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Effective April 18, 2022 · Published May 26, 2026

MAS Section 13O / 13U: substance tightening for family-office funds

Affects: Singapore

MAS revised the conditions for the Section 13O and 13U fund tax-incentive schemes that family-office funds rely on, materially raising the bar on minimum AUM, local business spending, and Singapore-based investment professional headcount. Subsequent MAS guidance has refined and tightened individual conditions on a rolling basis. The schemes remain attractive, but the gap between announcement and operational compliance is non-trivial.

Family offices operating under either scheme should confirm their current eligibility against the latest MAS conditions, and ensure their professional headcount, AUM, and local-spend posture remain compliant on a forward-looking basis rather than at year-end only.

Who is affected

  • Single-family offices operating Singapore-domiciled funds under Section 13O or Section 13U.
  • Multi-family offices and external asset managers running 13O/13U vehicles for clients.
  • Prospective family-office applicants whose pre-2022 modelling has not been refreshed.

Key changes

  • Minimum fund AUM raised to S$20M+ for 13O and S$50M+ for 13U at higher tiers.
  • Minimum local business spending threshold tightened (typically S$200K+, scaling with AUM).
  • Minimum count of Singapore-based investment professionals required.

Recommended action

Re-test 13O / 13U eligibility against current MAS conditions, not the conditions in force when your scheme was approved. Document the headcount, AUM, and local-spend posture in your annual scheme renewal file. If you are below threshold on any condition, engage scheme counsel before year-end.

Sources

  1. [1]Changes to Section 13 Fund Tax Incentive Schemes (April 2022)— Monetary Authority of Singapore
  2. [2]Securities and Futures Act (SFA)— Monetary Authority of Singapore
  3. [3]Family Offices — Setting Up in Singapore— Singapore Economic Development Board