在新加坡设立家族办公室

如何在新加坡设立家族办公室的分步指南

Singapore is a hub for business and financial solutions. People had been making profits and generating good income by taking advantage of the country’s strategic location and resources. However, as the wealth grows, there comes a need to manage the assets efficiently so that they help you and your family relax and rest. In this guide, you will learn about what a family office is and how to manage your finances and taxes smoothly without giving yourself a headache.

什么是新加坡的家族办公室？

A family office is a private organization that happens to manage your assets as well as non-financial affairs. It is something like your own finances and operations team that plays a key role in your wealth and asset management. A family office is created to cater to the needs of wealthy families by helping them with investment management, tax planning, and lifestyle management as per their wishes. It basically helps you in organizing your wealth and growing it.

What are the Roles of a Family Office?

A family office in Singapore is established to responsibly manage the wealth and lifestyle of affluent individuals, and it typically has the following main roles:

Business Management
If your family owns a business, it becomes the responsibility of the family office to ensure that the business runs smoothly and the wealth is transferred from generation to generation. The family office has the controlling shares, which allows it to make decisions to make sure the firms are working efficiently at their full capacity and no conflicts or issues arise within the business.

Investment and Financial
The job of a family office is to manage the complete finances of a family. It also includes taking care of their bills and even managing the salaries of their hired staff. In addition to wealth management and planning, the family offices hold shares and assets, so they might require an external investment team to carry out the required tasks, weighing the risks and benefits.

Secretarial and Administrative
The family office takes care of all the mundane yet important tasks for a family. They have the administrative rights that enable them to manage daily affairs. From booking flights to arranging school admissions for their children, a family office does it all and happens to be the ultimate support system. When you rely on a family office, you do not have to worry about anything!

How to Set Up a Family Office in Singapore

A family office in Singapore ensures a check and balance on the business spending and investment management of families. It keeps an eye on their wealth and lifestyle, as most high-end families require professional help to manage their philanthropy and business dealings. In order to do so, setting up a family office is quite easy, as more families are looking for professionals and services that help them manage their assets without giving them a headache.

Establishment of Goals and Objectives

Before setting up a family office, it is important to establish a family charter that lists the goals and objectives of the office. It is essential to know the purpose of the family office so that there is no misunderstanding with the wealth management and decision-making. It can be used to preserve the assets, to make wise investment decisions, or a combination of different services.

Determine Office Structure and Operations

One important decision is to choose whether you want a single-family office (SFO) or a multi-family office (MFO) to attend to your financial needs. Families can also outsource different service providers to meet their requirements. Assessing the pros and cons of all the options is significant as it determines how the office will establish its operations and work with the families.

单一家庭办公室（SFO）：

An SFO is exclusively designed for a single family and manages its assets and finances. It is a private entity that manages the fund and investments for the members of a family. They are exempted from registering fund licenses by the Monetary Authority of Singapore (MAS).

多家庭办公室（MFO）：

An MFO provides its services to multiple wealthy families. They require Registered Fund Management Company (RFMC) and Licensed Fund Management Company (LFMC) fund licenses to serve their high-end clients, ensuring they meet the specific needs of families.

Decide on Which Assets Will Be Controlled by Family Office

A family office does not necessarily handle all assets of a family. You can decide which asset should be controlled by the office, as each class has a fair share of taxes and a money trail. It is important to get the assistance of professional consultants for tax and fund management to make sure everything is handled strategically and to avoid any pitfalls or legal situations.

Choose What Services You Want to Provide

Every family office offers a different variety of services, and your family can always choose which ones you want your family office to provide:
● Planning
● Budgeting
● Tax services
● Legal services
● Wealth management
● Investment education for the family’s next generations
● Establishment and operations of private foundations
● Payroll and human resources

Develop an Investment Strategy

The next step is to put the pieces together and develop a sound investment strategy and business plan that meets your client’s requirements. The strategy should basically align with the family’s financial goals, asset allocation, and risk tolerance. It is kind of a roadmap of all the activities, keeping in mind the objectives of the family office and what the families demand.

Structure the Family Office for Tax Optimization

It is crucial to understand the tax incentives and exemption schemes to make sure that a specified income derived from designated investments can be taxed. The proper structure will allow you to enjoy the benefits of certain tax programmes, namely the Onshore Fund Tax Incentive Scheme or S13O, and the Enhanced-Tier Fund Tax Incentive Scheme or S13U.

新加坡金融管理局 (MAS) 的许可证要求：

Considering the license requirements of the Monetary Authority of Singapore is a significant threshold you must meet before setting up a family office in Singapore. It is not particularly easy to obtain a MAS license but if you are determined and follow the requirements, you might have your office working effectively in no time.

1. You must have a minimum capital of $1 million.
2. Your family office must be licensed as a financial advisor because that’s what it basically is!
3. A compliance letter ensuring your family office complies with MAS regulations.

Things You Need to Consider Before Setting Up a Singapore Family Office

Having your family office set up and running is no big deal, but there are a few things you must consider before rushing into the business.

Goals of the Family Office
Before setting up a family office, it is important to define the goal and objectives of the business. Families looking to secure their wealth have a goal of saving the assets for their legacy. The main objective of the family office is not to think about the next year, but to make ways for the next generation. Having a family office manage your wealth but also preserve your legacy should be the ultimate goal.

Plan For Succession
Wealth, but without a clear plan and objective, might make things go astray. When you set up a family office, you not only invest for today but for a decade or generations. Having a rule book ready with a succession plan will help you have a secure legacy and allow you to keep things on track. The family charter will allow the next generation to make informed decisions and lead the business responsibly.

Legacy Beyond Wealth
It is crucial to understand that everything is not always about money. Having a family office setup not only secures your wealth but also establishes your values. A well-structured family office can play a crucial role in advancing philanthropic initiatives and socially responsible goals. This way, not only does your wealth continue, but it also shapes the family’s legacy, values, and vision for the future.

结论

Singapore has become a preferred destination for high-net-worth families who seek personalized financial solutions. If you want to protect, manage, and grow the wealth of your family, having a family office setup should be your ultimate move. This not only allows you to preserve your legacy but also expands the investments.

A family office is not just about the finances and wealth management. It also promotes philanthropy and prepares the next generation of individuals to take charge responsibly. Once you have a family office set up, all you have to do is take time out to plan your moves wisely and talk with professionals and experts to manage your business. The family office must align with the goals and vision of the family, and it should continue to do so for decades to come.