What is the annualised operating cost of a Singapore Section 13O family office in 2026?

At market average benchmark, the indicative annualised operating cost ranges from S$400,000 to S$800,000 at the sub-S$50M AUM tier, S$700,000 to S$1,300,000 at S$50M-S$100M, and S$1,200,000 to S$3,000,000-plus at S$100M-plus. Anlian Group's engagement scope is estimated 10 percent below the market average benchmark for comparable AUM tier; engagement-specific quotes are provided in the strategy call.

Does the MAS minimum local business spending of S$200,000 cover the total operating cost at the entry AUM tier?

No. S$200,000 is the regulatory floor for Section 13O funds with AUM under S$50 million per the MAS Section 13O and 13U Infographic. The realistic total annualised operating cost at the entry AUM tier sits in the S$400,000 to S$800,000 market average benchmark range when two Investment Professional compensation, audit and tax, fund administration, and corporate secretarial lines are included.

How much of the MAS local business spending overlaps with substantive operating expense?

In a well-structured 13O, most of the local business spending overlaps with substantive operating expense. Eligible MAS-counted categories per the MAS infographic include local salaries (including Investment Professionals and operational staff), Singapore-based legal, audit, tax, fund administration, corporate secretarial, MAS licensing fees, office rent, and Singapore IT spend. The substantive operating outflow and the MAS-counted spending are the same money for most line items.

What changed under the post-1 January 2025 Section 13O framework that affects cost?

Two Section 13O changes affect cost. First, the framework requires at least two Investment Professionals employed throughout the basis period for Section 13O funds, with a one-year grace period for the second IP when only one is in place at application. Second, the AUM definition was restated to refer to the value of the fund's investments in Designated Investments rather than Net Asset Value. The first change effectively doubles the year-one or year-two personnel cost line; the second affects how the AUM tier is calculated and therefore which minimum local business spending bracket applies.

Are the cost ranges in this article based on Anlian Group client data?

No. All cost ranges in this article are compiled from MAS and ACRA published guidance and from third-party Big4 and global private bank family office benchmark reports issued in 2025 (KPMG, PwC, UBS, Citi Private Bank, Knight Frank). Anlian Group does not publish client engagement data; the only reference to Anlian Group positioning is the "estimated 10 percent below market average benchmark for comparable AUM tier" engagement-scope qualifier, with the actual quote provided in strategy call.

How does Section 13U cost compare to Section 13O at the equivalent AUM tier?

Section 13U applies to funds with AUM at or above S$50 million in Designated Investments at the end of the financial year. The cost differential at equivalent AUM is driven by Section 13U's higher Investment Professional headcount requirement (at least three IPs versus two for 13O), the higher minimum local business spending tier for 13U, and the broader investment mandate that drives higher fund administration cost. For the scheme-by-scheme decision framework see [/insights/section-13u-singapore-family-office-aum](/insights/section-13u-singapore-family-office-aum).

How does Anlian Group quote engagement scope and pricing for a 13O setup and ongoing management?

Anlian Group's Singapore corporate services team, operating under MAS CMS101702 and the firm's ACRA Filing Agent licence, scopes engagement at the [strategy call](/contact/strategy-call). The scope dimensions are AUM tier, asset mix, donor-advised philanthropy layer, trust integration, and the number of fund vehicles and feeder structures. Engagement scope is estimated 10 percent below the market average benchmark for comparable AUM tier as reported in the public 2025 Big4 and global private bank benchmark reports. Annualised cost varies materially with AUM, asset mix, fund administration choice, and engagement scope; final quote is provided in the call.

Article

Singapore 13O Family Office Cost 2026: Annualised Operating Range by AUM Tier

In one sentence

A Singapore 13O family office annualised operating cost ranges from S$400,000 at the entry AUM tier (sub-S$50M) to over S$1.5 million at the larger AUM tiers (S$100M+), driven by MAS-mandated minimum local business spending and market-rate professional services.

Quick answer

MAS requires a minimum local business spending floor that scales with AUM under the Section 13O scheme: S$200,000 per year for funds with AUM under S$50 million, S$500,000 per year for AUM between S$50 million and S$100 million, and S$1 million per year for AUM at or above S$100 million.
With effect from 1 January 2025, Section 13O requires at least two Investment Professionals employed throughout the basis period, doubling the personnel cost line relative to the pre-2025 single-IP minimum; the second IP can be hired within a one-year grace period when only one is in place at application.
The two largest cost categories Anlian Group observes against published Big4 and global private bank benchmark reports are Investment Professional total compensation and fund administration plus audit; these dominate the year-one operating budget at every AUM tier.
Eligible local business spending categories per the MAS infographic include local salaries (including investment professional and operational staff), Singapore-based legal, audit, tax, fund administration, corporate secretarial, MAS licensing fees, office rent, and IT spend on Singapore providers, allowing most regulator-counted spending to overlap with substantive operating expense.
Anlian Group's engagement scope for 13O setup and ongoing management is estimated 10 percent below the market average benchmark for comparable AUM tier, with engagement-specific quotes provided in the strategy call; the comparison table in this article reports the market average benchmark range only.

