Establishing a 13O Family Office in Singapore

Client Spotlight: Establishing a 13O Family Office in Singapore

Client Profile

• Client: Mr. C, Taiwanese national
• Background: Entrepreneur with substantial cross-border investments
• Objective: Relocate to Singapore with his family and establish a Singapore-based family office to manage global wealth

Challenge

• Structure a single-family office that qualifies for the Section 13O tax exemption scheme
• Comply with MAS’ consolidated application process (post-April 2023 updates)
• Coordinate with multiple stakeholders including:
  • Legal counsel
  • Fund administrators
  • Banks and custodians
• Meet tight timelines for investment structuring, documentation, and submission

Our Solution

• Tsin Li delivered a comprehensive and coordinated execution plan:
  • Advised on investment structure and fund vehicle setup
  • Prepared full application package, including:
    • Annex A & B under the MAS consolidated 13O/13U application process
    • Business plan, KYC profiles, and compliance framework
  • Collaborated with legal counsel to ensure structural alignment with MAS expectations
  • Managed the entire submission process within 4 months

Outcome

• Section 13O tax exemption approved within 2 months of submission
• Family office successfully incorporated and operational
• Ongoing support provided by Tsin Li for:
  • MAS compliance (e.g. annual declarations, business spending)
  • Tax reporting and advisory
  • Strategic post-implementation support