the back of rising growth of Asian wealth, an increasing number of families are
consolidating their wealth in Singapore through formal structures, such as
family offices. In March 2019, MAS and the Singapore Economic Board (EDB) jointly established the Family Office Development Team (FODT) to enhance Singapore’s competitiveness as a global wealth management and family office hub. The FODT seeks to enhance the operating environment for family offices; deepen capabilities of family office professionals and service providers; and build a stronger community of family offices.
This section also contains information on licensing requirements for
single family offices in Singapore.
from “FAQs on the Licensing and Registration of Fund Management Companies”:
term ‘single family office’ (SFO) is not defined under the Securities &
Futures Act (SFA). An SFO typically refers to an entity which manages assets
for or on behalf of only one family and is wholly owned or controlled by
members of the same family. The term ‘family’ in this context may refer to
individuals who are lineal descendants from a single ancestor, as well as the
spouses, ex-spouses, adopted children and step children of these individuals.
There are existing class exemptions from licensing
under the SFA and the Financial Advisers Act for the provision of fund
management and financial advisory services respectively to related
For further details, please refer to the full FAQ here.