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Singapore MAS Issues Update on Family Office & Fund Tax Incentive Scheme with New Criteria to Start in 2025, Tax Incentives Scheme 13D, 13O & 13U to Sunset on 31st December 2029 If Not Extended, New Definition of AUM Refers to Value of Designated Investments (DI) While Current Definition is Net Asset Value, 13O Requires S$5 Million DI in 2027 for Existing Funds, 13U Requires S$50 Million DI in 2027 for Existing Funds 

5th October 2024 | Hong Kong 

Monetary Authority of Singapore (MAS) has issued an update on family office & fund tax incentive scheme with new criteria to start in 2025, including 1) Tax Incentives Scheme 13D, 13O & 13U to sunset on 31st December 2029 if not extended, 2) New definition of AUM refers to value of Designated Investments (DI) while current definition is Net Asset Value, 3) 13O Requires S$5 million DI in 2027 for existing funds, 13U requires S$50 million DI in 2027 for existing funds.  In 2024 August, MAS updated the tax incentive schemes for fund managers & family offices under the Section 13O & 13U schemes, requiring screening report for applications from 1st October 2024 provided by 6 screening service providers including EY, KPMG, PwC & BDO Advisory.  13O requires S$20 million AUM (designated investments) & S13U requires S$50 million AUM. Monetary Authority of Singapore (MAS) – To offer a conducive operating environment for Singapore-based fund managers, the tax incentive schemes for funds under sections 13O and 13U of the Income Tax Act 1947 provide tax exemption to fund vehicles that are managed by Singapore-based fund managers, including family offices, subject to the fulfilment of the schemes’ conditions.  To be approved for the section 13O or 13U schemes, fund vehicles managed by family offices must meet certain criteria in relation to AUM, investment professionals, spending, capital deployment and maintaining private banking accounts.  All new tax incentive applications for fund vehicles managed by family offices must be accompanied by a screening report issued by a Screening Service Provider from 1 October 2024 onwards. We will only accept reports from the Screening Service Providers listed below.  See updated FAQ for tax incentive schemes

 



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“ Singapore MAS Issues Update on Family Office & Fund Tax Incentive Scheme with New Criteria to Start in 2025, Tax Incentives Scheme 13D, 13O & 13U to Sunset on 31st December 2029 If Not Extended, New Definition of AUM Refers to Value of Designated Investments (DI) While Current Definition is Net Asset Value, 13O Requires S$5 Million DI in 2027 for Existing Funds, 13U Requires S$50 Million DI in 2027 for Existing Funds “

 

 

Singapore MAS Updates Tax Incentive Schemes for Fund Managers & Family Offices under Section 13O & 13U Schemes, Screening Report Required for Applications from 1st October 2024 Provided by 6 Screening Service Providers Including EY, KPMG, PwC & BDO Advisory, 13O Requires S$20 Million AUM & S13U Requires S$50 Million AUM in Designated Investments

Singapore | Leading financial centre in Asia

9th August 2024 – Monetary Authority of Singapore (MAS) has updated the tax incentive schemes for fund managers & family offices under the Section 13O & 13U schemes, requiring screening report for applications from 1st October 2024 provided by 6 screening service providers including EY, KPMG, PwC & BDO Advisory.  13O requires S$20 million AUM (designated investments) & S13U requires S$50 million AUM. Monetary Authority of Singapore (MAS) – To offer a conducive operating environment for Singapore-based fund managers, the tax incentive schemes for funds under sections 13O and 13U of the Income Tax Act 1947 provide tax exemption to fund vehicles that are managed by Singapore-based fund managers, including family offices, subject to the fulfilment of the schemes’ conditions.  To be approved for the section 13O or 13U schemes, fund vehicles managed by family offices must meet certain criteria in relation to AUM, investment professionals, spending, capital deployment and maintaining private banking accounts.  All new tax incentive applications for fund vehicles managed by family offices must be accompanied by a screening report issued by a Screening Service Provider from 1 October 2024 onwards. We will only accept reports from the Screening Service Providers listed below.

Monetary Authority of Singapore (MAS) – To offer a conducive operating environment for Singapore-based fund managers, the tax incentive schemes for funds under sections 13O and 13U of the Income Tax Act 1947 provide tax exemption to fund vehicles that are managed by Singapore-based fund managers, including family offices, subject to the fulfilment of the schemes’ conditions.  To be approved for the section 13O or 13U schemes, fund vehicles managed by family offices must meet certain criteria in relation to AUM, investment professionals, spending, capital deployment and maintaining private banking accounts.  All new tax incentive applications for fund vehicles managed by family offices must be accompanied by a screening report issued by a Screening Service Provider from 1 October 2024 onwards. We will only accept reports from the Screening Service Providers listed below.