Why this matters in 2026

The Monetary Authority of Singapore (MAS) refreshed the Section 13O qualifying conditions with effect from 1 January 2025, materially changing both the personnel and AUM mechanics that drive year-one cost. The new framework requires at least two Investment Professionals employed throughout the basis period for Section 13O funds, with a one-year grace period for the second IP when only one is in place at application. The AUM definition was also restated to refer to the value of the fund's investments in Designated Investments, replacing the earlier Net Asset Value formulation. These changes are documented in the MAS Response to Feedback on the Proposed Framework for Single Family Offices and the MAS Section 13O and 13U Tax Incentives Infographic.

The cost consequence of the 2025 update is that a family that could previously assume a single-IP cost line and a deferred AUM build-up now plans for two IP salaries from the outset and a tighter AUM compliance posture. Across the public Big4 and global private bank family office benchmark reports issued in 2025 (KPMG, PwC, UBS, Citi Private Bank, Knight Frank), the consistent reading is that total compensation for a two-IP team is the dominant operating cost line for sub-S$200 million AUM family offices.

This article does not publish ALG internal client data. Every cost figure is sourced from either MAS or ACRA published guidance or from third-party Big4 and global private bank benchmark reports. Cost ranges shown are market average benchmarks for comparable AUM tier; Anlian Group's engagement scope is estimated 10 percent below the market average benchmark for comparable AUM tier, with engagement-specific quotes provided in the [strategy call](/contact/strategy-call). For the substantive 13O setup roadmap, see [/insights/section-13o-singapore-family-office-2026](/insights/section-13o-singapore-family-office-2026); for the AUM-and-mandate decision between 13O and 13U, see [/comparisons/family-office-tax-schemes-13o-13u-13z](/comparisons/family-office-tax-schemes-13o-13u-13z).

The fundamentals

MAS- and ACRA-mandated regulatory cost floor (gov-anchored)

The Section 13O regulatory cost floor is the sum of three published items: the MAS minimum local business spending tier that scales with AUM, the ACRA incorporation and annual return fees for the SFO and the fund vehicle, and the minimum salary for at least two qualifying Investment Professionals required under the 2025 framework.

MAS minimum local business spending. The MAS Section 13O and 13U Infographic publishes a tiered minimum local business spending floor for Section 13O: S$200,000 per year for funds with AUM under S$50 million, S$500,000 per year for AUM between S$50 million and S$100 million, and S$1 million per year for AUM at or above S$100 million. The Section 13U scheme operates on its own higher tier structure for funds with AUM at or above S$50 million in Designated Investments. The eligible spending categories per the MAS infographic include local salaries, Singapore-based legal and accounting fees, MAS licensing fees, office rent, and Singapore IT spend.

ACRA fees. ACRA publishes its fee schedule for Singapore private limited company incorporation, name application, and annual return filing. The Section 13O structure incorporates two private limited companies (the SFO and the fund vehicle), so the ACRA incorporation cost is multiplied accordingly. Annual return filings are recurring. Specific current fee amounts are published on the ACRA Company-Related Fees page at the link in sources.

Two-IP minimum salary. The 2025 framework's requirement that at least two Investment Professionals be employed throughout the basis period drives the largest single line in any 13O annualised budget. The KPMG 2025 Global Family Office Compensation Benchmark Report and the UBS 2025 Global Family Office Report both confirm that Singapore-based IP total compensation in 2025 sits in the S$150,000 to S$300,000 per IP per year range for entry-tier roles, scaling materially upward for senior portfolio managers; at two IPs the floor cost is therefore in the S$300,000 to S$600,000 range per year before bonus and benefits. Most of this spending counts toward MAS local business spending, so the regulatory floor and the personnel cost line overlap substantially rather than stacking additively.

Investment professional minimum salary thresholds for MAS-qualifying status are published in MAS FAQs and the Section 13O guidance. The practical implication is that the family cannot meet the IP headcount requirement by hiring junior administrative staff; the role must qualify by salary, function, and time allocation.

Market-benchmarked operating cost lines (third-party-anchored)

Beyond the MAS and ACRA regulatory floor, a Section 13O family office incurs market-rate operating expense across four further categories: annual audit and tax compliance, fund administration, corporate secretarial and CSP services, and legal counsel; each category is benchmarked here from public Big4 and global private bank reports rather than from any Anlian Group client file.

