• P.O.Box 17104, Ras Al Khaimah, United Arab Emirates

Category Archives: Business

  Home MMCFZC  /  blog  /  Business
Categories Association Business

Country Business Reports interviews and articles by Discovery Reports

Categories Association, Business Author admin

Natarajan & Swaminathan delivers quick, honest and efficient audit and advisory services

The firm leverages seven decades of expertise and a tech-driven approach to support Indian conglomerates eyeing Singapore’s market

Country Business Reports interviews and articles by Discovery Reports

Indian conglomerates and subsidiary firms in the software, financial, wealth and asset management sectors looking to establish a foothold in Singapore can rely on chartered accountants firm Natarajan & Swaminathan. Servicing the highest number of Indian companies in the Lion City, including Mustafa and the Modi Group of Companies, Natarajan & Swaminathan boasts seven decades of experience in the fields of advisory, assurance, financial due diligence, risk management, dispute resolution, tax and liquidation services. Today, the firm also works with associate and affiliate companies to provide business consulting, global tax advisory, back office processing, human resource, incorporation and immigration-related services.

“We get clients mostly through references,” said Rangarajan Narayanamohan, managing partner. “Our existing clients go back and recommend new clients to us. In our industry, time is of the essence, so we provide fast services, and we constantly update our offerings to deliver complete and satisfactory assistance to clients.”

Natarajan & Swaminathan seeks to bolster its connections with similar advisory firms worldwide that wish to penetrate the Singapore market. The firm welcomes more affiliate partners in Hong Kong, Malaysia, Dubai and Britain who are in need of professional or business consultancy services, and who can provide references.

“We never think of anyone as our competitor,” Narayanamohan said. “We just focus on whatever job we get and execute it on time and professionally. Whether the client is big or small, we are responsible and accountable to deliver the client’s requirements quickly and efficiently.”

nsca.pro
Reference
Categories Business

DBS LAUNCES MULTI-FAMILY OFFICE VCC FOR ULTRA-WEALTHY FAMILIES

Categories Business Author admin

DBS LAUNCES MULTI-FAMILY OFFICE VCC FOR ULTRA-WEALTHY FAMILIES

  • Fund administration and custody done by bank.
  • Minimum wealth for service around S$15 million
  • DBS serves as banker to more than a third of the 700 single family offices established in Singapore.
  • Clients also enjoy cost savings through shared resources and expenses across multiple sub-funds.
  • VCC does away with the use of companies or trusts, which were the traditional vehicles used by wealthy families in wealth structing.
  • DBS MFO is also an attractive option for some families who are not looking to immediately locate to Singapore.
Categories Business

FAMILY OFFICES

Categories Business Author admin

FAMILY OFFICES

A

B

Note: Local investments refer to (i) equities, REITS or Business Trusts listed on Singapore-approved exchanges .  (ii) qualifying debt securities, (iii) funds distributed by Singapore-licensed/registered fund managers or financial institutions, (iv) private equity investments into non-listed Singapore-based incorporated companies (eg. Start-ups) with operating business(es) in Singapore.

The recent requirements make SFO’s to –

  1. Uplifting the standards of SFO in anticipation of upcoming demands and challenges.
  2. Deepening and broadening of skillsets within SFOs.
  3. Sufficient resources for sustainability and robust operations of SFOs.

Implications of recent regulatory developments – MAS (Application Criteria and Process for Family Offices (updated 01.12. 2022)

Can a fund invest in the UBO’s operating business?

  • Fund vehicles are not considered to be holding controlling stakes in related operating entities:

1. fund vehicle does not hold >25% of total outstanding shares of the operating business permanently.

2. UBO/family’s shares of the operating businesses do not take up >50% of the total AUM across all fund   vehicles owned by the UBO

3. Fund vehicles, on average, meet AUM requirements after excluding shares of the family’s operating businesses, per fund vehicle.

4. The fund vehicle is not required to consolidate the results of the operating businesses in its accounts; and

5. The fund vehicle is not liable to any top-up tax imposed by any jurisdiction as a response to tax exemption enjoyed by the fund vehicle

Exchange of information is extending to CRYPTO – ASSETS

The OECD has recently released a public consultation on Crypto-Asset Reporting Framework and amendments to CRS

Amongst the proposals, the OECD is developing a new global tax transparency framework which provides for the automatic exchange of tax information on transactions in cyrpto-assets in a standardized manner

What does it entail?

  • The definition of cyrpto-asset holdings is wide, covering not only crypto-currencies but also NFTs
  • Once implemented, crypto-assets holdings would be subject to similar reporting obligations like CRS
  • Crypto-service providers are intermediaries would have to be mindful of additional reporting obligations
  • Crypto-service providers would also be require additional information from users.
  • Existing FIs that deal with crypto-assets may also have additional requirements to implement new reporting frameworks for crypto-assets reporting?

FAMILY OFFICE -DUE DILIGENCE

  • The authorities have access to greater amounts of data on financial assets and business assets with more effective technology and tools, leading to greater scrutiny by home country tax authority.
  • With data collection mechanisms in place, tax authorities are better equipped
  • Initiatives such as BEP 2.0 leverages off the data pools amassed from CRS and CbC reporting
  • Understand their “tax residency” position
  • Familiarize with reporting obligations (e.g., whether the reporting for FATCA and CRS is done via external financial institutions or through the family’s owns structures)
  • Have handle  risks of complex structures
  • Proper structing of offshore investments or operations
  • Need to periodically review offshore structures
  • Where restructuring is required , seek legal and tax advice
  • Supporting documentation must be maintained for all offshore structures in anticipation of queries from authorities
  • Families with business assets and with shares in global MNEs should align CRS with Cbc reporting

Singapore-based SFOs : Entering a new era – MAS circular dated 19-09-2022

“Family refer to individuals who are lineal descendants from a single ancestor, as well as the spouses, ex-spouses, adopted children and stepchildren of these individuals

  1. To be an exempt FMC that manages assets for or on behalf of the family(ies); and
  2. Wholly owned or controlled by members of the same family(ies)

SFO also needs to issue annual statement to its investors (for 13D/O funds)

FAQs and Clarifications

Sub-delegation arrangements

Singapore-based FMC must:-

© 2025 MMCFZC. All rights reserved.