Recruiting a Family Office Investment Director: What Core Competencies Should You Look For?

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.

Avvanz Pte. Ltd. (cdd.cs@avvanz.com)

BDO Advisory Pte. Ltd. (info-fs@bdo.com.sg)

DC Frontiers Pte. Ltd. (duediligence@handshakes.ai)

Ernst & Young Advisory Pte. Ltd. (screening@sg.ey.com)

KPMG Services Pte. Ltd. (sg-fmkpmgscreensvcs@kpmg.com.sg)

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.