Annual audit and tax compliance. The KPMG 2025 Global Family Office Compensation Benchmark Report and PwC 2025 Global Family Office Deals Study indicate that audit and tax compliance for a Section 13O structure with two corporate entities runs in the S$30,000 to S$80,000 range per year at the entry AUM tier, scaling with structural complexity at higher AUM and with the addition of qualifying private credit, real estate, or alternative asset categories that introduce specialised audit work.

Fund administration. Fund administration (NAV calculation, investor reporting, regulatory reporting support, settlement and reconciliation) is a recurring annual cost. Market benchmark from the UBS 2025 Global Family Office Report and the Citi 2025 Global Family Office Report places fund administration for a sub-S$50 million 13O fund in the S$30,000 to S$80,000 per year range and scaling toward S$100,000 to S$200,000 per year at S$100 million and above as the asset mix complexity grows. Boutique fund administrators serve smaller 13O structures at the lower end of the range; institutional providers sit higher in the same range.

Corporate secretarial and CSP services. ACRA-registered Corporate Service Providers handle the company secretarial obligations, nominee director if used, and registered office for the SFO and fund vehicle. The market benchmark range for the combined SFO + fund vehicle corporate secretarial cost is S$5,000 to S$15,000 per year at the entry tier, scaling with the number of subsidiary or feeder vehicles. This figure does not include the substantive compliance officer or AML officer cost where the SFO chooses to in-source those functions.

Legal counsel. Legal cost in year one is concentrated at the structuring and MAS application stage; the published 2025 family office advisory market range from international law firms with Singapore practices places initial setup advisory at S$50,000 to S$150,000 in fees, depending on cross-border tax planning complexity, donor-advised fund or philanthropy layer, and trust integration. Recurring annual legal cost is materially lower outside of structural events.

For the 13O versus 13U scheme-by-scheme structural comparison, see [/insights/section-13u-singapore-family-office-aum](/insights/section-13u-singapore-family-office-aum) and [/comparisons/family-office-tax-schemes-13o-13u-13z](/comparisons/family-office-tax-schemes-13o-13u-13z). For the strategic question of Singapore versus alternative jurisdictions, see [/comparisons/singapore-vs-hong-kong-family-office-2026](/comparisons/singapore-vs-hong-kong-family-office-2026).

Total annualised cost ranges by AUM tier (the lookup table)

Combining the MAS regulatory floor, ACRA fees, two-IP salaries, and market-benchmarked operating cost lines, the annualised operating cost for a Section 13O family office ranges from S$400,000 at the sub-S$50M AUM tier to over S$1.5 million at the S$100M-plus tier, with most of the regulatory minimum local business spending overlapping with substantive operating expense rather than stacking on top of it.

The table below reports the market average benchmark range per line item per AUM tier. Anlian Group's engagement scope is estimated 10 percent below the market average benchmark for comparable AUM tier; engagement-specific quotes are provided in the [strategy call](/contact/strategy-call).

| Cost category | Source basis | AUM < S$50M | AUM S$50M – S$100M | AUM ≥ S$100M |
|---|---|---|---|---|
| MAS minimum local business spending (regulatory floor) | MAS S13O/13U Infographic (gov) | S$200,000 | S$500,000 | S$1,000,000 |
| Two Investment Professionals total compensation | KPMG / UBS 2025 reports (third-party benchmark) | S$300,000 – S$600,000 | S$400,000 – S$900,000 | S$600,000 – S$1,400,000 |
| Annual audit and tax compliance (two corporate entities) | KPMG / PwC 2025 reports (third-party benchmark) | S$30,000 – S$80,000 | S$50,000 – S$120,000 | S$80,000 – S$200,000 |
| Fund administration (NAV, investor reporting, regulatory reporting) | UBS / Citi 2025 reports (third-party benchmark) | S$30,000 – S$80,000 | S$60,000 – S$150,000 | S$100,000 – S$300,000 |
| Corporate secretarial and CSP services (SFO + fund vehicle) | Singapore CSP market benchmark | S$5,000 – S$15,000 | S$10,000 – S$25,000 | S$15,000 – S$40,000 |
| Recurring legal counsel (outside structural events) | International law firm 2025 advisory range | S$10,000 – S$30,000 | S$20,000 – S$60,000 | S$40,000 – S$100,000 |
| ACRA annual return + statutory filing (two entities) | ACRA Company-Related Fees (gov) | S$60 – S$120 + statutory items | S$60 – S$120 + statutory items | S$60 – S$120 + statutory items |
| **Indicative total annualised operating range (market average benchmark)** | sum of above | **~ S$400,000 – S$800,000** | **~ S$700,000 – S$1,300,000** | **~ S$1,200,000 – S$3,000,000+** |
| Anlian Group engagement scope positioning | n/a | Estimated 10% below market average benchmark for comparable AUM tier | Estimated 10% below market average benchmark for comparable AUM tier | Estimated 10% below market average benchmark for comparable AUM tier |

