Family Office Essentials: An Overview of the Financial Landscape surrounding the Ecosystem and the Current Issues of Family Offices in Singapore

Description

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

More than half of the Family Offices in Asia are estimated to be located in Singapore. The Family Office as a business entity is becoming increasingly popular, providing affluent families the opportunity to formally safeguard and optimise their wealth for the benefit of future generations.

Family Offices are most often used for asset management and are also useful for conducting additional activities such as wealth and succession planning, lifestyle management and philanthropy. They involve various day-to-day administration tasks, usually managed by external professionals and service providers.

Family Offices can handle a wide range of services based on the specific needs of each family. These services may include tax planning, estate planning, risk management, insurance coordination, legal advice, concierge services etc. The beauty of family offices lies in its flexibility and customization, as no two families are alike. Hence, each family office is tailored accordingly.

This workshop provides a practical insight on the regulatory and compliance aspects of the family office regime. The highly experienced Trainers will also share some of the practical challenges faced when complying with these regulations and how you can avoid common pitfalls.

Programme Outline

Concept of Family Office

Family Office constitution, charter
Circles of family-owned businesses, concepts

Overview of exempt status of Family Office by Monetary Authority of Singapore

Background information

Tax incentives

Updates, Sections 13O, 13U
Asset Under Management (AUM) requirements.
Mandatory hiring of investment professionals and the qualifications required
Obligations for local business spending and its impact on tax incentives

Accounting, Compliance and Reporting

Best practices for setting up accounting systems within a Family Office, ensuring compliance and efficiency

Selection of appropriate accounting software tailored to Family Offices
Integration of accounting systems with investment management and reporting tools
Training and capacity building for in-house staff or outsourcing options

Guidance on the Financial Reporting Standards and requirements for Family Offices in Singapore, including annual tax returns

Preparation and submission of annual tax returns to the Inland Revenue Authority of Singapore (IRAS)
Reporting requirements for business spending and its implications for tax compliance

What reports need to be filed?
Filing Annual returns

Estate, Trust regulations

Overview of trust
Mechanics of trust
Types of trust
Jurisdictional approach

ESG investments

Introduction to Environmental, Social, and Governance (ESG) investments and why they are significant for Family Offices in Singapore

Benefits, ESG criteria
Investment strategies
ESG-focused investing

Other important issues

PDPA
AML (continuous obligations)
Cybersecurity
Counterparties risk (correspondent banks)

What you will learn

Have a practical understanding of the regulatory and compliance issues relating to Family Offices
Have a good appreciation of some current and hot-button issues relating to the Family Office regime
Appreciate some of the common practical challenges faced when complying with Family Office regulations and how you can overcome these pitfalls as advisors

Target Audience

Independent financial advisers
Corporate service providers
Business owners, entrepreneurs
Regional business, SME owners
Private bankers
Wealth managers
Anyone interested in understanding the ecosystem of ultra-high net worth individuals in Singapore

Expert Speaker

Chia Shu Siang

Shu Siang has over 20 years of experience in providing financial assurance, risk consulting, IT consulting and sustainability reporting services to companies ranging from multinationals, public listed companies, government corporations, registered fund management companies (RFMCs), and family offices. He is currently the Head of Risk, Sustainability & Climate Change at Crowe & First Trust Singapore.

Shu Siang is experienced in the internal audit of RFMCs, ensuring their operations align with regulatory standards and best practices, including Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) compliance. He is also proficient in developing comprehensive compliance manuals for organizations striving to navigate the complexities of regulatory landscapes effectively.

In addition, Shu Siang has facilitated clients on materiality analysis of relevant sustainability issues, and prepared sustainability reports to comply with GRI, TCFD/ISSB, SGX, and HKEX requirements. He has advised clients on their net zero roadmap, and identified areas for carbon reduction, and business expansion. Amongst others, he has also facilitated clients’ enterprise risk management and risk assessments (including strategic, financial, operational, compliance, IT, and climate risks).

Shu Siang graduated with a Bachelor of Accountancy (Hons), Minor in Law, Nanyang Technological University, Singapore.

Yeong Wan Hsi

Wan Hsi is a certificated family office practitioner (and a Director in ArrowDynamics) providing independent expertise and bespoke support for family-owned corporates, as well as niche concierge services to meet the specialised needs of high net worth individuals. Her practice includes advising high net worth individuals to resolve their multi varied and multi demands’ needs in a highly regulated and increasingly complex and more harmonised revenue capture system globally.

Wan Hsi is experienced in multi-jurisdictional financial regulations, mergers and acquisitions, venture capital, private equity investments, regulatory compliance, financial markets, corporate restructuring and general corporate work, and had worked or served in large MNCs and financial institutions previously. She represents a broad spectrum of clients which include small and medium sized enterprises, non-governmental organisations and multinational corporations.

Roy Ong

Roy is a certificated family office practitioner (and a Director in ArrowDynamics) and is supporting a few high-net-worth individuals and their needs in Singapore. He is experienced in the regulatory landscape and possesses the essential skills required for meeting the needs of a family owned business to ensure the smooth running of a business. He has recently provided his insights along with a family owned business in Singapore: https://omny.fm/shows/moneyfm-morning-show/biz-how-to-how-to-set-up-family-offices-in-singapo