What is a VCC?

Written by Lim Wee Tek The Variable Capital Company (“VCC”) is a corporate entity structure under which several collective investment schemes (whether open-end or closed-end) may be gathered under the umbrella of a single corporate entity and yet remain ring-fenced from each other. It is similar to the open-ended investment company structure in the UK and protected cell company or segregated portfolio company structures in jurisdictions like Guernsey or the Cayman Islands. The corporate entity …

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Tax incentives currently available to Single Family Offices

Written by Dave Lim Chia Chern Singapore has various tax incentive schemes under the Income Tax Act (Cap 134) (“ITA”) in addition to other tax incentives for funds managed by single family offices. These incentives and schemes allow for offshore and onshore investment vehicles to be exempted from income tax on certain designated investments. Onshore Fund Tax Incentive Scheme (Section 13R) Enhanced-Tier Fund Tax Incentive Scheme (Section 13X) Goods and Services Tax (“GST”) remission for …

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Upcoming Investment Trends for Single Family Offices

Written by Claudia Ting Recent times have entailed multiple changes that Family Offices in Asia Pacific will have to face and adapt to in order to continue thriving. The recent Covid-19 pandemic has accelerated the shifts in investment focuses of the rising millennial generation, heightened focus on sustainable investing and technology, as well as a focus on philanthropic and social responsibility. The family office space evolves so rapidly that new trends evolve before “older” trends …

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Guidelines on Individual Accountability and Conduct Launched

Written by Amelia Liew On 11th September 2021, Individual Accountability and Conduct Guidelines introduced by the Monetary Authority of Singapore (“MAS”) have finally come into effect in Singapore. The purpose of the guideline is to strengthen the standards of conduct and protect the public confidence in the financial industry in which a total of 5 outcomes must be achieved by the financial institutions (“FIs”) operating in Singapore. The 5 outcomes set out in the guidelineare …

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新加坡 – 成立单一家族办公室的首选地点

作者: Dave Lim  新加坡已既定为全球投资者和金融及财富管理中心的威望。因便于营商的司法系统和具有吸引力的税务优惠计划等原因促使越来越多的富裕家庭在新加坡设立办公室,以管理他们的财富。这篇文章给予了在新加坡设立单一家族办公室(”SFO”)的简要概述,以及 SFO 可提供的优势。 什么是单一家族办公室(“SFO”)? 新加坡的《证券和期货法》(”SFA”)没有定义”SFO”一词。简言之,单一家族办公室是一个提供超高净值个人或家庭财富管理和相关的财务和管理职能的机构结构。 SFO 倾向于招募拥有投资专业人士和顾问的精英团队,并通过与税务、法律、合规和外部财务专业人士等运行和财富规划人员的雇用促使间接就业。 SFO 通常进行多项活动,以协助家族资产的日常管理。这涉及各种活动,包括报税、投资管理和家族账户管理。 SFO 的特征: 家族的资产是委托给公司的,与法人分割 从资产继承的角度来看,只有公司的股份需被转让 可以招募专业人士来管理家族资产 易于管理 SFO 的结构 单一家族办公室基本上是一家私人有限公司,但可以将其结构化以符合免税条件。根据MAS,在新加坡成立的单一家族办公室应按照下文所示的结构,以满足豁免要求: 成立控股公司 成立由控股公司全资拥有的单一家族办公室和投资基金公司 单一家族办公室通过投资基金公司来管理家族财富 SFO 的常见结构将如下图所示: 通过在新加坡的资产分配和管理,家族办公室可以由新加坡的家庭成员管理。在获得新加坡永久居留权后,可以进行真正的资产迁移。 在新加坡设立 SFO 的好处 由于先进的基础设施、适应法规、及各种政府激励措施, 新加坡是单一家族办公室的首选地区。截至2020年,新加坡的单一家族办公室数量近年来已增至约200家。丰富的财富管理、法律、会计、咨询和其他专业知识,以及移民/居留、优质教育、安全和医疗保健等其他优势,巩固了新加坡作为家族办公室的必去的地点。 基金经理(主要申请人)通过家族办公室管理其家族资产,因此有资格申请就业证(”EP”)。新加坡永久居民(”PR”)身份也可以被申请。新加坡的经济发展局(”EDB”)为打算迁往新加坡的家庭设立了个全球商业投资者计划(“GIP”)。这项GIP 将把新加坡永久居民的身份授予符合条件的全球商业投资者,包括一个专门针对家族办公室的选项。配偶及21岁以下的未婚子女也可以申请家庭成员许可证,称为”家属准证”(”DP”)。家长可以申请长期探访准证(”LTVP”)。欲了解有关新加坡全球投资者方案的更多资料,请参阅我们另一篇文章,内容包括新加坡全球商业投资者计划下的 SFO和移民到新加坡的税务奖励计划。 新加坡被誉为高净值家庭设立家族办公室的黄金地点。本公司(Credence)在建立和保持 SFO 监管合规方面拥有丰富的经验和专业知识。如您对我们能如何帮助支持您的愿景和私人财富生意有兴趣或有任何疑问,请欢迎联系我们。 免责声明 : 此处提供的信息仅供参考,不应被视为专业或法律建议。虽然 Credence Consulting Pte. Ltd. (Credence) 认为其来源是可靠的,我们对内容的准确性不作任何陈述或保证。您应该联系您的法律顾问以获取有关所提出的任何特定问题的建议。此处或通过我们的网站表达的意见仅代表作者个人的意见,不具有法律约束力,可能不反映 Credence 或任何个人合伙人或董事的意见。

