MVG: Tailored Solutions for MAS 13O/13U Approval and Family Office Setup
At MVG, we specialize in crafting tailored solutions to secure Monetary Authority of Singapore (MAS) approval for 13O/13U company structures. Our aim is to minimize taxes on private banking assets, dividends, and interest income, leveraging MAS-approved tax incentives to ensure no taxation on capital gains or income. Our structures facilitate secure asset custodianship in Singapore with leading international banks, streamlined company setup, accounting, and management, and, in some cases, residency options for family members and/or key staff.
Singapore is a preferred location for many families establishing Single Family Offices (SFOs) due to its robust financial and legal infrastructure, high quality of life, compliant legal framework, stability, experienced wealth management professionals, transparent tax regime, and strategic location in Asia.
These SFOs, owned by Singapore companies with 13O or 13U tax incentives, allow for autonomous management of funds once approved by MAS. Key benefits include capital gains through the SFO and the ability to live, work, and travel in and out of Singapore on an Employment Pass.
Family Office Services at Premier Fiduciary
We recognize that every family’s needs are unique. Our bespoke solutions and structures are designed to meet your specific requirements.
Wealth Management
Wealth management focuses on creating, securing, and passing wealth to the next generation. Our clients often invest significant resources in wealth creation but may overlook how to protect and transfer this wealth. Wealth planning addresses these needs by ensuring that your assets are preserved and effectively transferred to future generations.
Trusts
A trust involves a fiduciary relationship where the trustee manages property for the benefit of beneficiaries. Any unauthorized acts or omissions by beneficiaries constitute a breach of fiduciary duty. The trustee’s control may also be subject to the powers of a designated protector, depending on the trust terms.
Employment Pass & Family Office
For those looking to relocate to Singapore, securing an Employment Pass (EP) is often a priority. Setting up a Family Office may be an effective route for obtaining an EP.
What is a Family Office?
In Singapore, a Family Office is a premier form of wealth management, known as MAS 13U (formerly 13X) and MAS 13O (formerly 13R).
Obtaining an Employment Pass through a Family Office
A Family Office is directly managed by the client who holds the fund company. If opting for the 13U plan, you may also choose between an offshore or Singapore company. The Family Office provides investment management services and must employ investment professionals, facilitating EP issuance. The 13U plan allows for 3 EPs, while the 13O plan permits 1 EP, with employers potentially being family members or company employees.
Advantages of a Family Office
Tax Benefits: Exemption from tax on specific gains from designated investments under 13U/13O conditions.
Employment Pass: Eligibility for EP (13U – 3 EPs / 13O – 1 EP).
Family Visas: Parents can apply for a Long Term Visit Pass (LTVP), and spouses and children (under 21 years and single) can apply for Dependent’s Pass.
Permanent Residency and Citizenship: Potential future applications for Singapore Permanent Resident (PR) status and citizenship, subject to conditions.
Wealth Inheritance: Establish family traditions, ensure cross-generational inheritance, and preserve/increase family wealth.
EP Application via Family Office vs. General EP Application
Applying for an EP through a Family Office typically results in higher success rates compared to traditional EP applications, which may face rejection if the company lacks substantial business activities in Singapore. The EP application process via a Family Office generally takes 4-5 weeks if all information is complete.
MVG Support
At MVG, we are committed to providing comprehensive support throughout your Family Office setup and Employment Pass application process. Our expert team will guide you every step of the way, ensuring a seamless experience and tailored solutions to meet your specific needs.
Contact Us
Discover how MVG can help you establish a robust Family Office structure and secure your Employment Pass in Singapore. Our expert solutions are designed to maximize your benefits and streamline your relocation process. Reach out today at info@mvgtrust.com to learn more about our services.
