Top 7 Singapore Service Providers for Single-Family Offices (Reviewed)

Table of Contents

• Introduction

• Understanding Singapore's Family Office Ecosystem

• Top 7 Service Providers for Single-Family Offices in Singapore

• 1. Legal and Incorporation Services

• 2. Banking and Custody Services

• 3. Tax Advisory Services

• 4. Investment Management Services

• 5. Corporate Secretarial Services

• 6. Family Governance Advisory

• 7. Compliance and Regulatory Support

• How to Select the Right Service Providers for Your Family Office

• The Advantage of Integrated Family Office Solutions

• Conclusion

Top 7 Singapore Service Providers for Single-Family Offices (Reviewed)

Singapore has emerged as Asia's premier destination for family offices, attracting Ultra-High Net Worth Individuals (UHNWIs) from across the globe with its robust regulatory framework, political stability, and strategic tax incentives. For families establishing a Single-Family Office (SFO) in Singapore, selecting the right service providers is crucial to navigating the complex regulatory landscape while optimizing wealth preservation and growth strategies.

As an MAS-licensed fund management company specializing in comprehensive wealth solutions for family offices, IWC Management understands the critical importance of building a reliable service provider network. This article provides an in-depth review of the top service providers across key operational areas that are essential for single-family offices in Singapore, helping you make informed decisions when establishing or expanding your family office operations in this thriving financial hub.

Understanding Singapore's Family Office Ecosystem

Singapore's emergence as a family office hub is no coincidence. The city-state has strategically positioned itself as a wealth management center through deliberate policy initiatives, including the Variable Capital Company (VCC) structure introduced in 2020, the Global Investor Programme (GIP), and various tax incentives specifically designed for family offices.

Family offices in Singapore typically require a network of specialized service providers to handle different aspects of their operations, from initial setup to ongoing management. The ecosystem consists of various professionals, including legal experts, bankers, tax advisors, investment managers, corporate service providers, and compliance specialists.

The Monetary Authority of Singapore (MAS) provides regulatory oversight, ensuring that service providers maintain high standards while offering a conducive environment for wealth management. Understanding this ecosystem is essential before reviewing specific service providers.

Top 7 Service Providers for Single-Family Offices in Singapore

1. Legal and Incorporation Services

Establishing a family office in Singapore requires expert legal guidance to navigate incorporation requirements, regulatory compliance, and structure optimization.

Key providers in this category:

Allen & Gledhill LLP stands out for their comprehensive expertise in family office establishment. Their dedicated wealth management practice offers end-to-end legal support from initial structuring to ongoing compliance. Their team is particularly skilled in advising on fund structures that qualify for Singapore's tax incentives under sections 13O and 13U (formerly 13R and 13X).

Dentons Rodyk brings strong capabilities in cross-border structuring, which is particularly valuable for international families establishing a presence in Singapore. They excel at navigating the legal complexities between multiple jurisdictions and provide tailored solutions for multi-generational wealth planning.

WongPartnership LLP offers specialized expertise in family office incorporation with additional strengths in trust structures and succession planning. Their integrated approach combines corporate structuring with estate planning, making them suitable for families with complex succession concerns.

When selecting legal service providers, family offices should consider expertise in MAS licensing requirements, familiarity with tax exemption schemes, and experience with family governance structures that align with specific family values and objectives.

2. Banking and Custody Services

Robust banking relationships and secure custody arrangements are foundational elements for any family office operation in Singapore.

Leading providers include:

DBS Private Bank has developed specialized family office banking services with dedicated relationship managers who understand the unique needs of SFOs. Their digital banking platform offers comprehensive portfolio views and simplified transaction management, while their strong Asian network provides valuable regional insights.

Bank of Singapore delivers exceptional custody services with strong expertise in handling complex, multi-jurisdictional portfolios. Their family office specialists provide tailored banking solutions with seamless integration between private banking and investment management services.

Maybank Private Bank combines global capabilities with local expertise in Singapore's family office landscape. They offer sophisticated custody solutions, consolidated reporting across multiple asset classes, and specialized lending services against diverse collateral types, including alternative investments.

The right banking partner should offer more than basic services—look for providers with experience supporting family offices, sophisticated technology platforms for consolidated reporting, and capabilities that extend beyond traditional banking to support the full range of family office activities.

3. Tax Advisory Services

Tax optimization is a critical consideration for family offices, particularly with regard to Singapore's tax incentive schemes and international tax compliance requirements.

