In recent years, Singapore has become popular among people from all over the world in the immigration market. Whether it is doing business, entrepreneurship, education, settlement or retirement, Singapore has demonstrated its unique advantages.
Singapore is also a very good choice for high net worth individuals. That's because in Singapore, high-net-worth individuals can not only achieve wealth management, but also enjoy a series of preferential tax policies.
1. Singapore Immigration Policy: The main applicant and family members of a Singapore single-family office
need to establish two companies in Singapore, one is a fund company and the other is a family office , also called a fund management company.
Fund management companies provide fund management services to fund company entities, which are specifically used to manage the assets of fund companies.
1. Fund company
The main applicant can invest some assets in the fund company, such as financial assets, equity assets, insurance policies and some fixed assets. The assets invested in the fund company can be managed by professionals or by the applicant himself.
Fund companies' equity can be held by a single person, multiple people or a holding company. If it is to ensure the isolation of overseas wealth, a trust company can act as a holding company to hold the equity.
2. Family office (fund management company)
The main applicant can manage personal or family owned assets through the family office, and apply for an employment permit (EP). After holding the EP for 6 months, you can further apply for Singapore permanent residence (PR).
manages and operates assets through the family office, which generates a certain amount of income every year, which realizes the appreciation of family assets.
In this regard, Singapore has another advantage. Under the financial framework of 13O and 13R, these gains are tax-free.
3. Fund tax exemption plans 13O and 13U
13O and 13U are two tax exemption provisions of the Singapore tax law. As long as the family office is established according to the tax exemption regulations of 13O or 13U, it can enjoy tax exemption. The biggest difference between
13O and 13U is:
①The capital threshold
13O is 10 million new dollars, and 13U is 50 million new dollars.
②EP quota
13O can apply for 2 EP quotas, and 13U can apply for 3 EP quotas.
2. What are the advantages of a single family office?
1. Numerous structure options
Family offices in Singapore can be integrated with many different types of wealth planning structures.
2. Specified investment income is tax-free
Fund companies can apply for the tax exemption plan in Singapore's "Income Tax Act 1947" to achieve tax exemption on specific income.
3. One person applies for three-generation immigration
Foreigners who establish a family office in Singapore can apply for an employment permit (EP), and if they meet the relevant conditions, they can further apply for permanent residence. Dependents can apply for a dependent pass or a long-term visit pass.
4. Realize asset value preservation and appreciation, which is conducive to family inheritance
Family office is a wealth inheritance tool suitable for high-net-worth individuals, which can maintain the value of family wealth and pass it on from generation to generation.
3. Requirements for applying for a family office in Singapore
1. The main applicant must have no less than 5 years of entrepreneurial, investment or management experience;
2. Must have no less than 200 million Singapore dollars in operating experience is the net investable assets;
In addition, the main applicant also needs to submit a detailed business plan, which must include the corresponding expected number of employees, annual financial forecasts, and the applicant’s functions in the single-family office, asset allocation , investment strategy , etc.
4. Singapore family office application process
1. Evaluation & signing (1-2 months)
2. Submit application (2-4 months)
3. EDB issues interview invitation
4. Obtained Letter of in-principle approval (5-6 months)
5. Implementation plan (6 months)
6. Formal approval (2-4 months)
7. Landing in Singapore (landing within one year)
8. Obtaining permanent residence
5. Who is suitable for applying for a Singapore family office?
1. High net worth families who need asset allocation
2. People who need safe asset management
3. People who need tax planning
4. People who pay attention to their children’s education
5. People who want to obtain Singapore identity
