Success Story: How to create a Family Office in Singapore? Go Global Gem tailors it to your needs!

Success Story: How to create a Family Office in Singapore? Go Global Gem tailors it to your needs!

According to Wealth Briefing Asia, Singapore has become a top destination for family offices, with the number of family offices in the country reaching 400 last year, double the number of previous years.
More and more companies are coming to Singapore to set up family offices or satellite offices to complement their investments in the region. What’s attracting them?

① Advantages of having a Family office in Singapore

1. Why set up a Family office in Singapore?
A family office is a full-service wealth management organization for high-net-worth (HNW) family clients.
Family offices provide families with an efficient and transparent structure for managing their wealth and investments. The family charter and investment mandates set by the founding members ensure that they are in line with the family vision, allowing family legacies to be protected and passed down from generation to generation. This will help reduce disputes between family members and ensure the continued prosperity of the family business.
How does one create a successful Family Office? It takes the right structure, solid governance, a competent leadership team, and the right external professionals.

The image from the unsplash website

2. What are the advantages of setting up a family office?
a. Provide structured strategies for the management and preservation of family wealth.
b. Enabling the exploration of topics such as succession planning and inheritance.
c. Improving risk management.
d. Educating young family members about investments.
e. Structuring formal philanthropic, ESG and impact investing structures.
The professional family office consultant team built by Go Global Gem will discuss with the families about their plans to set up family offices, and participation in the whole process of setting up family offices to integrate family investment needs and help family enterprises achieve their wealth goals.

The image from the unsplash website

② The Family Office that Ms. L set up in Singapore

Ms. L. studied accounting during her college years and was passionate about financial management and investment. After graduation, she worked in an accounting position in an organization, and thereafter, held important positions in the organization such as financial management.
After years of experience, Ms. L has acquired a wealth of experience in financial management and financial investment. In recent years, she has started to focus on identity allocation planning and overseas asset allocation planning.
As one of the four global financial centers, Singapore has a stable political and legal environment as well as a good business environment, and is relatively close to China, with basically no time difference.
As her personal and business assets continue to grow in value, Ms. L’s salary and income have fully met the requirements of the Singapore’s Employment Pass (EP) application. Due to the preparation of quasi points, Ms. L’s EP pass application was quickly approved. Soon, Ms. L will be moving to Singapore to develop her own family office business.

 

③ What’s the difference between 13O and 13U?

In April this year, Singapore adjusted its home office policies 13O and 13U accordingly. The biggest differences between the two are:
First, the capital threshold, 13O is 10 million SGD and 13U is 50 million SGD. Second, 13O can apply for two EPs, and 13U can apply for three EPs.
1. 13O policy adjustment
a. 13O The application threshold is adjusted to 10 million SGD and the asset management scale will be increased to 20 million SGD within two years;
b. At least 2 investment managers shall be hired, either family or non-family members;
c. The 13O structure cost is required to be 200,000 SGD when the asset management scale is below 50 million SGD; 500,000 SGD when the asset management scale is between 50 million SGD; and 100 million SGD, and 1 million SGD when the asset management scale is above 100 million SGD;
d. At least 10 per cent (or 10 million SGD) of the family office funds need to be invested in local investment products in Singapore.

The image from the unsplash website

2. 13U policy adjustment
a. 13U application threshold fund remains unchanged at 50 million SGD;
b. At least 3 investment officers shall be hired. If this requirement cannot be met at the time of application, 3 investment officers shall be hired within 1 year (one of whom must be a non-family member);
c. 13U structure cost is required to be 500,000 SGD when the asset management scale is below 50 million SGD; 500,000 SGD when the asset management scale is between 50 million SGD and 100 million SGD; and 1 million SGD when the asset management scale is above 100 million SGD;
d. At least 10 per cent (or 10 million SGD) of the family office funds need to be invested in local investment products in Singapore.

The image from the unsplash website

 

④ What will you gain by setting up a family office in Singapore?