Screening Service Providers can be contacted directly for more details on their services, including on the estimated cost. In general, this screening process is expected to take about 2 weeks to complete. Applicants may wish to consult family office specialist advisors who can incorporate this screening process into your tax incentive applications.

 

 

Spencer Hsu, Associate Partner, Private Client Services, EY Corporate Advisors: “The introduction of the screening services provider process strengthens the integrity of the incentive application process while enhancing its efficiency. This supports Singapore’s continued growth as a trusted and attractive international hub for businesses and family offices.”

Ramesh Moosa, EY Asean and Singapore Forensic & Integrity Services Leader: “Family offices add to the dynamism of Singapore’s investment landscape, attracting additional financial services and talent, and fostering a culture of innovation and philanthropy. Singapore’s growth as a leading hub for international family offices reinforces its stature and reputation as a flourishing international finance center.”

Martin Tupila, Partner, Forensic & Integrity Services, Ernst & Young Advisory: “With advanced screening technologies like the EY Screening Hub, we help to enhance the robustness of compliance and due diligence processes. This underscores how innovation and robust regulatory frameworks work hand in hand to bring about a secure and reliable business environment”

 

 

Singapore MAS Updates Tax Incentive Schemes for Fund Managers & Family Offices under Section 13O & 13U Schemes, Screening Report Required for Applications from 1st October 2024 Provided by 6 Screening Service Providers Including EY, KPMG, PwC & BDO Advisory, 13O Requires S$20 Million AUM & S13U Requires S$50 Million AUM in Designated Investments

 

Criteria  S13O  S13U 
Assets Under Management
  • Minimum S$20 million in Designated Investments at the point of application and throughout the incentive period
  • Minimum S$50 million in Designated Investments at the point of application and throughout the incentive period
Investment Professionals 
  • Employ minimum 2 professionals, of whom at least 1 is not a family member of the beneficial owners at the point of application and throughout the incentive period
  • Employ minimum 3 professionals, of whom at least 1 is not a family member of the beneficial owners at the point of application and throughout the incentive period
Investment Professionals Requirements

for both S13O & S13U
  • Relevant formal work experience or academic qualifications to qualify as investment professionals
  • Qualified investment professionals must be employed as a portfolio manager, research analyst or trader who will earn more than S$3,500 per month and engage more than 50% of the time in the qualifying activity
  • Qualified investment professionals must be Singapore tax residents throughout the incentive period
Spending Requirement 
  • Tiered Spending Requirement*, with minimum S$200,000 in Local Business Spending
  • Tiered Spending Requirement*, with minimum S$200,000 in Local Business Spending
Capital Deployment Requirements# for both S13O & S13U
  • Investing lower of S$10 million or 10% of AUM in:
  1. Equities, REITS, Business Trusts, or ETFs listed on MAS-approved exchanges;
  2. Qualifying Debt Securities;
  3. Non-listed funds distributed by licensed financial institutions in Singapore;
  4. Investments into non-listed Singapore operating companies;
  5. Climate-related investments;
  6. Blended Finance[**] Structures aimed at supporting sustainable development, with substantial involvement of entities in Singapore
  • 1.5x or 2x amount invested in eligible investments recognised for Capital Deployment Requirement computation#
Private Banking Account Requirements for both S13O & S13U
  •  The Fund must have a private banking account with a MAS-licensed financial institution at the point of application and throughout the incentive period

 

 

 

Eligible Donations and Grants to Blended Finance Structures with substantial involvement of entities in Singapore will be recognised as eligible spending, starting 5 July 2023

 AUM < S$50 million S$50 million ≤ AUM < S$100 million  AUM ≥ S$100 million 
Spending Requirement of the Fund in each Year of Assessment ≥ S$200,000 ≥ S$500,000 ≥ S$1 million
Spending Requirement may be met by:  
  • Local business spending: Minimum S$200,000
  • Local business spending: Minimum S$200,000
  • Eligible donations[***]
  • Grants[^] to Blended Finance[**] Structures with substantial involvement of entities in Singapore (recognised as 2x spending)
  • Total spending: ≥ S$500,000
  • Local business spending: Minimum S$200,000
  • Eligible donations[***]
  • Grants[^] to Blended Finance[**] Structures with substantial involvement of entities in Singapore (recognised as 2x spending)
    Total spending: ≥ S$1 million



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