Singapore Single Family Office (SFO) 13O & 13U MAS Guide 2026

Complete guide to Single Family Offices (SFOs) in Singapore. Explains MAS 15 June 2026 SFO class-exemption rules & Section 13O (S$20M AUM) / 13U (S$50M AUM) tax schemes.

Statutory Overview & Legal Framework

Establishing a Single Family Office (SFO) in Singapore involves structuring a dedicated management company to manage ultra-high-net-worth family wealth. From 15 June 2026, qualifying Single Family Offices operate under MAS's revised structure-agnostic class-exemption framework from fund-management licensing. New SFOs must file a Notice of Commencement of Business within 14 days of commencing operations, maintain an account with an MAS-licensed bank in Singapore, and submit annual returns within 4 months of financial year-end (existing SFOs have until 15 June 2027 to transition). Separately, family offices can apply for corporate tax exemption on specified income derived from designated investments under Section 13O or Section 13U. Under MAS Section 13O, while general non-SFO funds require a minimum S$5M AUM, Single Family Office (SFO)-managed 13O funds require a minimum S$20M fund AUM in designated investments, employing at least 2 Investment Professionals (including 1 non-family member), deploying at least 10% of AUM or S$10M (whichever is lower) into designated local Singapore investments, and satisfying tiered local business spending. Section 13U requires a minimum S$50M AUM, 3 Investment Professionals (including 1 non-family member), local capital deployment, and tiered local spending. Use this guide to navigate Singapore SFO regulations.

Core Statutory Criteria & Regulations

MAS SFO Revised Class-Exemption Framework (Effective 15 June 2026)MAS Class Exemption

Qualifying SFOs operate under MAS's class exemption; required to file commencement notification within 14 days, maintain an account with an MAS-licensed bank, and submit annual returns within 4 months of FYE.

MAS Section 13O SFO Tax Incentive Scheme (S$20M SFO vs S$5M General)Section 13O Rules

While general 13O funds require S$5M AUM, SFO-managed 13O funds require min S$20M AUM in designated investments, Singapore fund manager, min 2 Investment Professionals (including 1 non-family member), min 10% or S$10M local capital deployment, and tiered local business spending.

MAS Section 13U Enhanced Tier Tax Incentive Scheme (S$50M AUM)Section 13U Scheme

Requires min S$50M AUM in designated investments, Singapore fund manager, min 3 Investment Professionals (including 1 non-family member), local capital deployment, and tiered local business spending.

Designated Local Capital Deployment MandateLocal Capital Deploy

Under 13O and 13U SFO tax schemes, funds must deploy at least 10% of fund AUM or S$10M (whichever is lower) into designated local Singapore investments (SGX equities, SG bonds, SG funds, local unlisted operating firms).

Qualification & Compliance Requirements

Applies to ultra-high-net-worth families establishing a dedicated Single Family Office in Singapore.

Must incorporate a Singapore management company (SFO) and dedicated fund vehicle (Pte Ltd or VCC) on Bizfile.

Under MAS's 15 June 2026 regulatory framework, SFO must notify MAS within 14 days of starting operations, maintain an MAS-licensed bank relationship, and submit annual returns within 4 months of FYE.

To qualify for Section 13O fund tax exemption (SFO-managed), fund must maintain min S$20M AUM in designated investments (compared to S$5M for non-SFO funds), employ at least 2 Investment Professionals (including 1 non-family member), deploy at least 10%/S$10M locally, and satisfy tiered local spending.

To qualify for Section 13U fund tax exemption, fund must maintain min S$50M AUM in designated investments, employ at least 3 Investment Professionals (including 1 non-family member), deploy capital locally, and satisfy tiered local spending.

Statutory Document & Application Checklist

Income Tax Act (Cap. 134, Section 13O & 13U)

MAS SFO Class-Exemption Commencement Notification Filing (within 14 days)

MAS Fund Tax Incentive Application Submission via Portal

SFO Management Entity & Fund Entity ACRA Business Profiles

MAS Annual Return & Compliance Reporting Documents (within 4 months of FYE)

Step-by-Step Filing & Compliance Process

Incorporate SFO Management & Fund Entities

Incorporate dedicated SFO management company and fund entity (Pte Ltd or VCC) on Bizfile.

Establish MAS-Licensed Bank & Custodian Accounts

Establish corporate banking and custodian accounts with an MAS-licensed bank in Singapore.

Submit MAS Class-Exemption Commencement Notice

Submit SFO commencement notification to MAS within 14 days of starting operations under the 15 June 2026 class-exemption framework.

Hire Investment Professionals & Meet Incentive AUM

Recruit qualified investment professionals (min 2 for 13O with 1 non-family IP, min 3 for 13U with 1 non-family IP) and fund account to meet S$20M (13O) or S$50M (13U) AUM.

Apply for MAS Section 13O / 13U Tax Incentives & File Annual Returns

Submit tax incentive application to MAS for Section 13O or 13U tax status and fulfill ongoing annual returns within 4 months of FYE.

Frequently Asked Questions (FAQ)

Effective 15 June 2026, qualifying SFOs operate under MAS's revised class-exemption framework. SFOs must notify MAS within 14 days of starting operations, maintain an account with an MAS-licensed bank, and submit an annual return within 4 months of FYE (existing SFOs have until 15 June 2027 to transition).

Section 13O and 13U are statutory tax incentive schemes administered by MAS that grant qualifying fund vehicles corporate tax exemption on specified income derived from designated investments.

For Single Family Office (SFO)-managed funds, Section 13O requires a minimum fund AUM of S$20 million in designated investments (compared to S$5 million for general non-SFO funds). Section 13U requires a minimum fund AUM of S$50 million in designated investments.

Section 13O requires employing at least 2 Investment Professionals (including at least 1 non-family member). Section 13U requires employing at least 3 Investment Professionals (including at least 1 non-family member).

Under SFO 13O and 13U tax incentive rules, funds must invest at least 10% of fund AUM or S$10 million (whichever is lower) into designated local Singapore investments, such as SGX equities, Singapore bonds, MAS-licensed funds, or unlisted Singapore operating companies.