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The primary objective for setting up a Family Office in India is to “Create Values”, “Earn Sustainable Wealth” and “Preserve Assets for transition to next-generation”. They are personal wealth management firms of the High Net-worth /Ultra-rich class.

Family Office services (FO) offers a multitude of activities. These services are based on a broad range of assessments such as:

Family Tree
Family tree – which includes a list of members and their brief profile along with their business/profession.
Business
Family net worth (consolidated) with an individual as well as company-wise break-up.
Business Operations
Nature of business operations and the level of ownership in which they operate – IT and GST compliance status.
staff resources
Vision of the key promoters of the family group and their challenges.
qualified candidates
Future Plans of the family promoter to be addressed.

 

The following services are offered under family office management:

Succession Planning
  • Advisory Services related to drafting a will, facilitating gift deeds and assistance in registration.
  • Advisory Services related to formation and Registration of Family Trust in a tax efficient manner keeping in mind family values. Valuation of personal assets for assistance to the settlor for the basis of distribution at defined period.
  • Will execution, probate execution/ facilitation
  • Filing of necessary returns, assistance in legal representation under various tax laws and related compliance services
  • In the event of death – Registration and compliance on behalf of Legal Representatives/Executors including filing assessments, returns, etc.
  • Guidance on documentation to executors for wealth distribution in line with probate.
  • Assistance in settlement of insurance claims, third-party recovery, etc.

Family Business Restructuring Services 
  • Tax efficient strategies like Mergers & Acquisition, BTA, etc.
  • Structuring a business, Valuation, Tax planning vis a vis Wealth creation, Execution, drafting legal documents, and representation.
  • Tax opinions on complex business models and investment transactions.
  • Transaction Advisory Services such as Strategy, Formation, Registration, and Compliance support
  • Regulatory compliance under FEMA, Company Act, or other regulatory authorities along with representation
  • Vetting of legal documents

Family Business Management Services 
  • Assistance in high-value business transactions in global investments and operations
  • Customised solutions for business-critical, financial and administrative services matters
  • Single point of contact to coordinate the day-to-day management of outsourced operations such as CFO services, financial planning and fund syndication through Debt /Equity, account writing, HR payroll management, Tax compliance and Advisory retainers, etc.
  • Consultancy services on taxation, finance, and other commercial verticals.

Services to HNI / Ultra HNI Families 

Wealth Management Services

  • Representing Board members for HNI/ Ultra HNI family management and assistance in the investment decision-making strategies.
  • Management of various Lifestyle assets
  • Personal finance and wealth management advisory 
  • RBI, FEMA compliance, Advisory on International Tax implications, documentation, and execution support – Assistance in Cross border Investments.
  • Accounting and documentation support
  • Risk management services 
  • Coordination with Tax auditors and banks to prevent a conflict of interest in corporate governance or local regulatory restrictions.
  • Formation of Family Investment holding entities like LLP, One Person Company or Private limited in line with strategic wealth creation goals and long term preservation.
  • Registration and Regulatory (including Corporate Secretarial) compliance 
  • Co-Ordination with Fund Managers and associates for Regularly Monitoring the Investment.
  • Studying the Impact of Amendments introduced in Income Tax Laws by way of Budget, Ordinance etc. and Introduction of Various Laws and how the same would affect our Investments

Back Office Support Services

  • Executing accounting and tax responsibilities, including reporting
  • Coordination, organisation and hosting of the board and other meetings
  • Preparation of board packs, minutes and other reports
  • Review of financial accounts and transactions
  • Maintenance of records

NRI Services 
  • Investment Advisory for Inbound Investments keeping in mind regulatory and tax provisions.
  • Immovable property management services
  •  Investment Accounting and relevant documentation support.

Philanthropy 
  • Formation of Charitable Trust, Section 8 Companies for the purpose of charitable activities
  • Registration under Trust Act as well as Income Tax Act for tax exemptions.
  • Regulatory compliance on a periodic basis.
  • Assistance in certification and reporting
  • IT / GST return filing and assessment

FAQs

What are family office management services?

Family office management is full-service private wealth preservation and compliance services that serve Ultra-high-net-worth (HNI/UHNI) families and Non-Resident Indians (NRIs) including Indian Citizens settled abroad. Against a backdrop of challenging legal and regulatory requirements, and the need for transparent financial compliance, family offices are under increased pressure at the operational and management level. Family offices are increasingly operating on a global scale, while often having only one local presence. Individuals serviced by these offices are more demanding and expecting family offices to focus on their core. Family offices generally provide accounting, Corporate secretarial, tax advisory, compliance, Succession planning, Philanthropy advice, Wealth management services, custodian activities, and other comprehensive services.

Why do you need a family office?

With a family office it enables the family to oversee decisions about its financial matters directly. The family office management services serve as a partner in preserving the family’s assets and channelising them for smooth transition to its next generation transparently. Further, many HNI/UHNI families rely on their family office to foster a sense of community and family unity over time with outsourced professionals.

What makes a good Family office manager?

To get your money’s worth, your family office manager should have a team of experienced and capable advisors well-versed in financial planning and tax planning within regulatory corners, which starts from managing existing wealth to planning future estate and retirement goals.

Based on individual circumstances:

  • Expenses on Family office management activities supporting family business succession and administration can be claimed as Business expenses from a trade or business.
  • Expenses on family office management activities preserving wealth and its management can be claimed as expenses against return on Family investments. Investment expenses usually represent a large proportion of family office management costs, and their deductibility generally mitigates the net costs of running such an office.

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Contact Our India Team

Bhavesh Gandhi

Bhavesh Gandhi

Head

Foreign Exchange Management Act (FEMA) and International Tax

Samir Sanghvi

Samir Sanghvi

Head

Direct Taxation

We ensure your family office and succession planning needs are well-managed in India.

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