The short answer
- 13O: at least S$20 million in designated investments and two investment professionals, at least one not a family member.
- 13U: at least S$50 million and three investment professionals, at least one not a family member.
- Business spending tiers from S$200,000 depend on assets under management. Local investment: the lower of 10% of AUM or S$10 million, in eligible Singapore assets.
- Updated by MAS circular FDD Cir 05/2026 dated 31 July 2026. The schemes run to 31 December 2029.
13O and 13U compared
Exhibit 1
13O and 13U compared
| 13O | 13U | |
|---|---|---|
| Fund vehicle | Singapore company | Singapore or foreign vehicle |
| Minimum fund size | S$20 million, at application and at every year end | S$50 million |
| Investment professionals | At least 2, one not a family member | At least 3, one not a family member |
| Business spending | For basis periods ending on or after 1 August 2026: S$200,000 below S$250 million AUM, S$500,000 from S$250 million to S$2 billion, S$1 million at S$2 billion or more | |
| Local investment | Lower of 10% of AUM or S$10 million, in listed investments on MAS-approved exchanges, products distributed by MAS-licensed institutions, or non-listed Singapore companies with real operations | |
The process
- Structure the family office and fund vehicle with your lawyers.
- Open a private banking account with a MAS-licensed institution and obtain a screening report.
- Prepare and submit the application to MAS. Most are processed within about three months.
- Meet the conditions every year and report.
Who does what
A single family office managing only family money is generally exempt from MAS licensing; trusts need a licensed trust company. Northwise supports set-up coordination, application preparation and annual administration; lawyers lead structuring.
The annual cycle once approved
- Fund size maintained at every year end, with valuations to show it
- Investment professionals in place throughout the year, with payroll records
- Business spending tracked against the threshold for the fund's size
- Local investment requirement met and documented
- Annual reporting to MAS and the fund's tax return, both on time
Where families get caught
- Spending that does not count. Not every cost the family office pays qualifies as local business spending. Track it against the rules from the first month.
- Staff changes. When an investment professional leaves, the count can drop below the minimum. Plan succession, especially for the non-family professional.
- Fund size at year end. A market fall in the last quarter can take a fund below the minimum. Monitor it through the year, not only on 31 December.
Questions people ask
What is the minimum fund size for 13O?
S$20 million in designated investments, at application and at every year end. 13U requires S$50 million.
How many investment professionals are needed?
At least two for 13O and three for 13U, with at least one not a family member.
Talk it through with an adviser
Tell us your structure and deadlines. We reply with what applies to you and a fixed-fee proposal.
Related service: Family officeFree tool: 13O and 13U eligibility checker
Sources
- Private.law: Section 13O conditions in 2026 (MAS circular FDD Cir 05/2026) (secondary source)
General information only, last reviewed 11 November 2026. It is not advice for your situation. Laws and practice change, and the official sources linked above prevail. Speak to a qualified adviser before you act.
