How to Apply for 13O / 13U via MAS
The steps, documents, timeline and who files — plus the conditions you must keep after the award.
Applying for Section 13O or Section 13U means submitting a formal application to the Monetary Authority of Singapore (MAS) that sets out your fund, your fund manager, your investment professionals and your projected AUM and local spending. MAS reviews it and, if satisfied that the conditions are met, issues an award letter confirming the exemption. The exemption is not automatic and not self-assessed (unlike 13D) — the award is the thing that switches it on.
This page is part of the Singapore fund tax incentives hub. If you have not yet picked a scheme, start with the 13O vs 13U comparison.
What are the steps to apply?
- Confirm the structure and manager. The fund — a company, LP or VCC — must be managed by a MAS-licensed or exempt fund manager.
- Pick the right scheme. Match AUM and headcount to 13O (S$5M, 2 professionals) or 13U (S$50M, 3 professionals).
- Prepare the submission. Fund details, manager details, the investment professionals, projected AUM, and a local-spending plan against the relevant tier.
- File with MAS. The manager (usually with a corporate services firm, tax adviser or law firm) submits the application.
- Respond to queries. MAS may ask follow-up questions; complete answers keep the timeline short.
- Receive the award letter and begin maintaining the conditions from day one.
What documents and information does MAS want?
- Fund constitutional documents and details of the fund vehicle;
- The fund manager's licence/exemption status and Singapore presence;
- Identity and credentials of the investment professionals (residency, role, remuneration against the MAS floor, non-family status);
- Projected and committed AUM in designated investments; and
- A local business spending plan matched to the applicable tier.
How long does MAS approval take?
It varies with complexity and completeness, but a clean 13O or 13U application commonly takes a few months from a complete submission to the award letter. Missing information or back-and-forth queries extend it, so a well-prepared first submission is the single biggest lever on speed.
Do I need my own licence to apply?
The fund must be managed by a MAS-licensed or exempt fund manager — but that does not have to be your own entity. Many managers, and most family offices, run their fund under an existing permissible fund manager rather than securing their own licence first, which is common for VCC sub-funds. We partner with MAS-licensed CMS fund managers who can hold the manager role while your application proceeds.
What happens after approval?
The award is conditional and ongoing. You must keep meeting the AUM test at each financial year-end, maintain the required investment professionals, and hit the local-spending tier every year. Falling out of compliance can put the exemption at risk — see the 2025–2027 substance changes for what is now tested.
Ready to file with MAS?
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Get matched to a partner →Frequently asked questions
How do I apply for 13O or 13U?
You submit an application to MAS covering the fund, the fund manager, the investment professionals and projected AUM and local spending. MAS reviews it and, if satisfied, issues an award letter that confirms the exemption.
Who files the 13O/13U application?
The fund manager typically files on behalf of the fund, usually with a corporate services firm, tax adviser or law firm preparing the submission. The fund must be managed by a MAS-licensed or exempt fund manager.
How long does MAS approval take?
It varies, but a 13O or 13U application commonly takes a few months from a complete submission to an award letter. Incomplete applications or follow-up queries from MAS extend the timeline.
Do I need a MAS-licensed manager before applying?
Yes. The fund must be managed by a MAS-licensed or exempt fund manager. If you do not hold your own licence, you can run the fund under an existing permissible fund manager - a common route for VCC sub-funds.
VCC Singapore is an independent informational resource and is not a regulator, law firm or tax adviser. Tax thresholds and conditions are set by MAS/IRAS and change periodically — confirm the current figures before acting. This page is general information, not legal, tax or financial advice.