What is a Family Office?
A family office is a private wealth management firm that provides financial and investment services to a single family or a small group of closely related families. A family office can be either internal, which is created and run by the family members themselves, or external, which is set up and managed by third-party professionals.
The decision to set up a family office is usually driven by the need to consolidate and professionalize the management of the family’s wealth. This is especially relevant for families that have grown their wealth over multiple generations and have complex financial portfolios.
There are a number of reasons why Singapore is an attractive destination for those looking to open a family office. First, the city-state has a highly developed and stable financial system. This makes it easy to set up and maintain banking relationships, investment accounts, and other financial structures necessary to support a family office.
Second, Singapore has a low tax regime. This means that more of the family's wealth can be retained within the family office, and less will be paid out in taxes.
Third, Singapore is a convenient location for families who have members living in different parts of the world. The city-state is easily accessible from most major international airports, and its time zone is favorable for coordinating global family activities.
Fourth, Singapore is a safe and secure place to live and work. The crime rate is very low, and the country has a strong track record of political stability.
Finally, Singapore offers a range of attractive lifestyle options. From luxurious apartments in the city center to quiet suburban neighborhoods, there is something to suit every taste. Families can also take advantage of the many world-class educational institutions in Singapore, ensuring that their children receive a top-quality education.
Whether you are looking to establish a family office for tax planning purposes, asset protection, or simply to have a convenient base from which to manage your family's affairs, Singapore is an excellent choice. With its favorable financial and legal environment, Singapore is the perfect place to set up a family office.
If you require help with setting up a family office in Singapore, speak to the representative at Koh Management, or call +65 98638665 for advisory help.
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Opening a family office in Singapore