![]() The following investments are eligible for the geographical requirement: (i) equities traded on Singapore-licensed exchanges (ii) qualifying debt securities (iii) funds provided by Singapore-licensed/registered fund managers and (iv) private equity investments into non-listed Singapore- incorporated firms, such as start-ups. However, the new regulations require them to have at least 10% of the fund's AUM or S$10m (whichever is lower) invested in Singapore-based investments at any one time (including during the application process). Previously, section 13O and 13U funds were did not have to meet any geographic requirements.Any funds larger than S$100M are required to spend at least S$1M, similar to 13O fund vehicles. Here the new minimum required business spending is set at S$500,000 per year for funds up to S$100M.There may be a grace period given before you need to hire this individual. According to the new rules, at least one of the three IPs must be a non-family member. ![]() The MAS has changed the number of IPs required for section 13U funds.Additionally, the changes do not apply to funds managed or advised by a licensed fund manager in Singapore.įunds under 13U are fund vehicles that can be constituted and maintained in Singapore or outside of the country. Applications which have been submitted earlier, will likely not be affected. It says: “As the family office eco-system in Singapore grows and matures, we seek to increase the professionalism of family office professionals in Singapore and enhance the positive spill overs to the Singapore economy.”Īll new family office applications to the MAS after Apwill be subject to the revised standards. The MAS says it wants its regulations, standards, and incentive systems to be in line with the goals and ambitions of family offices. Managers of Family Offices are one such example. These exceptions also apply to funds managed by fund managers who are exempt from the rules. Penang Branch, Butterworth Logistics Center. The Lion City offers tax exemptions for funds managed by Singapore-based fund managers who are licensed by the MAS. Lot 6, Block A, New MAS Air Cargo Complex, Penang Intl Airport, Jalan Garuda, 11900 Bayan Lepas, Penang. See what large category, subcategory, and SINs you’ll be categorized under based upon the latest information released on August 28th.Singapore has earned a reputation as a desirable destination for high-net-worth families seeking to professionalize the management of their money. Use the table below to see how your legacy GSA Schedule SINs will map to the new GSA Schedule. On August 28, 2019, GSA released a final advanced notice of the new, single GSA Schedule. When you accept the mass modification, GSA will automatically map your GSA Schedule and SINs to the corresponding large category, subcategory, and SIN under the new MAS Schedule.Įarlier this summer, GSA released a MAS Consolidation request for information (RFI) that included a list of the proposed new categories and how existing SINs would map to those new categories. While the new GSA Schedule is set to be released on October 1, 2019, contracts that were awarded prior to that date will continue business-as-usual until the new year.Īround January of 2020, GSA plans to issue a mass modification that will migrate legacy GSA Schedule Contract holders to the new GSA Schedule terms and conditions. Wondering what will happen to your existing GSA Schedule Contract and SINs when GSA completes the MAS Consolidation in October? Current Schedule contract holders won’t be impacted right away. ![]()
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