Singapore Streamlines Framework For Single Family Offices

The Monetary Authority of Singapore (MAS) announced that the revised framework for Single Family Offices (SFOs), which provides a simple, streamlined process for SFOs to establish operations in Singapore, was brought into force on 15 June.

The revised framework creates a straight through class exemption from licensing for all qualifying SFOs operating in Singapore, regardless of structure. SFOs that meet the requirements need only notify MAS of their operations and maintain an account with a MAS-licensed bank. They also have to file an annual return with information on the total assets under management and the name of their bank.

This revision follows a public consultation on the revised SFO framework and the policy responses by MAS to the industry’s feedback published in November 2024. Existing SFOs operating in Singapore will have a transitional period of one year to comply with the revised framework.