Section 13O: sourced answers
2 answers to specific questions — each with a verbatim quote from an official source and a link to it.
Every answer is checked against a verbatim quote from a stored copy of its source and has passed an independent review. This is reference information, not legal advice: rules change, and the outcome depends on your circumstances.
Fund: supplement to the legal-form questionnaire
Is the MAS ordinary new-SFO AUM-in-DI threshold met at application and every applicable basis-period end?
For an award within the Circular’s default new-SFO scope, the ordinary AUM-in-DI rule requires at least S$20 million at application and at every applicable basis-period end, excluding investments in the family’s operating businesses.
This tests the ordinary AUM path only. The separate committed-capital concession, private award conditions and full 13O/13U eligibility are not decided. The supplied period series must be verified as complete.
«Unless otherwise notified by MAS in writing»
Source: MAS FDD Cir 05/2026, 31 July 2026 · source copy as of 2026-10-02
«paragraph 5(1)(ba) of the Second Schedule»
Source: MAS FDD Cir 05/2026, 31 July 2026 · source copy as of 2026-10-02
«assets primarily originated from member(s) of the same family»
Source: MAS FDD Cir 05/2026, 31 July 2026 · source copy as of 2026-10-02
«84 The SFO fund’s investment (whether in the form of equity, debt or other financing arrangements) in the operating businesses of the family cannot be counted towards meeting the minimum AUM in DI condition. However, such investment shall count towards the SFO fund’s AUM in DI for the purposes of all other conditions, if the investment qualifies as DI.»
Source: MAS FDD Cir 05/2026, 31 July 2026 · source copy as of 2026-10-02
«approved on or after 1 August 2026»
Source: MAS FDD Cir 05/2026, 31 July 2026 · source copy as of 2026-10-02
«b) has a minimum fund size of S$20 million84 of assets under management invested in Designated Investments (“AUM in DI”) 85 at the point of application, and at the end of each basis period relating to any YA;»
Source: MAS FDD Cir 05/2026, 31 July 2026 · source copy as of 2026-10-02
Legal form in a country
Which authority supervises the structure (other than the registrar), if any
the fund needs a MAS award, and MAS checks compliance through the Annual Declaration
«conditions of the S13O/OA/U schemes? The fund is required to declare that it is in compliance with all the conditions of the relevant incentive scheme as set out in the letter of award, relevant MAS circulars, the Income Tax Act 1947 (“ITA”), and subsidiary legislation for the S13O/13OA/13U schemes, at the point of application and for the basis period of the relevant Year of Assessment (“YA”) in its Annual Declaration. MAS reserves the right to request for supporting documentation or audit certification for the information submitted in the incentive application and/or Annual Declaration. Such supporting documentation may include, but is not limited to, information relating to qualifying investment professionals 176 This does not apply to private equity funds which take a majority stake in operating companies with a view of disposing them when the investment matures. For the avoidance of doubt, (i) S13O/OA/U non-SFO funds are not permitted to hold investments (whether in the form of equity, debt or other financing arrangements) in operating businesses of the family; …»
Source: mas.gov.sg · source copy as of 2026-10-02
«10 Shenton Way MAS Building Singapore 079117 Circular No.: FDD Cir 05/2026 Date: 31 July 2026 To: All Fund Managers, Trust Companies and Banks in Singapore Dear Sir/Madam TAX INCENTIVE SCHEMES FOR FUNDS This circular provides details of the tax incentive schemes for funds under sections 13D, 13O, 13OA and 13U (“S13D”, “S13O”, “S13OA”, and “S13U” respectively) of the Income Tax Act 1947 (“ITA”), including: a) Removal of the condition to maintain annual minimum assets under management invested in Designated Investments (“AUM in DI”)1 for non-single family office (“non-SFO”) funds 2 availing of the S13O, S13OA and S13U schemes; b) Updates to the conditions for SFO funds 3 availing themselves of the S13O, S13OA and S13U schemes. These changes include giving SFOs more time to hire investment professionals (“IPs”), simplifying the minimum AUM in DI condition and the capital deployment requirement (“CDR”), and streamlining the local spending conditions; and c) Removal of the 5% cap on investments in physical investment precious metals (“IPMs”) in the DI list. …»
Source: mas.gov.sg · source copy as of 2026-10-02
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