The family office schemes are administered by the Monetary Authority of Singapore (MAS) which has announced more stringent criteria for the family office incentive schemes. These new requirements for new applications under section 13O (previously section 13R) and section 13U (previously section 13X) will be effective from 18 April 2022 onwards.

The updated criteria relate to a minimum fund size now being imposed on section 13O scheme, investment professionals to be employed by the manager, local business spending. There is also a new requirement for the funds to now have local investments.

A summary of the updated criteria for the two schemes is as follows:

  Section 13O Section 13U
Minimum AUM (based on Net Asset Value) S$10 million at point of application which is to be increased to S$20 million within 2 years. S$ 50 million at point of application (no change).
Investment Professionals Minimum of 2, with a 1 year grace period that may be given to employ the 2nd investment professional. Minimum of 3 with at least one of them not being a family member. A 1 year grace period may be granted to meet this requirement.
Local investments 10% of AUM or $10 million, whichever is lower. A 1 year grace period will be granted if this cannot be met at time of application.
Minimum total business spending (per year):
–        AUM < S$50 m S$200,000 S$500,000
–        $50 m > AUM >= S$100 m S$500,000 S$500,000
–        AUM >= S$100 m S$1 million $1 million


Local investments include investments in equities listed on local stock exchange, equity investments in unlisted Singapore companies, qualifying debt securities and funds distributed by fund managers in Singapore.

The minimum amount of total business spending is now based on amount of Assets Under Management (AUM).