A family office is a legal vehicle that manages and administers the wealth and assets of high net worth individuals and families. If you imagine a wealth management company that has one individual or family as its only client, this description is remarkably accurate. Yuen Law can set up your family office domiciled in Singapore, and can work with any financial institution or partner of your choice.
There are both financial and emotional reasons why it may make sense to set up family offices. A key motivation is discretion: family offices don’t have the same onerous reporting requirements as normal fund managers, and individual owners within a family office can remain unlisted.
Family offices afford an integrated suite of financial services, from investing and protecting wealth, to tax planning, estate and succession planning, and philanthropic activities. You may have strong views about how you and your family’s wealth are to be managed and distributed. You can set up strong parameters in place related to your values, governance and goals. Such parameters can relate both to the family’s continued cohesiveness and its wealth’s long term survival.
Yuen Law understands the complex tax and regulatory issues through our in-house and extended team, so your family office runs efficiently and effectively from the start. It can be complicated to structure a family office that complies with all regulations that, at the same time, reflects the values and dynamics of the family involved.
If you’re a foreigner looking to set up a family office in Singapore, the government of Singapore has made it much easier for you to. In January 2020, Singapore introduced a legal structure called the Variable Capital Company (VCC), designed to attract the assets of fund managers and family offices. This legal structure is similar to existing ones in the UK, Luxembourg, and the United States.
There are a number of advantages for using the VCC framework to incorporate your family office. The VCC framework even allows for existing fund structures in other jurisdictions to be redomiciled into Singapore as VCCs. Should you be interested, there’s also a pathway towards permanent residency for you and your family.
Yuen Law LLC provides assistance on matters regarding family offices. Do contact us to make an appointment.