、（iii）新加坡本地基金公司分发的基金、以及（iv）新加坡本地注册且在新加坡本地有实际业务运作的非上市公司（例如初创企业）的私募股权。 A grace period of one year will be granted if this requirement is not met at the time of application. 如果在申请时未满足前述要求，金管局将给予一年的宽限期完成。 | |
| Fund Administrator 基金管理 | Singapore-based 基金管理者必须常驻新加坡 | Singapore-based 基金管理者必须常驻新加坡 |
| Shareholding / Investors 股权/投资者 | Pursuant to Section 13O of the ITA, non-qualifying investors (i.e. Singapore non-individuals investing above a certain prescribed percentage in the fund) will be required to pay a financial penalty to IRAS 根据《新加坡所得税法》第13O条，不符合条件的投资者（即投资额超过13O基金的某个指定持股比例的新加坡非个人投资者）将会被新加坡税务局根据情况支付对应罚款。 | No restrictions 无特定要求 |
| Approval Requirement 审批要求 | MAS approval required for tax exemption scheme to apply (no change of investment mandate after approval) 需要新加坡金管局的批准才能享受《新加坡所得税法》第13O条下的税务豁免计划（批准后不能更改投资授权） | MAS approval required for tax exemption scheme to apply (no change of investment mandate after approval) 需要新加坡金管局的批准才能享受《新加坡所得税法》第13U条下的税务豁免计划（批准后不能更改投资授权） |
| Reporting Requirement 财务汇报要求 | Annual statements to investors 向投资人提供年度报告 | Not required 无特定要求 |
| Income Tax Filing 所得税申报 | Must file annual tax returns to IRAS 须每年向税务局进行税务申报 | Must file annual tax returns to IRAS 须每年向税务局进行税务申报 |
| Annual Declaration to MAS 向新加坡金管局提交年度声明 | Required 需要 | Required 需要 |
* “Fund” in the table above refers to the investment vehicle(s) managed by an SFO.
上述表格中的“基金”是指由单一家族办公室管理的投资实体。
Sections 13O and 13U schemes also allow qualified family members who join the family office as investment professionals apply for Employment Pass in Singapore.
13O和13U计划也允许以专业投资顾问身份加入家族办公室从事管理工作的合格家族成员申请新加坡的工作准证 EP (Employment Pass)。
All funds that qualify for any of the abovementioned tax incentive schemes as at 31 December 2024 may enjoy the tax exemption for the life of the fund (provided that the on-going operational conditions are met).
任何截至2024年12月31日符合上述税收优惠计划条件的基金将在基金存续期间享受免税待遇（前提是基金确实符合税收优惠计划的相关条件。
Lastly, Singapore has over 100 Avoidance of Double Taxation Agreements available to family offices which allows certain types of income to be taxed less or even exempted.
最后，在新加坡设立家族办公室可以享受超过100多个的避免双重征税的扩国协定，这使某些类型收入的税收可以获得减免甚至做到完全免税。
Observations
我们的观察
Singapore has long been an established financial and business hub and has a vibrant wealth management sector. As seen from the above, Singapore checks the boxes of what UHNW families consider to be essential when planning where to site their family offices. We believe that Singapore’s legal and tax landscape as well as its political stability would help further promote Singapore as an attractive destination for family offices serving wealthy families in the region.
新加坡长期以来一直是金融和商业中心并拥有蓬勃发展的财富管理行业。如本文所述，就超高净值家族在设立家族办公室时所会考量的具体因素而言，新加坡都已经提供了完美的对应政策。我们相信，新加坡的法律制度和税收政策以及稳定的政治环境将有助于新加坡成为设立家族办公室的首选之地。
If you have any questions or require any additional information, please feel free to reach out to Mr. Yap Lian Seng or Dr. Qiu Yang of Insights Law LLC.
如果您有任何疑问或需要任何更多的信息，请随时与我们的叶律师或邱博士联系。
IMPORTANT NOTICE: This memorandum is only intended as a guide and does not purport to be an exhaustive or conclusive discussion of the matters set out herein and should not be relied on as a substitute for definitive legal advice. Reference should always be made to the applicable statutes, the relevant subsidiary legislations and other applicable guidelines. This memorandum is not to be transmitted to any other person nor it is to be relied upon by any other person or for any other purpose or quoted or referred to in any public document or filed with any governmental or other authorities without our consent in writing. This memorandum is limited to the laws of Singapore. In issuing this memorandum, we do not assume any obligation to notify or inform you of any developments subsequent to its date that might render its contents untrue or inaccurate in whole or in part at such later time. If you would like to discuss the implications of these legal developments on your business or obtain advice, please do not hesitate to approach your usual contact at Insights Law LLC or you may direct the inquiry to our key contacts stated above.
重要提示：本备忘录仅用于参考，并不视作对本文所载事项的详尽或结论性的讨论，且不应被依赖作为替代明确的法律意见。应参考所适用的法规、有关附属法例、及其他适用的原则。未经本所书面同意，本备忘录不得向任何其他人传送，任何人也不得就任何目的依赖本备忘录，并于任何公共文件引述或专署，或提交给任何政府或有关当局。本备忘录仅限于新加坡的法律。本所就这份备忘录的发行，对较后时间日期发生的任何进展导致本备忘录所呈现的全部或部分不实或不准确的内容不承担任何义务。如果您想了解这些法律发展对您业务的影响或咨询意见，请随时与您新加坡智诚律师事务所的联系人联系，或直接联系上述的主要联系人。
[1] Ownership structure depends on the legal form of the holding/family office and various regulatory/operational considerations.
所有权架构取决于控股/家族办公室的法律形式以及各种监管/运营方面的规则考量。
