The Financial Services Act 2007 (“FSA”) was amended in 2016 to introduce the Family Office Licence.

Relevant Act:
– Financial Services Act 2007
– Financial Services (Family Office) (Amendment) Rules 2022.
– Financial Services (Family Office) (Amendment) Rules 2021
– Financial Services (Family Office) Rules 2020

Key attributes:
· The categories of family office services, which a holder of a Family Office (Multiple) may provide shall include, but not be limited to, the following –
(a) administration and management of investments, assets and/or estate(s).
(b) administration and management of concierge services.
(c management of accounting and reporting.
(d)administration and management of philanthropic services.
(e)providing training and development to the incoming generations.
(f)administration and management of disaster recovery planning.
(g)administration of risk management;
(h)provision of administrative support;
(i)ensuring compliance with domestic and international legislations;
(j)establishing family governance, wealth strategies, family board(s) including family charter(s);
(k)providing tax advisory and compliance services;
(l)advising on wealth planning and protection; and
(m)any other activities as may be approved by the Commission.

· The aggregate value of assets and/or investments under the management of a MFO shall be at least USD 5 million.
· A Family office (Multiple) shall, at all times maintain a fully paid minimum stated unimpaired capital of at least USD 70,000.

Benefits:

The income of a corporation holding a Family Office (Multiple) License which is issued on or after 1 September 2016 by the Financial Services Commission provided that the Family Office employs at least three professionals and have assets under management of more than USD 5 million for each family, shall be granted an exemption for a period of 10 income years as from the income year in which the corporation was granted its license.

Fees:

Processing fee: USD 5,000

Fixed annual fee: USD 10,000