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Last updated on 5 July 2023
There are a few tax exemption schemes available to a single family office in Singapore. The table below gives an outline of the various schemes.
| Section 13D The Offshore Fund Tax Exemption Scheme |
Section 13O The Onshore Fund Tax Exemption Scheme |
Section 13U The Enhanced Tier Fund Tax Exemption Scheme |
|
|---|---|---|---|
| Fund’s Legal Form | Companies, trusts and individuals | Singapore incorporated company, including VCC | Any, including Singapore VCC |
| Fund’s Residency | Non-tax resident of Singapore with no presence in Singapore | Singapore tax resident | Any |
| Fund Administrator | No restriction | Singapore based | No restriction |
| Assets under Management (AUM) | None | Minimum of S$20 million in Designated Investments at the point of application and throughout the incentive period | Minimum of S$50 million in Designated Investments at the point of application and throughout the incentive period |
| Approval Requirement | No approval required from the MAS | Approval required from the MAS | Approval required from the MAS |
| Minimum Annual Business Spending | None | Subject to a tiered framework with minimum S$200,000 in local business
spending and as follows: – S$500,000 for AUM of S$50 million and above, but less than S$100 million – S$1,000,000 for AUM of S$100 million and above |
Subject to a tiered framework with minimum S$200,000 in local business
spending and as follows: – S$500,000 for AUM of S$50 million and above, but less than S$100 million – S$1,000,000 for AUM of S$100 million and above |
| Minimum number of Experienced Investment Professionals | No | At least 2 investment professionals, with at least one IP being a non-family member | At least 3 Investment professionals, with at least one IP being a non-family member |
| Local Investments Requirements | No restrictions | Yes, invest at least 10% or S$10 million of AUM (whichever is lower) in local investments | |
| Reporting Requirements | Annual statements to investors Tax filing to IRAS for non-qualifying investors | Annual statements to investors Tax filing to IRAS for non-qualifying investors | No requirement |
| Income Tax Filing | Generally not required | Annual tax return | Annual tax return |
| Annual Declaration to MAS | Not required | Required | Required |
| Exemption Restricted to “Specified Income” from Designated Investments | Yes, at the point of application and throughout the incentive period | ||