Notable tax advisory providers:

KPMG Singapore maintains a dedicated family office tax practice with deep expertise in Singapore's tax incentive schemes. Their professionals provide comprehensive guidance on qualifying for and maintaining tax exemptions under sections 13O and 13U, while also addressing international tax considerations for globally-mobile families.

PwC Singapore offers integrated tax and wealth management advisory services specifically tailored to family offices. Their team excels at developing tax-efficient structures that address both corporate and personal taxation concerns across multiple jurisdictions.

Deloitte Private brings specialized expertise in navigating complex tax treaties and developing comprehensive tax strategies for international families. Their services extend beyond compliance to proactive tax planning that supports long-term family wealth objectives.

Effective tax advisors should demonstrate not only technical expertise but also a forward-looking approach that anticipates regulatory changes and adapts strategies accordingly. This is particularly important given the evolving global tax landscape with initiatives like the Common Reporting Standard (CRS) and increasing transparency requirements.

4. Investment Management Services

For many family offices, investment management forms the core of their operations, with services ranging from strategy development to portfolio implementation and monitoring.

Leading investment management providers:

IWC Management is a MAS-licensed fund management company specializing in comprehensive solutions for UHNWIs and family offices. As an Accredited/Institutional Licensed Fund Management Company, IWC offers end-to-end services spanning global investment opportunities, asset and fund management, and financial advisory. Our expertise in accessing global investments while leveraging Singapore's strategic advantages as a financial hub makes them particularly valuable for family offices seeking sophisticated wealth management solutions in the Asia-Pacific region.

Pictet Wealth Management offers highly personalized investment management services with particular strength in thematic investing and sustainable investment strategies. Their long-term perspective aligns well with the multi-generational outlook of many family offices.

Crédit Agricole Indosuez brings institutional-grade investment capabilities to the family office sector with strong expertise in multi-asset class investing. Their dedicated family office team provides customized portfolio solutions that incorporate both traditional and alternative investments.

When evaluating investment management providers, family offices should consider the firm's investment philosophy, performance track record, fee structure, and ability to access unique investment opportunities across public and private markets.

5. Corporate Secretarial Services

Corporate secretarial services ensure ongoing compliance with Singapore's regulatory requirements and handle administrative functions essential to maintaining the family office's legal structure.

Key corporate service providers:

Tricor Singapore offers integrated corporate services with a technology-forward approach that streamlines administrative processes. Their expertise extends to employee share plans, executive compensation structures, and other specialized administration services relevant to family offices with complex operational needs.

Rikvin specializes in corporate secretarial services for family offices with expertise in maintaining compliance with Singapore's Companies Act and other regulatory requirements. Their team provides comprehensive support for annual filings, corporate governance, and board administration.

Boardroom delivers comprehensive corporate secretarial support with particular strength in managing complex, multi-entity structures. Their global network provides valuable support for family offices with international operations or investments.

Effective corporate secretarial providers offer more than routine compliance—they should act as strategic advisors on corporate governance best practices and help implement policies that reflect the family's values and long-term objectives.

6. Family Governance Advisory

Family governance services address the human elements of family wealth, including succession planning, family constitution development, and conflict resolution mechanisms.

Leading family governance advisors:

IWC Management offers dedicated expertise in navigating the intersection of family and business systems. Our partners specialize in facilitating difficult family conversations, mediating conflicts, and developing governance structures that support both family cohesion and business success.

Withers KhattarWong brings specialized legal expertise in family governance structures with a focus on preserving family harmony across generations. Their advisors help develop comprehensive family constitutions, governance frameworks, and succession protocols tailored to each family's unique dynamics.

EY Family Enterprise Services provides integrated advisory services that address both technical and interpersonal aspects of family governance. Their team helps establish family councils, develop communication protocols, and implement governance frameworks that adapt to evolving family needs.

Family governance advisors should demonstrate not only technical knowledge but also strong facilitation skills and cultural sensitivity, particularly important in the diverse context of Asian family offices where traditional values often intersect with modern business practices.

7. Compliance and Regulatory Support

Navigating Singapore's regulatory landscape requires specialized expertise, particularly for family offices managing substantial investment portfolios under MAS oversight.

Notable compliance service providers:

Ingenia Consultants delivers tailored compliance solutions specifically designed for smaller family offices and wealth management firms. Their services include compliance framework development, regulatory training, and ongoing compliance monitoring with a pragmatic approach suited to lean organizations.

