If you advise Single Family Offices (SFOs) that manage fund vehicles in Singapore, you should be aware of a new requirement for tax incentive applications for these fund vehicles.
What is the new requirement?
With effect from 1 October 2024, fund vehicles managed by SFOs that apply for tax incentives under the Enhanced-Tier Fund Scheme or the Singapore Resident Fund Scheme must obtain a Screening Report from a Screening Service Provider appointed by the Monetary Authority of Singapore (MAS).
The Screening Report will verify the background of the fund vehicle, the SFO, and their related parties for any adverse news, such as involvement in money laundering, terrorism financing, tax evasion, fraud, or other criminal activities.
What do you need to do?
As a Family Office Advisor, you are required to assist your clients in obtaining the Screening Report. Here are the steps:
- Obtain the following information from your client:
- Fund Vehicle
- Single Family Office
- Beneficial owners, shareholders, and directors of the Fund Vehicle and the SFO
- Immediate family of the beneficial owners
- Senior management and investment professionals of the SFO
- Individuals and companies that contributed to the source of wealth of the beneficial owners
- Settlor and beneficiaries of the Trust
- Procure a Screening Report from a Screening Service Provider listed on the MAS website. BDO Singapore is one of the providers approved by the MAS.
- Submit the Screening Report together with the tax incentive application form to MAS.
You are advised to contact the Screening Service Providers early, as the screening process may take up to two weeks to complete. Please ensure that the information provided is accurate and complete, as any discrepancies or omissions may delay the screening process.
How can BDO help you?
As a leading international accounting network, we provide robust screening services tailored for SFO tax incentives in Singapore. We deliver a meticulously prepared Screening Report cover all relevant individuals and entities involved in the SFO that meets the relevant requirements for submission to MAS as part of the SFO tax incentive application.
Why choose BDO?
- Expertise: We have a team of highly experienced professionals who possess in-depth knowledge of the regulatory audit on AML/CFT, fund audit, and screening requirements.
- Efficiency: Count on us to complete the screening service within two weeks, provided the necessary information and documents are available.
- Value: We offer competitive pricing for screening reports, with a minimum fee required per report.
Contact us?
If you are interested in our screening service or have any queries, please contact:
Adeline Toh
Executive Director
Direct: +65 6990 2818
Email: info-fs@bdo.com.sg
Reference: https://www.mas.gov.sg/schemes-and-initiatives/fund-tax-incentive-scheme-for-family-offices