Becoming a Singapore Permanent Resident

Written by Shirly Tan Singapore has several PR schemes available for those who wish to apply, these include: The Global Investor Program (GIP) Professional, Technical Personnel and Skilled Workers (PTS) Scheme Foreign Artistic Talent Scheme 1) The Global Investor Program (GIP) The GIP scheme was introduced by the Singapore Economic Development Board (EDB) and the Ministry of Manpower (MOM) Singapore. Foreign individuals who are keen on investing or starting a new business in Singapore may …

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What is an Accredited Investor?

Written by Ng Jian Wei An Accredited Investor (“AI”) is an individual who meets the prerequisites set out by the Monetary Authority of Singapore (“MAS”). This individual shall be treated as an AI by the Financial Institution (“FI”) after being consented to opt in. An AI who does not wish to maintain this status is required to sign an opt-out confirmation form. This aspect has been tightened by MAS since 8th January 2019 and all …

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PSA Licenses

Written by Ian Tan Zhi Yan In January 2020, the Payment Services Act (“PSA”) was introduced to ameliorate the regulatory framework governing payment services in Singapore. The licensing regime under the fairly recent PSA comes in three broad strokes and provides for three kinds of licenses under its ambit. These three licenses are: – Money Changing License (“MCL”) – required for money changing services. MCLs are required by businesses to conduct, solely, the buying or …

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Singapore – The Premier Location for Setting Up Single Family Offices

Written by Dave Lim Singapore has established its prestige as a global financial and wealth management hub for investors all around the world. A business-friendly jurisdiction and attractive tax incentive schemes amongst other reasons have contributed to the increasing number of well-heeled families to set up offices here to manage their wealth in Singapore. This article gives a brief overview of setting up a single-family office (“SFO”) in Singapore, as well as what SFOs have …

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Compliance Issues During Covid-19

Written by Amelia Liew Compliance Issues During Covid-19 The Covid-19 outbreak has significantly impacted most of the financial institutions, disrupting their operations, financials, risk management and internal controls. While there is no certainty on when the crisis will end, one thing is clear: the challenges are here to stay for a while. Therefore, compliance, like any other functions at most financial institutions, are now fully engaged in managing the day-to-day firefighting. However, in periods of …

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