Section 13O
Onshore Fund Tax Incentive Scheme (Exemption of income of company incorporated and resident in Singapore arising from funds managed by fund manager in Singapore)
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Building a Solid Foundation for Sustained Family Prosperity
Family Office & Family Chamberlain Services
Family Office
A family office is a private wealth management entity established specifically for ultra-high-net-worth (UHNW) families. Its core purpose is to provide comprehensive and customized professional services to meet the family’s needs. The scope of services includes financial planning, estate and tax planning, investment management, trusts and foundations, and concierge services, among others. It is dedicated to ensuring the stable growth and sustainable inheritance of family wealth, building a solid foundation for the family’s continued prosperity.
Family Chamberlain
The family chamberlain team is the core of the family office, typically composed of experienced experts from various fields, including but not limited to cross-border accountants, international lawyers, financial specialists, investment experts, trust experts, insurance specialists, medical experts, and education specialists. These experts are directly employed by the family, eliminating potential conflicts of interest that from working with external financial or non-financial institutions, thereby ensuring that all decisions prioritize the family’s best interests.
Fund Tax Incentive Schemes for Family Offices
Approved by MAS and subject to certain criteria, such income is exempt from tax.
The criteria included Assets Under Management、Investment Professionals、Spending Requirement、Capital Deployment Requirements and Private Banking Account Requirements(The Fund must have a private banking account with a MAS-licensed financial institution),etc.
According to Singapore Income Tax Act 1947：
根據新加坡1947年所得稅法令：
Ensuring Asset Security and Sustainable Growth
Customized Wealth Management Analysis
We tailor exclusive wealth management advisory solutions based on clients’ goals and risk profiles, aiming to ensure the steady growth and security of their assets. Our wealth management analysis and planning cover, but are not limited to, the following areas:
Variable Capital Company (VCC) Funds, Trusts, and Private Equity Funds
Private Placement Life Insurance (PPLI) & Universal Life Insurance
Fixed Income
Investments
Real Estate
Other
Investments
Asset Protection & Legacy Continuation
International Family Trust
Asset Protection
Through the legal trusts, we effectively shield assets from creditors, marital disputes, and litigation risks, while preventing asset depletion due to inexperience of future generations.
Designated Beneficiary Planning
Establish a clear beneficiary distribution mechanism, guiding fund usage towards positive planning aspects such as descendants’ education and entrepreneurial development, to achieve the inheritance and continuation of family values.
Charitable Trusts
Incorporate the family’s social responsibilities into the trust structure to create long-term charitable arrangements. This not only reflects the family’s commitment to giving back to society but also strengthens family values, fosters a sense of social responsibility among descendants, and establishes a positive family legacy.
Ensuring Family Prosperity and Sustainable Business Development
Family and Corporate Governance
Family and corporate governance are critical factors in ensuring long-term family stability and enterprise sustainability. Effective governance planning not only strengthens cohesion among family members, promotes stable development, and prevents internal conflicts but also perpetuates the family’s excellent traditions.
Family Governance
Includes but is not limited to:
- Family charter development
- Establishment and management of family councils
- Conflict resolution mechanisms
- Succession planning and training
- Establishment of charitable foundations
- Family fund planning
- Family health and wellness management (precision preventive medicine, advanced anti-aging care)
Corporate Governance
Includes but is not limited to:
- Equity structure planning
- Pre-IPO planning
- Employee retention and incentive programs
Legal Risk Management
International Legal Compliance
“Ultra-high-net-worth families often engage in multinational business operations, hold cross-border assets, and maintain multiple nationalities. To ensure compliance and effectively manage risks, they must rely on the expertise of legal professionals across various jurisdictions and adhere to relevant legal frameworks. This helps mitigate risks and potential losses arising from policy changes or regulatory amendments.
Tax Compliance & Avoidance of Double Taxation
Cross-Border Tax Integration
Many ultra-high-net-worth (UHNW) families have multiple nationalities and tax residencies. Cross-border tax planning is essential to ensure compliance with international tax laws while avoiding double taxation. Proper tax structuring and compliance management allow UHNW families and corporate ultimate beneficial owners (UBOs) to effectively address cross-border tax challenges.
FATCA / CRS Compliance
With increasing global transparency in cross-border financial activities, FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) have become key measures in combating tax evasion. We assist in establishing tax reporting mechanisms to mitigate the tax risks associated with UHNW families’ international assets.
CFC / PEM / Global Minimum Tax
Governments worldwide are increasingly focusing on the issue of “Base Erosion and Profit Shifting” (BEPS). Ensuring compliance while structuring appropriate cross-border corporate frameworks to minimize tax risks has become a critical priority for corporate ultimate beneficial owners.
Adapting to Global Trends and Enhancing Flexibility
International Residency and Citizenship Planning
With the rising (1) geopolitical risks worldwide, (2) increasing demand for asset security and segregation, and (3) growing importance of planning an optimal education environment for future generations, ultra-high-net-worth (UHNW) families are increasingly considering multiple citizenships, permanent residency, or nationality transitions to enhance their flexibility and range of options.
Diversifying residency and citizenship enables family members to navigate evolving global dynamics and potential tax risks with greater ease. Additionally, it provides access to superior education opportunities and high-quality living environments for future generations, further strengthening the family’s overall competitiveness in the long run.
