Family Office Services Tailored To You
If you’re looking for family office services in Singapore, keep in mind that the most essential aspect of the family office is the family itself. The thing about family wealth management is that each family is different. Everything from your values to closeness to culture varies depending on who you are. That’s why we know to customise our family office management services to suit each family best.
We want to make sure that you reach the greatest heights possible by managing your financial investments and assets, writing comprehensive but simplistic reports, mapping out succession plans, managing your estate and charity work, and configuring wealth.
How We Work
Here at Corporate Express Services, we maintain a steady partnership with any pre-existing family office. Or we start from scratch. We work across generations and the globe to bring you the services you require.
Private funds can be complicated, but we’re here to simplify things for you. We provide you with our vast knowledge of finances, business services, and capital markets. Families with considerable wealth are increasingly finding the benefits of holding a family office, which can safeguard your assets and ensure the continued prosperity of your family in the long term. We can give you a clear, unbiased plan for wealth management while ensuring that it matches your family’s needs and values.
In a constantly evolving world, managing your family’s wealth can be a momentous task, which is why you shouldn’t do it alone. Here, we have a team of people with the expertise, technology, and means to guide you through this process. We provide unparalleled services so you can rest easy in the knowledge that your family will be taken care of.
Benefits Of Setting Up Your Own Family Office
Family offices can be used by a single person, a large family, or a group of wealthy families that pool their resources to cover the management fees. This is especially beneficial when one family needs more funds to establish a family office. Here are some benefits of setting up a family office.
- You get a dedicated team managing your wealth
Having a family office provides you with a team dedicated to keeping track of and evaluating your investments. This team focuses on researching various investment opportunities, including direct real estate investments, stocks, private equity, angel investing, start-ups, and real estate. They understand the family’s goals, risk tolerance, and other investment requirements, which are essential for the family office’s success. Additionally, the family office values privacy and keeps the family’s assets and investments confidential.
- It’s a more cost-effective method of managing wealth
By setting up a family office, you can hand over the investment aspect of building intergenerational wealth to a group of professionals. This can bring cost savings by pooling resources, and one of the key benefits is not needing to pay for outside advice since the office already has the expertise.
Family offices generally focus on asset management and acquisitions more than personal financial planning. They may handle charitable donations, tax planning, real estate acquisitions and maintenance, and asset management.
- Better support for generational transitions
Families who wish to keep their family business running for generations to come need help in managing the various aspects of ensuring its continued success. This is where a family office comes in. They can manage certain aspects of succession planning, making sure that important but often non-urgent projects are consistently moving forward. For example, a family office can create plans for developing the next generation of family members, so they are ready to take on important roles such as board members, managers, and owners – all critical to the family’s overall plan.
- Higher chance of meeting financial goals
Organising assets and family business into a structured family office increases the likelihood of families having important discussions about their goals, values, and vision. This helps them make informed investment decisions aligned with their critical goals, and track performance using an investment governance structure. With the ability to quickly recognise and respond to changes through integrated reporting, feedback, and asset control, families are better equipped to reach their financial objectives.
- Family members are kept up to date
Families with family offices say their kin are more knowledgeable about the enterprises, investments, charity, and other aspects of the family enterprise. Information is centralised in the family office and regularly compiled and delivered to the family owners and the larger family. This increases the degree of openness and trust within a family.
- Considerations When Setting Up A Family Office
A family office can be quite advantageous when run correctly. A solid plan should be the first step in starting a family office, just like any other successful business. To ensure things get off to the right start, you and your family should collaborate to find the answers to these five important questions.
- Why is it being created?
The response to this query should act as a mission statement for the family office, directing how all future choices will be made. The goal could be safeguarding family members, handling information, managing risk, and controlling costs.
- What are the services being provided?
Most of the services offered by family offices depend on group access to qualified advisors. The second most popular service is information management-related; one of the office’s key responsibilities is to promptly provide family office executives and members with data and analysis.
- Who is involved?
The family office can benefit anybody you want, even though it most often benefits wealth makers and their offspring. Clear rules will make it easier to temper expectations and deal with difficulties, particularly if someone decides to quit the family office.
