Singapore has become the preferred destination for family offices. The city-state recorded over 1,500 family offices by the end of 2022, managing assets worth just over US$66 billion.
It is because of Singapore’s streamlined business setup process, targeted tax incentives, skilled workforce, and robust legal system that the city-state has transformed into Asia’s family office hub. Further, Singapore’s location at the heart of the rapidly growing economies of Southeast Asia serves as a gateway for new investment opportunities for the family offices of high-net-worth individuals.
In this issue of ASEAN Briefing magazine, we provide an overview of the factors that make Singapore the ideal destination for a family office. We then explore the family office structure and entities setup. Finally, we demonstrate the key requirements to qualifying for income tax exemption for family offices.
