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Setting up a family office: 3 families share their journeys and what draws them to Singapore
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The entrepreneurs with family office plans are (from left) Ms Evelyn Chew, Ms Lim Tjie Minn and Mr Wang Jue.
PHOTOS: COURTESY OF EVELYN CHEW, LIM TJIE MINN, WANG JUE
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SINGAPORE – There are an estimated 700 single-family offices (SFOs) as at end-2021 in Singapore and about 200 of them are awaiting approval for their tax incentive applications, according to the Monetary Authority of Singapore (MAS).
An SFO manages the assets belonging to a family and is not required to be registered or licensed by MAS as it does not deal with third-party monies.
