A growing number of Asian entrepreneurs, tycoons and wealthy families are planning to hand over control of their businesses to the next generation and are turning to family offices to facilitate succession planning and wealth transfer. This trend is growing in the Asian region. This trend reflects the importance that Asian entrepreneurs and affluent families place on long-term wealth planning and family business succession to ensure the continued growth and prosperity of family wealth.
Today, the typical family office doesn't just manage wealth, it also provides services. It also deals with other issues such as taxation and law, inheritance, and philanthropy. There are many benefits that can come with setting up a family office.
One of the most important benefits is that family offices can be highly customized and structured to encompass your vision for the future, investment ideas, and plans to protect human and intellectual capital. In other words, it's bespoke and personalized.
A family office can also protect the privacy of family members if it is properly structured. A family office allows a family to store all personal information (such as the family compass, family bylaws, donation deeds, shareholder agreements, corporate deeds, etc.) in a secure place and only a limited number of people can access it. As a result, a family office can act as a guardian and gatekeeper of the family's privacy.
In addition, wealthy families can also utilize family offices to ensure the continuity and permanence of their wealth. As family wealth is dispersed across multiple family members across generations and has different needs, it is crucial to strike a balance between wealth preservation and growth and the financial needs of family members. One cannot expect family members to maintain this balance alone. As a result, family offices provide a centralized and formal approach to decision-making.
Finally, a family office is established to establish better family wealth governance. Household wealth is becoming more and more complex, especially in an international environment. The growth of family wealth often exceeds the family's ability to manage it. In most cases, investing becomes the sole activity and business of the family. As an independent business, it should be run professionally by a dedicated team of experts.
When there are multiple beneficiaries, assets held by different entities and spread across multiple geographies, setting up a family office can be a complex process. Many members of wealthy families also live in different parts of the world, which adds to the complications, as tax and inheritance laws vary from country to country.
Therefore, the ideal country for setting up a family office must have well-established regulatory rules, governance institutions, tax incentive schemes and a stable political environment to pass on family wealth from generation to generation. Singapore enjoys political stability, a transparent legal system, an efficient business environment, favorable tax policies, the convenience of global asset allocation, asset segregation and privacy protection, which is one of the reasons why families are very suitable for setting up a family office in Singapore.
The rich have a good calculation, and the rich give their wealth to the family office and follow certain rules for future generations to inherit. It is to obtain professional wealth management, and the reason for this is to prevent yourself or your son, daughter-in-law, daughter, or son-in-law from diluting your wealth. Setting slow and regular inheritance conditions can also prevent future generations from overprofligate. Doing so allows for the continued growth and prosperity of the family's wealth.
For the continued growth and prosperity of the family's vast wealth, it is essential to set up a family office.
Tax advantages: Singapore's tax system is relatively competitive, with relatively low personal and corporate income tax rates. Family offices can enjoy a reasonable reduction in personal income tax and are not subject to capital gains tax and inheritance tax.
Robust financial system and regulations: Singapore is one of Asia's leading financial centres and home to some of the world's leading wealth management institutions. Setting up a family office in Singapore gives you the freedom to choose your bank or other financial institution and face the global investment market. In addition, Singapore's financial system and regulations are very robust, providing a safe and stable environment for family offices.
Political stability and sound legal framework: Singapore has a relatively stable political environment and a sound legal and judicial framework. Singapore has a pro-business policy with strict governance standards and transparency. This provides a reliable operating environment for family offices.
Asset protection and succession planning: Family offices can provide professional asset protection services for families, formulate insurance plans, avoid property risks, and ensure the privacy and security of family assets. In addition, family offices can also ensure the long-term stability and inheritance of family assets by designing and implementing wealth succession planning. Cultivation and succession planning for the next generation of family members: Family offices can enhance the abilities and qualities of family members through different forms of training and education activities, and lay a solid foundation for the long-term development of the family. 
Mayson Group has an elite team with extensive experience in the legal field, providing one-stop family office advisory services for Singaporean family office for world-class ultra-high-net-worth business families who want to set up a single family office in Singapore. Contact Mayson Group and let Mayson Family Office Singapore choose a better and more authentic family office type for you. Singapore mayson group, your trusted family office in Singapore!