1. Advanced Financial Services Center
Singapore is a mandatory channel to access markets in the South East Asia region.
2. Lower Tax Rate
Corporate income tax (17%), personal income tax (0% to 22%).
3. The Gathering Place of the Riches
Many high-net-worth individuals and trust-worthy advisors are settled in Singapore.
4. Immigration Plan
Singapore’s Single Family Office can be used for immigration planning, either as a sponsor for Employment Pass applications or for HNW family members to apply for permanent resident status in Singapore under the Global Investor Program (GIP) framework.
5. Regulatory and Tax Exemptions
Singapore’s Single Family Office structure can provide fund management services in the process. Part of the regulatory regulations in the framework of the Singapore Financial Instruments Act can be exempted, and can benefit from the SG Fund Tax Incentives.
6. Family Trust
Singapore is a widely acclaimed jurisdiction for the establishment and management of trusts. Singapore single family office and its funds are commonly established as part of the family trust.

The image from the unsplash website

 

Go Global Gem, an up-and-coming internet-based integrated accounting firm based in Singapore.
With an experienced overseas localization team and over 20 years of industry experience, we focus on providing business solutions for offshore companies in tax compliance, finance, global identity planning, family offices, business relocation, compliance licenses, study abroad, business visas, human resources and other business solutions, and are a loyal partner for companies’ global business expansion.
If you are planning to set up a family office in Singapore, please contact us. We will provide you with business services, overseas asset allocation, overseas identity planning and other integrated offshore solutions.

 

For enquires please reach out to us:
Email: info@goglobalgem.com

5 Future Trends in Sustainability

5 Future Trends in Sustainability

Previously just a latest buzzword, sustainability is slowly but surely growing to become a way
of life. Individuals and companies both will come to expect and demand sustainable practices
from the parties they transact with. As sustainability continues to garner more awareness,
interest and grow in importance as a topic of influence, we see several notable trends taking
shape in the years ahead.

 

1. Sustainable consumption will go mainstream

Fuelled by urgency on climate change, demands from Gen Z, amongst others, many young
adults believe that they have a responsibility to slow, if not stop, avoidable damage to our
environment. This is being reflected in their consumption patterns and companies they
interact with. When deciding whether to purchase a product or service, many assess a
company’s environmental and social efforts before making a decision. Beyond that, they
are also more willing to be more activist, naming and shaming companies deemed
inadequate on the sustainability front.

It is envisaged that food, fashion and lifestyle products will have to significantly up the
ante on adopting more sustainable practices.

Studies have indicated that food production is responsible for almost a quarter of
greenhouse gas emissions and is a major contributor to habitat destruction. Rising
consumer awareness of these issues have fuelled the rise and popularity of meat-free
diets and meat alternatives.

Fashion brands are also prone to being sidelined by consumers if they are found wanting
in their sustainability practices. From clothing to gadgets, demanding lesser and more
sustainable packaging or digitalization (to save paper) will be an increasing norm.

 

The image source from pexels website

 

2. ESG investments will grow

ESG (Environmental, Social and Governance) investing is a form of investing in which
environment and social good centres as its guiding principles. Increasingly over the last
decade, ESG investing has gained traction to become one of the more popular sustainability trends as awareness and recognition of its importance has grown.

Investment candidates, returns and performances are no longer myopically assessed
based only on financial considerations.

The image source from pexels website

 

3. Alternative energy sources will be more widely adopted, driving costs down

Renewable energy sources used to be much more expensive than fossil fuels. But as
acceptance and adoption has grown, prices of many types of renewable energy, such as
wind and solar, have come down significantly in the last decade, paving the way for even
greater adoption. As supply catches up to growing demand, prices can fall further as more
capacity comes onstream.

 

The image source from pexels website

4. Working from home (or anywhere) will become mainstream

Working from home, or effectively anywhere with an Internet connection, has taken a
newfound meaning during COVID times. Pleasantly and sufficiently effective, it is now
widely practised and will be here to stay even after the last variants of COVID disappear.

Energy saved from shut down offices and drastically reduced commuting provide a huge
boost for the environment through reduced carbon emissions and energy consumption.

 

The image source from pexels website

5. Inadequate climate action will be costly

In recent times, poor ESG performance and inadequate attention to sustainable business
practices have brought considerable damage to corporations in terms of falling share
prices. Many investment managers these days side line companies deemed inadequate in
addressing ESG concerns. Even established oil majors have been forced to furnish plans
addressing global ESG concerns and can no longer solely go about their traditional fossil
fuel burning core business. The stakes can only get higher.

