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Lawrence Wong's wife is Loo Tze Lui.

She runs a family office definitely in frame for Temasek holdings CEO.
 
Here ppl like no common sense. How come got loo surname is an ah tiong? Lol
 
hbk75 said:
Here ppl like no common sense. How come got loo surname is an ah tiong? Lol
Click to expand...
Why? Tiong dog not happy izzit? Tiong dog like you have common sense meh?
If we insist she's as a tiong what's your fucking problem then?
 

MAS tightens criteria for family offices to qualify for tax incentives​

Source: Business Times
Article Date: 14 Apr 2022
Author: Kelly Ng

Under the new guidelines, family offices under Section 13O must also have at least 2 investment professionals. There is now no prescribed minimum number of employees for single family offices.

The bar for family offices to qualify for tax incentives will be raised from Monday (Apr 18), with new requirements on fund sizes, AUM (assets under management) growth and business spending, among other stricter criteria.

From that day, applications for funds managed and/or advised directly by a family office must have a minimum fund size of S$10 million at the point of application. Applicants must commit to increasing AUM to S$20 million within a 2-year period, under the new Section 13O of the Income Tax Act, which pertains to funds for which fund vehicles are incorporated and based in Singapore.

Previously, the conditions for tax incentives under this section did not stipulate a minimum fund size.

MAS informed stakeholders of the impending changes this past Monday. Tax experts The Business Times (BT) spoke to were unsurprised by the tightened requirements, with many saying that they will enhance the quality of family offices in Singapore.

A "family office" refers to an exempt fund-management company that manages assets for or on behalf of a family or families, and which is wholly-owned or controlled by members of the same family/families.

Under the new guidelines, family offices under Section 13O must also have at least 2 investment professionals. There is now no prescribed minimum number of employees for single family offices.

Whithers KhattarWong's tax lawyers Stacy Choong and Yeoh Lian Chuan said in a note on the changes that while not expressly stated in the guidelines, MAS may be more stringent in assessing the academic and professional experience of proposed investment professionals, be they family members or unrelated persons.

Under the new Section 13U, which pertains more broadly to funds managed by a fund manager in Singapore, the family office must have at least 3 investment professionals, with at least 1 of them being a non-family member. The fund will be given a 1-year grace period to employ the non-family member as an investment professional.

For family offices under S13O and S13U, the minimum total business spending requirements are now subject to a tiered framework pegged to AUM size. The original spending floor of S$200,000 in total business spending for S13O will remain for funds with AUM smaller than S$50 million.

Under S13U, funds of AUM smaller than S$100 million will now need to incur at least S$500,000 in local business spending.

Currently, S13U applications have to incur at least S$200,000 in local business spending - already a tighter requirement than "total business spending" for S13O cases.

For both cases, minimum spending will be raised to S$1 million for funds of S$100 million and above. Again, these pertain to "total business spending" for S13O cases and "local business spending" for S13U cases.

MAS specified that "total business spending" should relate to operating activities of the fund and excludes financing activities.

The changes also require funds under both schemes to invest at least 10 per cent of their AUM or S$10 million, whichever is lower, in local investments at any one point in time. Examples include equities listed on Singapore-licensed exchanges, qualifying debt securities, funds distributed by Singapore-licensed fund managers, or private-equity investments into non-listed Singapore-incorporated companies, such as start-ups.

Funds that are unable to meet the local investment criteria at the point of application will have to indicate the amount and types of local investments they plan to invest in. They will be given a one-year grace period to do so.

Yeoh said the stricter criteria will "enhance the level of substance" of family offices in Singapore, even as it may deter smaller players from setting up shop here.

Ong Sim Ho, a director at Drew & Napier, said the changes were expected. "The family office sector has seen robust growth over the last 3 years, and it is the right time to deepen the quality and professionalism of family-office management," he noted.

Singapore has gained prominence as the preferred base for family offices, with their numbers here doubling to 400 in 2020, compared with the year before.

Denton Rodyk's senior partners Loh Kia Meng and Edmund Leow agreed that the tightened requirements reflect the success of MAS' schemes for family offices. "The fact that MAS is doing this now shows that they can afford to be a bit more selective. The backlog of applications is prolonging the waiting time and is not good for our reputation for efficiency," Loh said.

Leow noted that the schemes, with their current requirements, have sometimes been misused for activities other than fund management. "Having a higher qualifying AUM raises Singapore's profile in the market and (sends a signal that it is) not where you can 'buy' a passport by purchasing a condo for US$2 million," he added.

Ultra-high net worth families with "genuine intentions" to set up family offices here are unlikely to be deterred by the new requirements, Ng Aik-Ping, HSBC Global Private Banking's head of family office advisory for Asia Pacific said.

Anuj Kagalwala, asset and wealth management tax leader at PwC said that the raising of the bar is a "natural logical step" and noted that the new requirements can help stimulate Singapore's economy by creating more jobs and greater capital flows to local businesses.

In response to BT's queries, an MAS spokesperson said that the new changes "seek to increase the professionalism of family offices in Singapore, and enhance the positive spillovers to the Singapore economy".
 
blackmondy said:
Why? Tiong dog not happy izzit? Tiong dog like you have common sense meh?
If we insist she's as a tiong what's your fucking problem then?
Click to expand...


Haha. Kum lan kia kpkb for what? U Kum amdk lan jiao shiok shiok until become Kum lan? Just use common sense lah. Cia also hire retards like u I wonder?

U insist also useless because that is not the fact. Now CIA agent become a retard? This loo lady is my friend ex classmate. Father is rich doing insurance business.

Ur rotten mouth should rise with Listerine to get rid of those Chao Ang moh sperm. Haha
 
hbk75 said:
Haha. Kum lan kia kpkb for what? U Kum amdk lan jiao shiok shiok until become Kum lan? Just use common sense lah. Cia also hire retards like u I wonder?

U insist also useless because that is not the fact. Now CIA agent become a retard? This loo lady is my friend ex classmate. Father is rich doing insurance business.

Ur rotten mouth should rise with Listerine to get rid of those Chao Ang moh sperm. Haha
Click to expand...
Fucking Tiong dog so lor-sor for fuck ? You just need to say woof, woof will do, I get the message. I will let you have the honor to join lordelrond and tanwahtiu as sammyboy in-house officially recognized tiong dogs.

IMG_COM_20220501_0834_40_1770.jpg


downloadfile_1.jpg


IMG_20220424_090819_e_1.png
 
People with Loo as a surname must be full of shit....
 
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