Singapore family office growth slows amid stringent regulations and longer processing time

The wait time for establishing a single family office in Singapore and availing the tax incentives from the regulator has been extended by several months due to increased regulatory scrutiny, causing a slowdown in the pace of family office growth in Singapore. “We hear that there is a backlog of applications waiting to be approved. Even at private banks, for accounts to be opened for single family offices, there is a doubling in the waiting time,” Benjamin Choo, founding partner a…