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How to apply for the Section 13U family office scheme

13U is the enhanced tier for larger family offices, the scheme most families move to once assets pass the level 13O was designed for. Here is what MAS actually asks for, condition by condition, at the S$50 million level and above.

The short answer: a fund applies for 13U with S$50 million in designated investments at the point of application, no published grace period below that level. Alongside that, you need three investment professionals (at least one not a family member), a private banking account with an MAS-licensed institution, and a plan for the local spending and capital deployment conditions below.

The five conditions MAS checks before award

Everything below has to be in place, or clearly plannable, before you file. MAS's own scheme page groups the 13O and 13U conditions in the same comparison table; the mechanics are the same shape, the numbers scale up.

  1. Assets under management. S$50 million in designated investments at the point of application. This is a steady-state threshold, not an entry point with a grace period the way 13O's S$10 million figure is; MAS's published conditions structure the reduced entry level and two-year grace period specifically around 13O.
  2. Investment professionals. At least three, of whom at least one is not a family member, one more than 13O's requirement. Each qualifying investment professional must earn more than S$3,500 a month, spend more than 50% of their time on the qualifying activity, and be a Singapore tax resident throughout the incentive period.
  3. Local business spending. The same tiered table 13O funds move into as they grow: because 13U funds start at S$50 million, the minimum entry tier is S$500,000 a year, rising to S$1 million a year once AUM reaches S$100 million. A S$200,000 local-business-spending floor applies at every tier. Eligible donations and qualifying grants to blended-finance structures with substantial involvement of Singapore entities can count at a 2x multiplier toward the total spending requirement above that floor.
  4. Capital Deployment Requirement (CDR). Identical formula to 13O: invest the lower of S$10 million or 10% of AUM into one of six MAS-approved categories, listed equities, REITs, business trusts or ETFs on MAS-approved exchanges; qualifying debt securities; non-listed funds distributed by a licensed Singapore financial institution; non-listed Singapore operating companies; climate-related investments; or blended-finance structures with substantial involvement of Singapore entities. At 13U's typical scale, 10% of AUM is usually the smaller (and so binding) figure below S$100 million; above S$100 million, the S$10 million cap takes over as the binding number instead.
  5. Private banking account. The fund needs a private banking account with an MAS-licensed financial institution at the point of application, and must keep it throughout the incentive period.

Filing the application

As with 13O, the fund vehicle is typically a private limited company incorporated with ACRA. Once the five conditions above are met, or clearly achievable, the application goes to MAS. If MAS is satisfied, it issues a letter of award setting out the terms of the exemption.

Why families move from 13O to 13U

13U is not usually a first application. Most families that reach it started under 13O at the S$10 million to S$20 million level and grew from there, moving to 13U once AUM approaches or passes S$50 million, either because 13O's ceiling no longer fits the fund's scale, or because the larger structure suits a bigger investment team and a broader mandate. The core mechanics carry over: the same six CDR categories, the same income/time/residency tests for investment professionals, and a spending table that is genuinely continuous between the two schemes rather than a separate system.

Staying compliant after award

The award is not a one-time check. Investment professionals must remain Singapore tax residents and keep meeting the income and time-spent tests throughout the incentive period, the private banking account must stay open with an MAS-licensed institution, and the tiered spending and capital deployment conditions apply every year of assessment, not just at filing. Most 13U families work with a corporate service provider or fund administrator to track this on an ongoing basis, given the larger team and spending figures involved.

13O or 13U?

If S$50 million is out of reach today, the entry-tier 13O application process may fit better while the fund grows. See the full 13O vs 13U comparison and the general family office setup guide for how this fits alongside incorporation, banking and the Global Investor Programme residency route.

Frequently asked questions

Do I need S$50 million to apply for 13U?

Yes. Section 13U requires at least S$50 million in designated investments at the point of application. Unlike 13O, MAS has not published a reduced entry-level AUM with a grace period for 13U; the S$50 million threshold applies from the start. Families who are not yet at that level often begin under 13O and move to 13U once assets grow.

How many investment professionals does 13U require?

At least three, of whom at least one must not be a family member, one more than 13O requires. Each qualifying investment professional must earn more than S$3,500 a month, spend more than half their time on the qualifying activity, and be a Singapore tax resident throughout the incentive period.

Does the Capital Deployment Requirement differ between 13O and 13U?

No, the formula is the same for both: the fund invests the lower of S$10 million or 10% of its AUM into one of six MAS-approved categories. At 13U scale, 10% of AUM is often the binding number below S$100 million; above S$100 million, the S$10 million cap binds instead.

What is the local spending requirement for a 13U fund?

A tiered requirement based on AUM: at least S$500,000 a year for funds between S$50 million and S$100 million, rising to S$1 million a year at S$100 million and above. A S$200,000 minimum local-business-spending floor applies at every tier. Eligible donations and qualifying grants to blended-finance structures can count at a 2x multiplier toward the total above that floor.

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Sources

Conditions and figures are drawn from the Monetary Authority of Singapore's Fund Tax Incentive Scheme for Family Offices page (last updated 7 January 2026), fetched and verified on 19 July 2026. Thresholds and conditions change; this page is general information, not financial, tax, legal or immigration advice, and does not constitute a personalised eligibility assessment. A licensed specialist confirms your position before you file.