ComplianceAsia specializes exclusively in financial services regulatory compliance with deep expertise in MAS requirements for family offices. Their team provides comprehensive support for initial licensing, ongoing compliance monitoring, and regulatory reporting obligations.

Bovill Asia offers specialized compliance consulting with a focus on regulatory risk management for wealth managers and family offices. Their professionals provide both technical compliance support and strategic advice on navigating regulatory change.

Effective compliance partners should provide more than reactionary support—they should offer proactive guidance that helps family offices anticipate regulatory changes and integrate compliance considerations into their strategic planning.

How to Select the Right Service Providers for Your Family Office

Selecting the right service providers requires a systematic approach that considers both technical capabilities and relational factors. Here are key considerations:

1. Expertise and Track Record

Assess each provider's specific experience with family offices similar to yours in terms of size, complexity, and geographic focus. Request case studies or references that demonstrate their capabilities in addressing challenges similar to those you anticipate.

2. Service Model and Accessibility

Evaluate whether the provider offers a service model that aligns with your family office's needs. Some providers assign dedicated teams to each client, while others operate on a more transactional basis. Consider which approach best suits your requirements for accessibility and continuity.

3. Fee Structure and Transparency

Understand not only the cost of services but also how fees are structured and billed. Look for transparency in fee arrangements and consider whether the provider's approach aligns with your family office's value expectations.

4. Technology and Reporting Capabilities

Assess the provider's technology platform and reporting capabilities, particularly important for banking, investment management, and accounting services. Consider how their systems will integrate with your family office's other service providers.

5. Cultural Fit and Values Alignment

Evaluate whether the provider's organizational culture and values align with your family's approach. This alignment becomes increasingly important for services that involve close collaboration, such as investment management and family governance advisory.

The Advantage of Integrated Family Office Solutions

While evaluating individual service providers across different categories is essential, there are significant advantages to working with firms that offer integrated solutions across multiple service areas.

Integrated providers like IWC Management deliver several key benefits:

Streamlined Communication: Working with fewer providers reduces complexity and communication overhead, allowing your family office to operate more efficiently.

Coordinated Strategy: Integrated providers can ensure alignment across different aspects of your family office, from investment management to tax planning to succession strategies.

Simplified Oversight: Consolidated reporting and service delivery make it easier to maintain visibility across all family office activities and evaluate performance.

Enhanced Privacy: Working with fewer external parties reduces the number of organizations with access to sensitive family information, enhancing overall privacy and security.

When considering integrated solutions, evaluate whether the provider delivers genuine expertise across all relevant service areas or simply offers surface-level capabilities outside their core competency.

Conclusion

Establishing and operating a Single-Family Office in Singapore requires thoughtful selection of service providers across multiple disciplines. The providers highlighted in this review represent some of Singapore's leading firms serving the family office sector, each bringing specialized expertise to address different aspects of family office operations.

The optimal service provider network will vary based on each family's specific circumstances, objectives, and preferences. By conducting thorough due diligence and establishing clear expectations from the outset, family offices can build productive, long-term relationships with service providers who truly understand their needs and values.

Singapore's thriving family office ecosystem continues to evolve, with service providers constantly enhancing their capabilities to meet the sophisticated needs of global families. By carefully selecting and managing your service provider relationships, you can leverage Singapore's advantages as a wealth management hub while creating a family office structure that reflects your unique requirements and aspirations.

For family offices considering establishment or expansion in Singapore, selecting the right service providers forms the foundation for successful operations. The providers reviewed in this article represent some of Singapore's most capable firms serving the family office sector, each bringing specialized expertise to address different operational requirements.

While individual providers offer valuable specialization in their respective disciplines, there are significant advantages to working with integrated solution providers like IWC Management that can address multiple aspects of family office operations through a coordinated approach. Such integrated solutions can streamline operations, enhance privacy, and ensure strategic alignment across all family office activities.

Singapore's position as Asia's premier family office hub continues to strengthen, supported by the government's proactive policies and the sophisticated ecosystem of service providers highlighted in this review. By building relationships with the right service providers, your family office can fully leverage Singapore's advantages while creating a structure that serves your family's unique needs and long-term objectives.

Contact IWC Management to learn more about our comprehensive solutions for Single-Family Offices in Singapore. Our team of experts can help you navigate the service provider landscape and develop an integrated approach tailored to your family's specific requirements and objectives.

Contact Us

Contact us at info@iwcmgmt.com for more information.