What happens if a S13O awardee has an AUM of S$10 million at the point of application but is unable to meet the required AUM of S$20 million by the end of the two-year grace period as stipulated in the letter of award1?
- Awardees may fulfill the AUM conditions by the end of the grace period based on either the net asset value of the fund or the value of the fund’s gross assets in designated investments.
- If the awardee is unable to meet the incentive’s requirement by the end of the grace period, the award will be revoked from the end of the grace period.
This information is sourced from MAS
Related questions
What happens if a S13O awardee has AUM of S$20 million at the point of application but the AUM subsequently falls below S$20 million, the minimum amount to be maintained annually as stipulated in the letter of award2?
Do changes in (a) beneficial owners of a 13O/13U fund managed by a Single Family Office (“SFO”) (or beneficiaries where the fund is structured as a Trust), or (b) shareholders, directors, key employees (C-suites) and investment professionals in the SFO, (c) new intermediate entities in the shareholding of a 13O/13U fund or SFO, need to be reported to MAS after the approval of the section 13O/13U tax incentive?
What conditions must I meet in order to receive and retain the matching grant?
I have an existing approved 13O/13U fund. What should I do if I wish to change in the fund manager of the 13O/13U fund from a Licensed Fund Management Company (“FMC”) to an SFO?
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