Singapore Family Office Requirements
The substance you must build and maintain — AUM, investment professionals, local spending, governance and the annual upkeep — to run a family office and hold 13O or 13U.
A Singapore family office must do three things to qualify for a tax incentive: hold its assets in a recognised fund vehicle (commonly a VCC), appoint a MAS-licensed or exempt fund manager, and meet the economic-substance conditions of the 13O or 13U incentive. Those conditions are real and ongoing: a minimum AUM, a minimum number of Singapore-based investment professionals, and tiered local business spending — all tested every financial year, not just at application. This page sets out the full requirement set for a single family office.
What are the requirements to set up a family office in Singapore?
In sequence, a family office must:
- Hold assets in a fund vehicle — most commonly a VCC, which can ring-fence sub-funds per branch or asset class.
- Appoint a Permissible Fund Manager — MAS-licensed, or exempt under section 99(1)(b) for a single family managing its own money.
- Meet the tax-incentive conditions — AUM, investment professionals and local spending for 13O or 13U.
- Maintain governance — resident director, company secretary, auditor, AGM and annual return within the VCC Act deadlines.
How many staff must a family office employ?
At least two investment professionals for 13O and three for 13U, with at least one non-family member in each case. They must be Singapore tax-resident and paid above the MAS salary threshold. Most offices also need administrative, operations and compliance support. This headcount is the substance MAS is looking for — and the main reason the office costs what it does, as covered on the cost page.
What is the local business spending requirement?
Local business spending is tiered by AUM:
| Assets under management | Minimum annual local business spending |
|---|---|
| Below S$250 million | S$200,000 |
| S$250 million – S$2 billion | S$300,000 |
| Above S$2 billion | S$500,000 |
Qualifying spend includes Singapore-based fund administration, audit, tax, legal and management fees — costs a genuine office incurs anyway.
What governance does the VCC require?
If the family office holds assets in a VCC, the VCC Act imposes its own requirements: at least one Singapore-resident director and at least one director linked to the fund manager; a company secretary appointed within six months and an auditor within three months of incorporation; an AGM and annual return within statutory deadlines after the financial year-end; and accounts audited each year (VCCs do not get audit exemption). The register of members is not public, preserving family privacy. The full detail is in the VCC structure guide.
What are the ongoing obligations?
The conditions are not one-and-done. The AUM, headcount and local-spending tests must be met every financial year; annual returns and audited accounts must be filed; governance maintained; and the office must report to MAS as the incentive requires. A family that lets headcount or AUM slip below threshold risks losing the incentive — so the substance has to be sustained, not just established.
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Speak to a specialist →Frequently asked questions
What are the requirements to set up a family office in Singapore?
Hold assets in a recognised fund vehicle (commonly a VCC), appoint a MAS-licensed or exempt fund manager, and meet the 13O or 13U conditions: minimum AUM (S$5M or S$50M), Singapore-based investment professionals (two or three, at least one non-family), and tiered local spending — all tested every financial year.
How many staff must a Singapore family office employ?
At least two investment professionals for 13O and three for 13U, with at least one non-family member in each case, all Singapore tax-resident and above the MAS salary threshold — plus admin, operations and compliance support.
What is the local business spending requirement?
Tiered by AUM: at least S$200,000 a year below S$250M, S$300,000 from S$250M to S$2B, and S$500,000 above S$2B. Qualifying spend includes Singapore-based fund admin, audit, tax, legal and management fees.
What ongoing obligations does a family office have?
Meet the AUM, headcount and local-spending conditions every financial year, file annual returns and audited accounts, maintain VCC Act governance (resident director, secretary, auditor, AGM, annual return), and report to MAS as the incentive requires.
VCC Singapore is an independent informational resource and is not a regulator, law firm or tax adviser. Requirements are set by MAS, IRAS and ACRA and change periodically — confirm the current position before acting. This page is general information, not legal, tax or financial advice.