The whole process of setting up a family office
The first step in setting up a family office
Contact with clients to understand their needs.
Clients needs to provide simple information such as: objectives, total asset under management scale, whether there is a succession plan, etc.
Step 2 (can be done simultaneously)
Option 01
Arrange for an accounting firm to handle the registration of Singapore ACRA and set up a family office. Before the registration of the company is confirmed, it can also be submitted to the Monetary Authority for pre-approval of the In-Principal Approval tax incentives. The following is the simple family office establishment structure:
*Please note that the above timeline is only applicable if the applicant provides all relevant documents on time
Option 02
Arrange to contact the law firm to draft a family office agreement, and the law firm can also handle the tax preferential policies that needed to submit the application to the Monetary Authority of Singapore 13X, 13R, 13 CA.
Step 3 (can be done simultaneously)
After the family office is registered, it is necessary to submit an application for opening a private bank account as soon as possible before applying for tax incentives. This will take at least 2-3 months.
