13 questions
Schemes for Single Family Offices
What is a family member?
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?
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?
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?
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?
Regarding Option 3 of the CDR, what does “distributed by” mean?
Regarding Option 3 of the CDR, will an investment into a fund distributed by a global fund management company count if the global fund management company has a related licensed financial institution in Singapore?
Regarding Option 4 of the CDR, how do you define: (i) operating companies and (ii) substantive presence in Singapore? (a) Does it count if the section 13O/13U fund invests into a foreign holding company that holds a non-listed Singapore-incorporated company with operating business(es) and with substantive presence in Singapore? (b) Would an investment into a Singapore holding/joint venture company which owns a wholly-owned Singapore subsidiary count?
What documents need to be furnished to validate whether an investment is a climate-related investment (i.e. Option 5)?
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