Family Office Services in Singapore | Wealth Management Advisory

Yes, you can set up a SFO in Singapore without necessarily participating in GIP.

Yes, but via other options:

1. Professional, Technical Personnel, and Skilled Workers Scheme
2. Spouse of a Singapore Citizen or Permanent Resident
3. Aged Parents of a Singapore Citizen
4. Investment in Singapore – While not part of the GIP, if the investor makes significant investments in Singapore that contribute to the country’s economy, he/she may still be considered favourably for PR under certain circumstances.

Yes, but via other options:

1. Family Ties Scheme: Spouses and unmarried children (below 21 years old) of Singapore citizens or PRs may apply.
2. Employment Pass: Family members who qualify for employment in Singapore based on their professional skills and qualifications.

There is no specific limit to the number of EPs a non-GIP SFO can obtain. However, each EP application is assessed based on the individual’s qualifications, company size, and operational needs. SFOs must justify the need for foreign talent and comply with the Fair Consideration Framework.

Criteria for academic background:

• At least a relevant diploma from Singapore or degree (e.g., Accountancy, Finance, Economics, Business Administration/Management with Specialisation/Major in the preceding areas) OR
• Relevant professional certification (e.g., CMFAS or CFA).

Criteria for work experience:

• Experience in investment management in a formal employment capacity OR
• Experience in mergers and acquisitions (if the section 13O/13U fund has a focus on private equities/venture capital/direct investments).

The investor’s track record includes various factors such as his/her educational background, professional experience, his/her roles and responsibilities and achievements (e.g. AUM, investment returns).

It is alright for the NAV to drop below S$50mil. However, upon renewal of the PR, the SFO must employ at least 5 incremental Family Office professionals (with at least 3 Singapore Citizens) and maintain the S$50 million AUM across any of the 4 investment categories.

The SFO can invest in a Singapore-based operating company owned by the investor or a related party. The investment portfolio of the family office should be balanced, and it will be assessed during the GIP interview.

Upon Re-Entry Permit (REP) renewal, applicant should meet the renewal criteria. The applicant must submit a declaration form 1 year after the date of receiving Final Approval of PR status, which includes the breakdown of the S$50 million deployed across the 4 specified investment categories. Failure to meet the minimum criteria could lead to a non-renewal of the applicant’s REP.

The Investor applies for PR under the GIP and includes their eligible family members (spouse and unmarried children under 21 years old) in the application. Upon main applicant’s GIP approval, he/she is granted PR status, eligible family members included in the application are typically granted PR status as well. The Investor can establish SFO and employ their family members under EPs if they meet the eligibility requirements, such as relevant skillset and experience, set by the MOM.

The spouse is typically included in the main applicant’s GIP application as a dependent, and if the main applicant’s GIP application is approved and they are granted PR status, the spouse is usually granted PR status as well.

If the spouse obtained PR status as a dependent of the main applicant under the GIP, the cancellation of the main applicant’s PR status may result in the review or cancellation of the spouse’s PR.

Yes, Investor may reapply for PR through the GIP again. However, the fact that the investor’s PR status was cancelled due to failure to meet renewal criteria may be taken into consideration during the reapplication process. It’s essential to address any issues or concerns that led to the cancellation and demonstrate the investor’s continued commitment.