Family Office Series

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WEALTH TALKS

23 & 24 Apr 2020

Single Family Office

Part 1/2

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This webinar, one of two talks covering the lifecycle of a Singapore Single Family Office, will discuss and consider initial tax considerations on set up of a Single Family Office and the governance implications of the current COVID-19 crisis, ending with a discussion of immigration incentives to establish a Single Family Office.

Single Family Office: Setup Taxation

Kylie Luo, Executive Director, Private Client BDO

1. Overview: Family Offices in Singapore

- Growth in Single Family Offices | Anticipated Impact of covid-19 crisis

- Reasons why clients set up a Single Family Office

- Key features of Singapore Single Family Office

2. Initial Considerations - Comparison of Tax Implications

- Overview of the fund incentive schemes with 13R and 13X being the key schemes

- Similarities and differences in terms of the requirements and typical structures

- Current trends, including the recent popularity for 13R due to the shift away from offshore jurisdictions but also the benefits that remain for 13X for some clients

- Ongoing reporting and compliance requirements for the Family Office structure

Single Family Office: Governance Challenges

Zac Lucas, Partner, McCarthy Denning

1. Overview – Key Challenges | Covid-19 Crisis | Significant Investment Losses

- Investment Strategy and Oversight – Accountability Framework | Family Investment Committee

- Fraud and Abuse of Power – Best Practice Countermeasures

- Employment Policy – Appointment and Removal Family Members

- Litigation Risk Exposure – Professional Trust Company

- Litigation Risk Exposure – Private Trust Company (PTC)

- Litigation Risk Exposure – Settlor | Reserve Power Holder

Single Family Office: Emigration

Dominic Volek, Managing Partner, Head of Southeast Asia, Henley & Partners

  1. Singapore Global Investor Programme (GIP) – Using a Single Family Office as a Fast Track to Singapore Permanent Residence

  2. Investment Migration - General Overview

View the recording

Part 1/2

Part 2/2

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This is the second and final webinar discussing and describing the lifecycle of a Singapore Single Family Office. In this talk ongoing tax liabilities and structuring options will be explored and discussed, and in light of the current COVID-19 crisis, the impact of succession laws on a Single Family Office, whether held personally or via a trust, will be specifically discussed. The webinar will end with a case study to illustrate and bring together points made during the two sessions.

Single Family Office: Ongoing Taxation

Kylie Luo, Executive Director, Private Client BDO

1. Ongoing Implications of Family Offices - Taxation of Distributions

- What to consider once the Family Office is set up?

- Tax implications at the various levels of the Family Office structure

2. Ongoing Implications of Family Offices - Pitfalls and Termination

- Additional implications to consider in changing and evolving the ownership structure

- Termination of the Family Office Structure and its implications

3. Different Structures to Cater to Specific Needs

- Foreign Grantor Trust Structure

- Structure with more than 1 Trust

- Structure with more than 1 Fund

- Managed Account

Single Family Office: Succession

Zac Lucas, Partner, McCarthy Denning

Evaluation of Succession Implications

- Succession Overview

- Corporate Structure – Shareholder

- Trust Structure – Beneficiary

- Singapore Trust | Anti-Forced Heirship Rules

- Applicable Will, Will Trust and Intestacy Rules

- General Foreign Law Implications

Single Family Office: Case Study

Panel Discussion:

Joe Teng, Regional Head of Sales, Amicorp (Moderator)
Kylie Luo, BDO
Zac Lucas, McCarthy Denning
Dominic Volek, Henley & Partners

View the recording

Part 1/2

 
 

EXPLORE WEALTH TALKS

Family Office Series

This series talks brings together senior industry practitioners to gain insight and understanding of legal, tax and private wealth issues facing HNW individuals and families across Asia.

Governance & Succession
Family Business
Family Office Series

The Governance & Succession series of talks is designed to bring together industry experts to explore the challenges and opportunities faced by business families when considering governance and succession to the family business.

The emergence of the Single Family Office is also explored, along with the need for families as well as business professionals to understand the need for robust family office governance and succession plans.

Trust Series

This series talks brings together senior industry practitioners to gain insight and understanding of legal, tax and private wealth issues facing HNW individuals and families across Asia.

Private Client Series

The private client series of talks bring together senior industry practitioners to gain insight and understanding on legal, tax and private wealth issues facing HNW individuals and clients across Asia, particularly in light of the continuing COVID-19 crisis.

 

In each talk, we shall consider the application of one country's divorce, succession and matrimonial property laws both within the country and also where there is an International element.