Singapore is now the leading family office hub in Asia. Between 2020 and 2024, MAS approved more than 1,800 family offices, and the pace has continued through 2026 even as the regulator has tightened conditions on substance, business spending and local investment. For a family considering Singapore as the centre of gravity for its wealth, this is the consolidated 2026 build guide — from the initial decision through licensing, tax incentive application, governance and ongoing operations.
This is a long-form overview. We have linked deeper walkthroughs at each step where the detail matters.
Step 1: Define the Family’s Objectives
Before any structuring, agree what the family office is actually for. The most common objective sets are: (a) capital preservation and intergenerational transfer, (b) active investment management seeking risk-adjusted returns, (c) operating business stewardship for families with a single dominant business, (d) philanthropy and impact investing, and (e) family governance and next-generation training. Most family offices serve at least two of these.
Your answer drives everything that follows — investment professionals hired, jurisdictions covered, governance bodies, and where you sit on the SFO-versus-MFO spectrum (see SFO vs MFO comparison).
Step 2: Choose the Tax Incentive
Almost every Singapore family office sits inside a fund that benefits from one of MAS’s tax incentives. The two options are:
- Section 13O — Onshore Fund Tax Incentive. Minimum S$20m AUM, fund must be domiciled in Singapore.
- Section 13U — Enhanced Tier Fund Tax Incentive. Minimum S$50m AUM committed, fund can be domiciled anywhere.
For the head-to-head decision, see our Section 13O vs 13U comparison.
Step 3: Set Up the Structural Stack
A typical Singapore family office has three layers:
- The Family Office Company (FOC) — a Singapore-incorporated private limited company that manages the family’s fund. The FOC employs the investment professionals. It does not need an MAS licence because it manages only “related corporations” of the family.
- The Fund Vehicle — usually a VCC (Variable Capital Company) for new structures, sometimes a Limited Partnership or Cayman feeder for legacy reasons. The fund applies for 13O or 13U.
- Underlying Investment Companies (Special Purpose Vehicles) — for property, direct deals, and certain operating investments.
A Private Trust Company (PTC) is often layered on top for succession planning.
Step 4: Hire the Team
MAS expects real people running the family office in Singapore. The minimum hiring footprint under 13O is two investment professionals (one may be a family member); under 13U it is three (at least one must be a non-family member). In practice, a credible family office adds a Chief Operating Officer, Compliance, a Tax / Treasury lead, and an Executive Assistant fairly quickly.
Each investment professional should hold a recognised qualification (CFA, MBA, or material industry experience) and ideally have prior MAS-regulated experience. Their Employment Passes typically clear quickly given the regulator’s pipeline.
Step 5: Apply to MAS
The tax incentive application is filed by the fund (not the FOC) and reviewed by MAS in coordination with IRAS. Documentation includes:
- Application form (MAS-prescribed).
- Investment policy statement, AUM rollout and target asset allocation.
- Business spending plan over three years.
- Identity and background of the family principal, with KYC / source-of-wealth evidence.
- Resumes and qualifications of investment professionals.
- Plan for the 10% / S$10m local investment allocation.
Approval typically takes 3 to 6 months. The detailed mechanics live in our Section 13O lifecycle walkthrough and the Section 13U walkthrough.
Step 6: Residency for the Family Principal
Most family principals want to be present in Singapore. The two practical paths are:
- Global Investor Programme (GIP) — for family principals committing significant capital. See our GIP guide.
- ONE Pass — for principals who can demonstrate compensation above S$30,000 per month. See our Family Office principal track guide.
Family members typically come in on Dependant Passes once the principal’s pass is approved.
Step 7: Open Banking and Custody
Singapore private banks have dedicated family office onboarding teams. Expect three to six months of onboarding for a new family with a multi-jurisdiction footprint, longer if pre-existing structures need to be cleaned up. Custodians and fund administrators are usually selected in parallel with the bank.
For families operating Capital Markets Services-licensed entities, see our private banking onboarding guide.
Step 8: Governance
Family governance is what differentiates a long-lasting family office from a vehicle that drifts. Common bodies include:
- Family Council — strategic body where the family makes key decisions.
- Investment Committee — approves investment decisions above set thresholds.
- Audit / Risk Committee — oversees compliance, AML, tax filing.
- Family Constitution — non-binding document setting out values, succession rules, conflict resolution.
For HNW families with complex trust structures, see our HNW trust structures guide.
Step 9: Ongoing Compliance
Once running, the family office must maintain:
- Annual MAS reporting confirming continued compliance with 13O/13U conditions.
- Annual audited financial statements for the fund.
- Corporate tax filings (the FOC pays Singapore tax on management fees; the fund relies on exemption).
- AGM, Annual Return and ACRA filings — see our Annual Return filing guide.
- AML / CFT monitoring, KYC refresh and SARs as needed.
- CRS and FATCA reporting where applicable.
See our Family office MAS approval, annual review and audit guide.
Step 10: Build the Multi-Jurisdiction Map
Few Asian families operate purely within Singapore. Multi-jurisdiction structures often span Singapore as the operating hub, plus offshore feeders in Cayman or BVI, philanthropy vehicles in Hong Kong or the UK, and operating businesses across ASEAN. The trick is keeping every jurisdiction’s substance real. See our multi-jurisdiction family office structures overview.
Timing and Cost
From the family’s “we want to do this” decision to a live, MAS-approved family office, realistic timelines are 6 to 9 months. Setup costs (legal, tax advice, corporate services, MAS application support) typically run S$150,000 to S$400,000. Annual run-rate costs are S$500,000 to S$2 million depending on team size and AUM.
How Raffles Corporate Services Can Help
We are corporate services specialists with deep family office experience. We provide named corporate secretary, registered office, resident director and ongoing compliance services for the family office company, the fund vehicle and the underlying SPVs. We coordinate with the family’s MAS-licensed manager (where applicable), tax adviser, fund administrator and private bank. If you are exploring a Singapore family office today, talk to us early.
Email [email protected] or message us at +65 8501 7133.
— The Editorial Team, Raffles Corporate Services
References: MAS · Income Tax Act 1947 · Variable Capital Companies Act 2018 · ACRA · ICA