Singapore’s framework for single family offices (SFOs) changed on 15 June 2026. The Monetary Authority of Singapore (MAS) has replaced the previous practice of granting licensing exemptions case by case with a single class exemption that applies to any SFO meeting a defined set of conditions. The exemption now sits under a new provision, paragraph 5(1)(ba) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations.
For most family offices the practical effect is a simpler route in. A qualifying SFO no longer needs to seek an individual exemption or hold a capital markets services licence to manage the family’s own assets. In return, MAS expects to be notified of who is operating and to receive a short return each year, part of its effort to keep closer sight of a sector that has grown quickly. The framework is structure-agnostic, so an SFO can sit under a company, trust or foundation, provided the funding originates only from the family.
Who qualifies
The conditions are specific. An SFO may manage assets only for members of a single family, for charities funded exclusively by that family. “Family” is defined broadly. It covers the lineal descendants of a common ancestor up to five generations, together with current and former spouses, adopted children and stepchildren, parents-in-law and siblings-in-law, and future generations are included. In addition to the family members, a key employees of the SFO may hold up to 10% of total assets under management, giving the SFO an option to anchor and incentivise these persons. The SFO must be incorporated in Singapore, and both the SFO and each of its fund vehicles must hold an account with a MAS-licensed bank.
What an SFO must now do
A new SFO has 14 days from the start of operations to file a Notice of Commencement of Business with the MAS. An SFO already operating in Singapore has a one-year transition, to 15 June 2027, to meet the conditions and file. From then on, each SFO submits an annual return within four months of its financial year end. The MAS has said it will not grant extensions, so the reporting date is best diarised well in advance rather than handled reactively.
The filing itself is lighter than the earlier consultation had signalled. There is no requirement to obtain a legal opinion. Instead, the SFO confirms that it meets the conditions and provides a signed declaration from a family member who supplied the assets and a director of the SFO. The responsibility for assessing eligibility correctly rests with the SFO.
The obligations beneath the simpler entry
A lighter filing does not mean lighter obligations. Anti-money laundering and counter-terrorism financing checks remain, carried out by the MAS-licensed banks that the SFO and its vehicles are required to use. Source-of-wealth and ongoing due diligence questions will be asked at onboarding and revisited over time. There is also a point of presentation worth noting. The MAS amended its Notice on Prohibited Representations on the same date, and an exempt SFO must not describe itself as licensed, regulated or supervised by the MAS.
How Alpadis can help
The new framework rewards getting the groundwork right: incorporating correctly, confirming that the family and funding structure meets the conditions, and keeping the notification and annual returns on schedule. The MAS allows a professional compliance or corporate services firm to file both the Notice of Commencement of Business and the annual returns on an SFO’s behalf, using the firm’s own Corppass account, although the family declaration must still be signed by the family.
Alpadis’ Corporate Services teams in Singapore support family offices across this work, from incorporation and the MAS notification and annual filings to assistance in AML/CFT and source-of-wealth reviews, and the ongoing compliance that keeps an SFO within the conditions of its exemption. For families considering Singapore, or existing SFOs working towards the June 2027 deadline, now is a sensible time to check that the structure and the paperwork line up.
