The Monetary Authority of Singapore set out a revised regime for Single Family Offices on Friday, publishing a class exemption from licensing that will take effect on 15 June 2026 and impose new notification and account-keeping duties on qualifying vehicles. The framework, unveiled in a media release, is intended to simplify how family offices are established in Singapore while giving the regulator a clearer line of sight into their activities.
The exemption is structure-agnostic, meaning it applies regardless of the legal form used by a qualifying SFO, and is available to all qualifying SFOs operating in Singapore as a straight-through exemption from licensing.
NOTIFICATION AND BANKING CONDITIONS
Under the framework, qualifying SFOs must notify MAS of their existence, maintain an account with a MAS-licensed bank, and file an annual return disclosing their total assets under management.
The annual return must state total assets under management and the name of the SFO's bank.
MAS said the revised framework provides a simple, streamlined process for SFOs to establish operations in Singapore, whilst enhancing overall monitoring of SFOs.
TRANSITION PERIOD FOR EXISTING OFFICES
Existing Single Family Offices operating in Singapore have been given until 15 June 2027 to bring themselves into compliance with the new requirements.
MAS said the revision followed its earlier public consultation and its responses to industry feedback published in November 2024, and that the industry had generally welcomed the changes. MAS referred SFOs and their advisers to its Frequently Asked Questions on the Licensing Exemption Framework for Single Family Offices for further details.