Tax

13O
Family offices under the S13O scheme must now hire at least two investment professionals (IP). In the event the family office is unable to hire two IPs by the point of application, they will be given one year to hire the second IP.
An investment professional includes:

• Traders;
• Research analysts; and
• Portfolio managers.

Further, they must earn more than S$3,500 (US$2,500) per month and have substantial experience in this industry.
(Previously, the S13O scheme only required the fund to be managed or advised by a fund management company (FMC) in Singapore where the FMC is licensed under the Securities and Futures Act 2001.)

13U
The fund must be managed or advised by at least three Investment Professionals (IPs) and one IP must be a non-family member. If this criterion is not met upon application, the fund will be given a one-year grace period to hire a non-family member IP.