What is a Single Family Office for the purposes of Sections 13(0) and 13(U) Income Tax Act?
The term ‘single family office’ is not defined under the Securities and Futures Act. An SFO typically refers to an entity which manages assets for or on behalf of only one family and is wholly owned or controlled by members of the same family. The term ‘family’ in this context may refer to individuals who are lineal descendants from a single ancestor, as well as the spouses, ex-spouses, adopted children and step children of these individuals.
According to MAS (FAQs)
last revised on 12 October 2021
The term ‘single family office’ is not defined under the SFA. [...]
It is not MAS’ intention to license or regulate SFOs. There are existing class exemptions from licensing under the SFA and FAA for the provision of fund management and financial advisory services respectively to related corporations.