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Building Your Fund Platform in Singapore: Effective Legal and Tax Strategies

About this Episode

Unlock the secrets of establishing a successful fund platform in Singapore! In this insightful episode, Bob Low and co-host Yie Ying (Wynne) Tan, Head of Family Office and Fund Services at InCorp Singapore dive deep into the regulatory and tax landscape for fund managers, making it a must-watch for overseas regulated fund managers, first-time fund managers, and multi-family offices.

Discover the key elements that make Singapore a premier financial hub: a stable business environment, an engaged regulator (the Monetary Authority of Singapore), and attractive tax incentives. Gain knowledge on licensing requirements, exemptions, and how to maximize your fund structure for investor returns. You’ll learn practical strategies from experienced professionals, including insights on how to navigate common hurdles and ensure compliance while setting up your fund.

Stay tuned until the end to equip yourself with the knowledge necessary to thrive in the competitive financial landscape of Singapore!

Guest Speakers:
Shawn Tan, Investment Funds Counsel, Reed Smith LLP
Alan Sim, Associate Tax Director, InCorp Singapore

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Key Takeaways

1. Singapore’s Position as a Fund Management Hub
Singapore’s financial ecosystem is intentionally designed, combining regulatory clarity, business transparency, and strong governmental support—making it a strategic location for global fund managers and family offices.

2. MAS’s Role and Approach
The Monetary Authority of Singapore (MAS) is a supportive, industry-friendly regulator. While maintaining high standards, its approach is constructive, focusing on promoting compliance rather than punishment.

3. Three Key Licensing Tiers in Singapore
Fund managers must choose between:

  • Retail LFMC (for retail investors)
  • A/I LFMC (for accredited/institutional investors)
  • VCFM (for managers focused on venture capital investments only)

4. Regulatory Exemptions Available
Singapore offers useful licensing exemptions for specific cases, including managing related corporate funds, investing in immovable assets, or handling non-capital markets products.

5. Minimum Requirements for Licensing
Key A/I LFMC licensing criteria include:

  • Local CEO and directors with relevant experience
  • Minimum two investment professionals
  • S$250,000 in capital and compliance obligations depending on AUM size

6. Tax Incentives for Fund Managers
The FSI-FM scheme offers a reduced 10% corporate tax rate for qualifying fund management income, provided fund managers have real economic substance and decision-making activities based in Singapore.

7. Interim Market Testing Options
Managers awaiting licensing (which can take 6–9 months) can partner with already-licensed fund managers to operate under their license, though decision-making authority remains with the licensed entity.

8. Common Post-Licensing Triggers for MAS Action
MAS oversight increases if fund managers fail to meet financial capital requirements or execute corporate actions without prior MAS approval (e.g. changes in ownership structure).

9. Fund Structuring Principles
Effective fund structures are tax-efficient, legally sound, and familiar to investors. Structuring considers tax jurisdictions (e.g. Australian real estate), regulatory efficiency, and ease of investor onboarding.

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