Sustainable practices will be a mainstay of societies and the business landscape in the coming
decades. The call to action is getting louder by the day and it is imperative that all individuals
and businesses start recognizing its importance and put in place plans to ensure we leave
behind a pristine world for future generations.

For enquires please reach out to us:
Email: info@goglobalgem.com

The Best Practices in Sustainability

The Best Practices in Sustainability

Sustainability is a topic still very much in its infancy the world over. Getting people aware, let
alone, practise sustainability, remains a challenging task. Nevertheless, it is a topic that will
only grow in stature and importance. Having more people onboard the sustainability train can
only be good for future generations. Over the years, efforts have been made to increase
awareness and address challenges to embracing more sustainable practices both in work and
lifestyles. Practitioners in the field have also been relentless in their push to share more
knowledge on the topic as well as to advocate behavioural changes in an effort to make
sustainable practices an everyday part of life. The journey has only just begun and continued
and increasing engagement efforts would be key.

The image source frome pexels website

 

The hallmarks of a successful engagement program would include:
– Awareness
– Empowerment
– Call to action
– Acknowledgement

Awareness
The path to solving any problem always starts with awareness. An informed populace not only
of the issue at hand but also the extent of potential harm, can galvanise concerted efforts to
initiate changes for the better.

Empowerment
People respond more positively to calls for actions if they feel they have the mandate and
capacity to do so. Wherever possible, clear guidance and options for action should be
provided.

The image source frome pexels website

Call to action
A call to action that is well-delivered, clear and succinct will be most inviting. It helps rouse
the necessary support and provides a central and unifying purpose for all participants.

Acknowledgement
Adequate acknowledgement is important in engagement programs. Through feedback,
people stay more engaged when the impact of their actions are made known. When people
can be positively reinforced by seeing and feeling the differences they have made, they will
be more engaged to continue or even deepen their efforts to the cause at hand.
To leave behind a better world for our future generations requires us to adopt sustainable
practices as a way of life. While certainly a long-term goal, having an engaged citizenry would
be a good first step.

The image source frome pexels website

 

For enquires please reach out to us:
Email: info@goglobalgem.com

Sustainability – The Costs and Benefits

Sustainability – The Costs and Benefits

The costs of sustainability are not immediately apparent to us because of the endogenous
nature of its answer; it very much depends on the actions and decisions we take right now
and in the future.
Having said that, some of the costs are pretty obvious. For instance, switching to renewable
energy sources requires much investment in new infrastructure and divestment in costly
infrastructure which depends on fossil fuels such as coal power generators. However, the
consequences for not changing are oftentimes more costly and even dangerous.

The image source frome pexels website

Power stations which rely on coal are highly polluting and nuclear power stations can cause
major disruptions to human life in the event of any accident, as can be shown by Chernobyl
and the Fukushima power plants. The devastation they caused could be easily seen around
the world for a long time to come.
Increasingly, climate change has also brought about unpredictable changes to weather
patterns and phenomena such as droughts and wildfires in Australia. Areas in the Caribbean,
Sub-Saharan African and North America also experience extreme and unpredictable weather
much more frequently from storms, wildfires, droughts and floods.
This frequent occurrence of extreme weather phenomenon could be directly attributed to
global warming. Climate change is not only causing extreme environmental damage, but
having an impact on health and economic implications too. Researchers have shown that
there is a link between climate change and mass outbreaks of the Zika, Ebola viruses and
possibly coronavirus as well.
With the global markets so intertwined nowadays, these problems can spiral quickly out of
control and cause a pandemic, adversely affecting economies, markets, and human welfare
globally.

The image source frome pexels website

Fossil fuels, which are integral to human progress but which take millions of years to form
naturally, are being depleted at ever increasing rate today unless we could develop other
viable energy alternatives to sustain the rate of the global economic progress. The natural
environment is changing daily because of human activity.
To introduce significant mindset change, we always have to start with education. We also
have to rally the help of the masses to implement change in all facets of their consumption
behaviour to truly see the needle move on helping the environment. Everybody would have
to pull their weight, from governments and all other stakeholders. Otherwise, the whole thing
would have failed before it even started.
Benefits for the case of sustainability are more obvious.

