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Establishing & Supporting Business Entities and Family Enterprises
Family constitutions and family councils are not new concepts to Asia. Some of the oldest family businesses in the world are Japanese. For example, the Mitsui and Sumitomo families had established family constitutions and family councils dating back to the Edo period, the period between 1603 and 1868 in the history of Japan. As Asia witnesses a rapid creation of wealth and rising affluence, the region is set to see an increase in the number of family offices.
These family offices will be attracted to set up in Singapore as it is a well-regulated international financial centre and wealth management hub located in the heart of Asia. Furthermore offshore income is, by and large, not taxed and onshore income is often lowly taxed due to Singapore’s territorial system of tax. There is no capital gains tax nor inheritance tax in the country. In addition, family offices administered in Singapore can take advantage of Singapore’s extensive network of comprehensive double tax treaties or agreements as well as potential tax exemption under various government schemes.
At Portcullis Group we help family offices set up their trusts, funds, companies and provide assistance with administration and other services needed to create and effectively run a family office.