Single vs Multi-Family Office in Singapore – What’s the Difference?
Singapore has emerged as a premier destination for wealth management, attracting high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) from around the world.
A key driver behind this appeal is the city-state’s robust infrastructure for setting up family offices.
As of 2024, Singapore is home to over 2,000 Single-Family Offices (SFOs), a substantial increase from previous years — signaling strong investor confidence in the region’s regulatory framework and financial stability (MAS Data).
For affluent families looking to establish a family office in Singapore, it’s important to understand the difference between Single-Family Offices and Multi-Family Offices (MFOs). This article explores the key differences, benefits, and how TY Teoh International can help you decide the best structure for your family’s needs.
A key driver behind this appeal is the city-state’s robust infrastructure for setting up family offices.
As of 2024, Singapore is home to over 2,000 Single-Family Offices (SFOs), a substantial increase from previous years — signaling strong investor confidence in the region’s regulatory framework and financial stability (MAS Data).
For affluent families looking to establish a family office in Singapore, it’s important to understand the difference between Single-Family Offices and Multi-Family Offices (MFOs). This article explores the key differences, benefits, and how TY Teoh International can help you decide the best structure for your family’s needs.
What Is a Family Office?
A family office is a private wealth management structure designed to manage the financial and personal affairs of wealthy families. Unlike traditional banks or investment firms, family offices offer a more holistic approach — covering investments, estate planning, philanthropy, tax structuring, and more.
What Is a Single-Family Office (SFO)?
A Single-Family Office is dedicated exclusively to one family and provides tailored services that align closely with the family’s goals and values.
Key Features
- Customization – Bespoke services that reflect the family’s unique needs and legacy objectives
- Control – Full decision-making authority and direct oversight of investments
- Privacy – Enhanced confidentiality and discretion
Considerations
- Cost – Typically suitable for families with assets exceeding USD 100 million
- Complexity – Requires establishing a legal entity, hiring staff, and maintaining compliance
For tax structuring, TY Teoh provides end-to-end Tax and GST Advisory to ensure your SFO is compliant and tax-efficient under schemes like the 13O and 13U.
What Is a Multi-Family Office (MFO)?
A Multi-Family Office serves multiple families, pooling resources and expertise while maintaining discretion and tailored support.
Key Features
- Cost-Effective – Shared infrastructure reduces individual setup and maintenance costs
- Access to Expertise – Enjoy a team of specialists in investment, estate, and tax planning
- Lower Barriers – Ideal for families with assets below USD 100 million
Considerations
- Less Control – Investment strategies and decisions may be managed externally
- Shared Resources – Customization might be limited due to standardization of services
If your family seeks a structured approach without forming a standalone entity, our Financial and Transaction Advisory can support due diligence and partnership arrangements with established MFOs.
Key Differences at a Glance
| Feature | Single-Family Office (SFO) | Multi-Family Office (MFO) |
|---|---|---|
| Ownership | One family only | Multiple families |
| Customization | High | Moderate |
| Costs | High (exclusive setup) | Shared (more economical) |
| Control | Full control | Shared or delegated |
| Privacy | Very High | High |
| Best For | Assets > USD 100M | Assets > USD 10M |
Regulatory Landscape in Singapore
Singapore offers a strong legal and tax framework, supported by initiatives from the Monetary Authority of Singapore (MAS).
Tax Incentive Schemes for Family Offices:
- 13O Scheme – Minimum SGD 10 million AUM at setup (must grow to SGD 20M in 2 years)
- 13U Scheme – Minimum SGD 50 million AUM at setup
Under both schemes, qualifying income from designated investments is exempt from tax, making Singapore a preferred jurisdiction for family wealth preservation.
To navigate the application process for these schemes, TY Teoh’s Audit and Assurance and Digital Advisory teams ensure documentation, governance, and reporting are aligned with MAS expectations.
To navigate the application process for these schemes, TY Teoh’s Audit and Assurance and Digital Advisory teams ensure documentation, governance, and reporting are aligned with MAS expectations.
Choosing the Right Family Office Structure
The decision between an SFO and an MFO depends on several factors:
- Asset Size – An SFO may be preferable for those with substantial wealth and complex needs
- Cost Sensitivity – MFOs are cost-efficient and reduce operational burdens
- Control & Privacy – SFOs provide maximum oversight and confidentiality
- Estate Planning Goals – Families with succession planning and philanthropy ambitions may require tailored governance
If you’re unsure which model suits your family, our Business Valuation services can help assess asset portfolios before establishing a family office.
How TY Teoh Supports Your Family Office Journey
As one of the trusted accounting firms in Singapore, TY Teoh International supports HNWIs and family offices with integrated solutions including:
- Tax and GST Advisory – Maximize tax benefits under 13O/13U
- Audit and Assurance – Trusted compliance and regulatory reporting
- Digital Advisory – Build secure, scalable financial systems
- Business Valuation – Gain a full picture of asset worth
- Contact Us – Start your private consultation today
Final Thoughts: A Lasting Legacy Starts with Structure
Singapore offers one of the most favorable environments globally for setting up a family office. But whether to choose a Single-Family Office or a Multi-Family Office depends on your wealth, goals, and governance needs.
If you’re a high-income family looking to establish or expand your family office in Singapore, TY Teoh International is ready to guide you every step of the way — from regulatory compliance to operational excellence.
Contact our team today to start building your family’s legacy the smart way.
If you’re a high-income family looking to establish or expand your family office in Singapore, TY Teoh International is ready to guide you every step of the way — from regulatory compliance to operational excellence.
Contact our team today to start building your family’s legacy the smart way.