 

The image source frome pexels website

Legal and regulatory compliance
Increasingly, more and more laws are passed to improve sustainability. Adopting
sustainability measures pre-emptively means not only getting ahead of your competitors, but
also gives companies a potential first mover advantage. Complying with these laws and
regulations will also often afford these companies many attractive tax breaks or incentives.

Efficiency saves money
Reusing and recycling existing material in creative ways translates to cost savings on money
spent purchasing new stock to create products. Video-conferencing instead of having
employees conduct face-to-face meetings saves the company substantial amounts of money
as well as the Earth.

Green marketing awareness
In today’s market, going green is a badge of honour for the company as it makes customers
feel that the business is caring towards its community and has ethical practices. The majority
of consumers polled agreed they would not mind paying more for products made from
sustainable sources. This rose to more than three quarters for millennial consumers.
Eco-friendly companies also enjoy very good word-of-mouth publicity, and that cannot be
simply bought with advertising dollars.

For enquires please reach out to us:
Email: info@goglobalgem.com

Everything You Need to Know About Singapore Permanent Resident (PR) Application

Singapore has continuously been regarded as one of the best countries in the world for living standards.

Healthcare, crime rates, educational institutions, infrastructure, housing quality, business prospects, and unemployment rates are all examples of tangibles. Or intangibles like racial peace, a multi-cultural and multi-national society, and access to some of Asia’s most beautiful tourist destinations. Singapore stands out from the crowd!

The city-state has been rightfully dubbed Asia’s business capital and the continent’s best destination to live, work, and play.

As a result, gaining a permanent resident (PR) status in Singapore, which may serve as a bridge to Singapore citizenship, makes sense. Even more so when this PR status comes with Central Provident Fund benefits as well as a variety of personal tax exemptions.

In this article, we’ve included all the information you’ll need when applying for Permanent Resident (PR) status in Singapore:

 

Permanent Resident (PR) Application

 

PR Application Requirements

As a foreigner, you may be eligible to apply PR if you are a/an:

  • Spouse of a Singapore citizen (SC) or Singapore permanent resident (PR)
  • Unmarried child aged below 21 born within the context of a legal marriage to, or have been legally adopted by, a SC or PR
  • Aged parent of a SC
  • Holder of an Employment Pass or S Pass
  • Student studying in Singapore
  • Foreign investor in Singapore

Note: Factors such as the individual’s family ties to Singaporeans, economic contributions, qualifications, age, family profile and length of residency, to assess the applicant’s ability to contribute to Singapore and integrate into our society, as well as his or her commitment to sinking roots.

Here’s a guide on how you can start applying for Singapore Permanent Resident (PR), Click here.

 

Required Documents (Important)

You must read the explanatory remarks below and submit the appropriate supporting documents stated below via the e-Service if you are a/an:

Spouse of a Singapore citizen or PR, or unmarried child of a Singapore citizen or PR under the age of 21:

Explanatory Notes/Document List for Spouse with/without accompanying child(ren)

Explanatory Notes/Document List for Child(ren) Only  

Explanatory Notes/Document List for an Aging Parent of a SC

Explanatory Notes/Document List for Employment Pass or S Pass Holders

Explanatory Notes/Document List for students studying in Singapore.

If you are a foreign investor in Singapore, Go Global Gem can assist you to apply for permanent residence under the Global Investor Programme (GIP). GIP is administered by the Singapore Economic Development Board (EDB).

 

Procedure

The e-Service must be used to submit all permanent residence applications. Applicants have the option of entering their information online or downloading and filling out the PR application form before submitting it online.

You can submit a PR application online if you have a valid Singpass account and you are a:

  • If you are a Singapore citizen or PR filing for PR for your spouse or unmarried kid under the age of 21,
  • You are a Singapore citizen who is applying for permanent residency for your elderly father.
  • Holder of an Employment Pass or S Pass who is filing for PR for themselves, their spouse, or an unmarried kid under the age of 21.

