{"id":332,"date":"2021-02-19T09:32:17","date_gmt":"2021-02-19T09:32:17","guid":{"rendered":"http:\/\/s2invest.com\/?p=332"},"modified":"2024-07-03T06:55:01","modified_gmt":"2024-07-03T06:55:01","slug":"why-singapore-remains-an-attractive-option-for-indian-family-offices","status":"publish","type":"post","link":"https:\/\/s2invest.com\/index.php\/2021\/02\/19\/why-singapore-remains-an-attractive-option-for-indian-family-offices\/","title":{"rendered":"Why Singapore remains an attractive option for Indian Family Offices"},"content":{"rendered":"\n

The number of family offices in Singapore has\nquadrupled from 2016 to 2018: MAS<\/em><\/p>\n\n\n\n

Credit Suisse\nestimates there are close to 760 Indians with over $100 million in net worth. A\nsignificant proportion makes up the nation\u2019s 16.6 million-strong diaspora.\nThese high-net-worth individuals call International financial hubs like Dubai,\nHong Kong, and Singapore home. <\/p>\n\n\n\n

Taxation and legislation\nincreasingly undesirable<\/strong><\/p>\n\n\n\n

India has a\ncorporate tax rate of 30% and a reduced rate of 25% for an annual turnover of\nless than \u20b9 250 Crore. This\ncompares to Singapore and Hong Kong who both offer lower tax rates of 17% and\n16.5% respectively. <\/p>\n\n\n\n

In fact, with additional tax exemption\nprovisions for the first SGD 300,000 of chargeable income, the corporate tax\nrate in Singapore for HNWIs falls below 17%.<\/p>\n\n\n\n

In a recent budget move, India\u2019s finance\nminister announced that Non-Resident Indians (NRIs) who have stayed in the\ncountry for 120 days will be treated as Indian citizens. HNWIs who do not have\nto pay taxes in any other country will thus have to pay tax on income generated\nin India. <\/p>\n\n\n\n

HNWIs with Indian-born parents and grandparents\nwould also be subject to worldwide tax and reporting obligations in India.<\/p>\n\n\n\n

Offshore set-ups increasingly attractive <\/strong><\/p>\n\n\n\n

Well-regulated financial centers such as\nSingapore and Hong Kong are getting increasingly popular for Indian Family\nOffices.<\/p>\n\n\n\n

In addition to an attractive corporate\ntax set-up, Singapore also maintains a healthy investment climate, boasts\nstability, and incentivizes innovation. <\/p>\n\n\n\n

For instance, as family offices are\ngenerally interested in investing in start-ups, Singapore stimulates\nentrepreneurship through platforms such as Startup SG, incentives for SMEs, and\nevents such as the MAS-organized annual FinTech Festival. <\/p>\n\n\n\n

The nation-state introduced an\ninvestment fund innovation with the Variable Capital Company (VCC) to increase\nits attractiveness as a competitive asset management hub in the APAC region.<\/p>\n\n\n\n

VCCs offer many advantages for\ninvestment funds, including the option of being set up as either a standalone\nVCC or as an umbrella VCC with sub-funds.<\/p>\n\n\n\n

Tax exemptions under the Enhanced-Tier\nFund Exemption (ETF) Scheme and Singapore Resident Fund (SRC) Scheme as per\nSection 13X of the Income Tax Act have recently been extended to all from of\nfund vehicles such as VCCs.<\/p>\n\n\n\n

Reassessing strategy<\/strong><\/p>\n\n\n\n

The combination of growing restrictive\nfinancial climate in the sub-continent and increasing attractiveness of viable\noverseas options explains the  influx of\nIndian Family Offices presence in Singapore. <\/p>\n\n\n\n

In considering this, family offices must\nreview their values and guiding principles in handling their family structures\nand assess existing structures at home and abroad. <\/p>\n\n\n\n

About Gifted\u00a0Group<\/strong><\/p>\n\n\n\n

Having a wealth of experience working with Family Offices and HNWs, Gifted Group has effectively guided numerous families through the evaluation and selection of quality financial products and arrangements. Gifted Group strongly believes in the power of due diligence as the first and best line of defense for families\u2019 assets.<\/p>\n\n\n\n

Gifted Group has also acted as an expert witness in a range of dispute cases, producing investigative reports and testimonies for consideration by the Court. Gifted Group has a demonstrated track record of providing incisive insights and shedding light on otherwise muddled case information. <\/p>\n","protected":false},"excerpt":{"rendered":"

The number of family offices in Singapore has quadrupled from 2016 to 2018: MAS Credit Suisse estimates there are close to 760 Indians with over $100 million in net worth. A significant proportion makes up the nation\u2019s 16.6 million-strong diaspora. These high-net-worth individuals call International financial hubs like Dubai, Hong Kong, and Singapore home. Taxation … Continue reading Why Singapore remains an attractive option for Indian Family Offices<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":333,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[19],"tags":[29,32,30,31],"class_list":["post-332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-family-offices","tag-india","tag-multi-family-offices","tag-singapore"],"acf":[],"yoast_head":"\nWhy Singapore remains an attractive option for Indian Family Offices - Gifted Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/s2invest.com\/index.php\/2021\/02\/19\/why-singapore-remains-an-attractive-option-for-indian-family-offices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Singapore remains an attractive option for Indian Family Offices - Gifted Group\" \/>\n<meta property=\"og:description\" content=\"The number of family offices in Singapore has quadrupled from 2016 to 2018: MAS Credit Suisse estimates there are close to 760 Indians with over $100 million in net worth. A significant proportion makes up the nation\u2019s 16.6 million-strong diaspora. These high-net-worth individuals call International financial hubs like Dubai, Hong Kong, and Singapore home. 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