- What is the accurate legal entity for the family office?
The jurisdictional, regulatory, and tax issues for the family will determine the type of legal entity you establish and where it is located.
- Where will it be located?
It may be advantageous to consider alternative places that offer access to various legal and investment options, even though there is a propensity to situate the family office wherever the matriarch and/or patriarch are based.
Family Office in Singapore
Singapore is more accommodating to establishing a family office than almost every place in the world. It is a hub of finance, located strategically in Asia’s centre. The country boasts little to no political, legal, or financial unrest, impressive tax schemes, and forgiving regulations concerning setting up a family office.
Singapore Family Office Management Services
We will handle the establishment of the family office in Singapore, offering our consultations on how to build the family office properly and applying for relevant tax incentives and exemptions from regulations. We facilitate correct tax and regulatory compliance and ensure a hitch-free family office administration.
Our services include:
- The structuring, admin, and incorporation of legal articles that make up the family office
- The application for exemptions from licenses and exemption and relevant tax incentives
- The application for work and resident permits (this includes Permanent Residency [PR] under the Global Investor Program [GIP])
- The registration and reporting of CRS and FATCA
- The administration and accounting of various finances
- Ensuring the compliance with relevant taxes and laws
- The governance and management of high-value assets
- Other miscellaneous admin services
The importance of family cannot be undermined. That is why we believe that you should let us handle the rest. If you’re looking for family office services in Singapore, get in touch with us today.
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FAQ
1 How is a family office different from a traditional wealth management firm?
In a family office, the attention is mainly on a single or a small number of extremely wealthy families, but in wealth management, there are many wealthy clients. A client's degree of attention is crucial since it can build trust and a good working partnership between the client and the firm.
2 How are family office management fees typically structured?
Family office management fees are typically structured in a variety of ways, depending on the size and complexity of the family's financial portfolio and the services offered by the family office. Some common methods include:
- Flat fee: A flat fee is a predetermined sum that is billed in a recurring manner, such as annually or quarterly. Typically, this is used for basic family office services like bookkeeping or simple financial planning.
- Asset-based fee: An asset-based fee is determined by taking a percentage of the assets that are being managed into account. For family offices that offer investment management services, this fee structure is common.
- Hourly rate: An hourly rate is a cost that is assessed in accordance with the number of hours a family office employee works on a specific task or project.
- Performance-based fee: A fee that is based on the performance of the investments that the family office manages is known as a performance-based fee. For investments in hedge funds or private equity, this fee structure is frequently employed.
It is important to note that the fee structure for family office services can vary greatly and can be negotiated based on the specific needs and objectives of the family.
3 What qualifications should I look for in a family office management firm?
When looking for a family office management firm, it is important to consider the following qualifications:
- Experience and Expertise: Look for a family office management firm that has a strong track record of managing wealth for families with similar financial portfolios and goals. The firm should have experience in wealth management, investment management, estate planning, and tax planning.
- Flexibility: The family office management firm should be able to adapt to the changing needs and objectives of the family and offer customised services that meet the family's specific requirements.
- Accessibility: The family office management firm should be easily accessible and responsive to the family's needs. The family should have direct access to the management team and be able to communicate with them regularly.
- Cost-effectiveness: The family office management firm should offer competitive fee structures and provide cost-effective solutions that align with the family's financial goals and objectives.
4 How does a family office ensure privacy and confidentiality for its clients?
Family offices are responsible for putting best practices into place to protect themselves from cyberattacks and takes several steps to ensure privacy and confidentiality for its clients, among the suggested best practices are:
- Non-Disclosure Agreements: To ensure that all confidential information is kept private, the family office requires all workers and staff members to sign a non-disclosure agreement.
- Confidential Communication: The family office uses safe channels of communication with clients, like encrypted email, to make sure that private information is kept private.
- Limited Access: Access to confidential information is restricted to just those staff members and employees who require it to carry out their duties.
- Strict Policies and Procedures: To prevent the disclosure of private information to unauthorised parties, the family office has strict policies and procedures in place.
By following these steps, a family office can provide a secure and confidential environment for its clients, allowing them to manage their wealth and finances with peace of mind.