Section 13OA: 13O Tax Exemption for Singapore Limited Partnerships
How LP funds access the onshore exemption — the S$5M AUM, two-professional rule and what's different from a VCC.
Section 13OA extends Singapore's Section 13O onshore fund tax exemption to Singapore limited partnerships (LPs). In short: a Singapore LP fund can access the same exemption on designated investments that companies and VCCs get under 13O, with broadly the same conditions — about S$5M AUM, two investment professionals and tiered local business spending. It exists because the limited partnership is the form many private equity and venture capital investors expect, and Singapore wanted those funds to be able to stay onshore without losing the exemption.
This page is part of the Singapore fund tax incentives hub. Larger LP funds may instead target the Enhanced Tier (13U) at the LP level; see the 13O vs 13U comparison.
What is Section 13OA?
13OA is the limited-partnership counterpart to 13O. Where 13O applies to a Singapore-incorporated company or VCC, 13OA applies the same exemption framework to a Singapore LP — a pass-through vehicle with one or more general partners and limited partners. The income tested and exempted is the same category of specified income from designated investments; the conditions are aligned with 13O.
What are the 13OA conditions?
- A Singapore limited partnership managed by a MAS-licensed or exempt fund manager;
- S$5M minimum in designated investments at the end of each financial year;
- At least two investment professionals at the LP level, with at least one non-family member; and
- Meeting the tiered local business spending requirement.
13OA vs 13O — what's actually different?
| Feature | Section 13O | Section 13OA |
|---|---|---|
| Fund vehicle | Singapore company or VCC | Singapore limited partnership |
| Minimum AUM | S$5M (end of each FY) | S$5M (end of each FY) |
| Investment professionals | ≥2 (≥1 non-family) | ≥2 at LP level (≥1 non-family) |
| Local business spending | Tiered S$200k / S$300k / S$500k | |
| MAS application | Required | Required |
Why use a limited partnership instead of a VCC?
The LP form is familiar to institutional and private-capital investors — it offers pass-through economics, an established general-partner/limited-partner governance model, and documentation that global LPs recognise. 13OA lets a fund use a Singapore LP without forfeiting the onshore exemption. That said, many managers still prefer the VCC for its umbrella/sub-fund flexibility, and family offices often weigh both — see family office structures. We cover the filing mechanics in how to apply via MAS.
Running an LP fund in Singapore?
Tell us your structure and AUM, and we'll connect you with a vetted Singapore fund-setup partner to confirm 13OA fit and file it.
Check my eligibility →Frequently asked questions
What is Section 13OA?
Section 13OA extends the 13O onshore fund tax exemption to Singapore limited partnerships. It lets an LP fund vehicle access the same exemption that companies and VCCs get under 13O, with broadly the same conditions.
What are the 13OA thresholds?
Broadly the same as 13O: S$5M in designated investments at the end of each financial year and at least two investment professionals (at least one non-family), plus the tiered local business spending requirement.
Why use a limited partnership instead of a VCC?
Many institutional LPs and private equity and venture capital investors are familiar with the limited partnership form and its pass-through economics. 13OA lets those funds use a Singapore LP while still accessing the 13O exemption.
Does a Singapore LP fund need a MAS application?
Yes. Like 13O, the 13OA exemption requires a formal application to MAS and ongoing maintenance of the AUM, investment-professional and local-spending conditions.
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.