If you are a student studying in Singapore, you can use your Foreign Identification Number (FIN) and the issuance date of your valid immigration pass to access the e-Service.

If you are a foreign investor in Singapore, you can apply for permanent residency under the Global Investor Programme at the Singapore Economic Development Board.

 

Submission of PR fees

Each applicant must pay a non-refundable processing cost of S$100 when submitting a PR application.

Payment options include:

Visa or MasterCard credit/debit card, American Express (AMEX) credit card, Internet Direct Debit (Internet Banking accounts in Singapore), or PayNow.

 

PR Approval

If your application is accepted, you will be required to fulfill PR requirements in our ICA office. Each candidate is responsible for the following fees:

S$20 for Entry Permit

S$50 for 5-Year Re-Entry Permit costs

S$50 for Identity Card

S$30 for each Entry Visa (foreigners requiring a visa).

The fees shown above can be paid using NETS, a credit card (Visa/Mastercard), or a mobile payment.

 

PR Application Processing Time

ICA thoroughly considers and reviews all applications for PR. PR applications typically take six months to process, if all relevant paperwork is presented. Some applications may take more than six months to process, depending on the complexity of the situation.

The outcome will be sent to you via mail or email. Meanwhile, you or your sponsor can use MyICA or the e-Service to check the status of your PR application.

While the application is being processed, there is no need to contact ICA.

(Important) While the current application is being processed, new or repeated applications for the same person(s) will not be allowed.

 

How to Appeal a Rejection of a Singapore PR Application

If your Singapore Permanent Residency application was been rejected, you should file an appeal with the ICA within 30 days of the rejection date (despite the appeal window period being up to 6 months).

It is usually best to complement your appeal letter with relevant supporting documents backing up your appeal claims when submitting an appeal to the Immigration and Checkpoints Authority (ICA) to request a reconsideration of your Permanent Residency application.

It’s best to avoid expressing that you’d like to stay in Singapore because of its cleanliness, decent economy, or other reasons why you appreciate being there. Instead, to make a strong appeal and boost your chances of being reconsidered, you should concentrate your appeal letter on:

1. Activities that demonstrate your integration into Singaporean society

2. Singaporean family relationships (if any)

3. Personal achievements of note

4. Extraordinary contributions to your work

5. Your goals for the future if your application is approved

6. Other aspects that you believe will highlight your assimilation into Singapore

 

Singapore PR Renewal

 

Request/Renew for Re-Entry Permit

 

Renewal Application Eligibility

To apply or renew a Re-Entry Permit, you must be a permanent resident and have a valid travel document that is valid for at least three months.

 

Required Documents & Procedure (Important)

Within three months of its expiration date, you must renew your REP online through e-Service. Unless ICA requests it, you are not needed to submit any documentation.

You can refer to our email on the documents required for your Re-Entry Permit application, as well as instructions on how to upload documents if ICA asks them.

If you are outside of Singapore and do not have a Singpass account, you can apply at the nearest Singapore Overseas Mission. It must be submitted at least two months before the expiration of your current Re-Entry Permit.

 

Renewal Fees

For each year or part of a year, of your granted Re-Entry Permit, you must pay a cost of S$10 (REP).

Each REP given is subject to a separate cost.

If you apply online, you must pay the cost within 14 days of receiving approval, otherwise, your application will be withdrawn. The Re-Entry Permit fee can be paid in these ways:

Visa or MasterCard credit/debit card, American Express (AMEX) credit card, Internet direct debit (Internet banking accounts in Singapore: DBS/POSB, OCBC, UOB, and Standard Chartered Bank), PayNow

Payment can also be made over the counter at ICA using the following methods:

NETS, Visa or MasterCard credit/debit card, mobile payment (Apple Pay, Samsung Pay, Google Pay, etc.)

 

Renewal Processing Time

The average processing period for a Re-Entry Permit (REP) application is one week (excluding the day of submission). Some applications may take longer to process than others.

If you applied for a REP online, you can use e-Service to monitor the status of your application. You will be notified of the outcome through email if you provided an email address during the application process.

 

For enquires please reach out to us:

Email: info@goglobalgem.com

 

Credits: 

ICA: https://www.ica.gov.sg/reside/PR/apply