*Annualised cost varies materially with AUM, asset mix, fund administration choice (boutique vs institutional), and engagement scope; final quote provided in strategy call. Cost ranges above are market average benchmarks compiled from MAS published guidance and from public Big4 and global private bank family office reports. The "two Investment Professionals" cost line assumes two IPs as required under the post-2025 framework; for awardees applying with one IP and a second within the one-year grace period, only the first IP's compensation is in scope during the grace period. The "MAS minimum local business spending" line is the regulatory floor and overlaps in significant part with the personnel, audit, fund administration, legal, and rent lines, so it does not stack additively to the others; the total range in the bottom row reflects the higher of (regulatory floor) and (sum of substantive operating lines) at each AUM tier. The "Singapore CSP market benchmark" row synthesises from public Singapore CSP-firm rate cards and the corporate-secretarial fee ranges in the Big4 reports; it is not a single-source figure.*

Year-one setup cost (MAS application, structuring legal counsel, initial corporate secretarial, banking onboarding fees) sits on top of the annualised operating range above and lands in the S$80,000 to S$250,000 range at the entry AUM tier per the published 2025 family office advisory market range; setup cost scales with cross-border tax planning, philanthropy layer, and trust integration complexity.

	Cost category	AUM < S$50M	AUM S$50M – S$100M
MAS minimum local business spending	S$200,000	S$500,000	S$1,000,000
Two Investment Professionals total compensation	S$300,000 – S$600,000	S$400,000 – S$900,000	S$600,000 – S$1,400,000
Annual audit and tax compliance	S$30,000 – S$80,000	S$50,000 – S$120,000	S$80,000 – S$200,000
Fund administration	S$30,000 – S$80,000	S$60,000 – S$150,000	S$100,000 – S$300,000
Corporate secretarial / CSP services	S$5,000 – S$15,000	S$10,000 – S$25,000	S$15,000 – S$40,000
Recurring legal counsel	S$10,000 – S$30,000	S$20,000 – S$60,000	S$40,000 – S$100,000
Indicative total annualised range	S$400,000 – S$800,000	S$700,000 – S$1,300,000	S$1,200,000 – S$3,000,000+

Common pitfalls

Treating the MAS S$200,000 local business spending floor as the total 13O cost
The MAS minimum local business spending is a regulatory floor, not a total operating budget. At the sub-S$50M AUM tier, the realistic annualised operating cost sits in the S$400,000 to S$800,000 range when two Investment Professionals' compensation and the audit, fund administration, and corporate secretarial lines are included. Families that budget at the S$200,000 floor materially underfund the structure.
Stacking the MAS regulatory floor on top of substantive operating spend
The MAS local business spending floor overlaps with substantive operating expense rather than stacking. Local IP salaries, Singapore-based audit, tax, fund administration, and rent all count toward the floor. The correct mental model is "the higher of (regulatory floor) and (sum of substantive operating lines)", not the sum of both.
Planning for one Investment Professional at application without the year-two second-IP cost in budget
The 2025 framework allows a one-year grace for the second IP when only one is hired at application, but the second IP must be hired within twelve months. Families that build a year-one budget assuming one IP and a year-two budget assuming one IP face a budget shock at year two when the second IP arrives.
Assuming fund administration cost is fixed across AUM tiers
Fund administration cost scales with AUM and with asset mix. A sub-S$50M 13O with listed-equity and cash holdings sits at the low end of the S$30,000 to S$80,000 range; a S$100M+ 13O with private equity, real estate, and structured products allocation can land at S$200,000 to S$300,000 per year per the public 2025 benchmarks. Families should size the fund admin provider against the planned asset mix, not the current entry-tier allocation.
Treating the published Big4 and global private bank benchmark ranges as definitive quotes
The KPMG, PwC, UBS, Citi, and Knight Frank 2025 reports report market average benchmark ranges across many family offices globally and across asset class mixes. They are reference points, not fee quotes. Engagement-specific scope, AUM, asset mix, and counterparties drive the final number. Treating any single published range as the engagement quote leads to budget mismatch.

Frequently asked questions

What is the annualised operating cost of a Singapore Section 13O family office in 2026?: At market average benchmark, the indicative annualised operating cost ranges from S$400,000 to S$800,000 at the sub-S$50M AUM tier, S$700,000 to S$1,300,000 at S$50M-S$100M, and S$1,200,000 to S$3,000,000-plus at S$100M-plus. Anlian Group's engagement scope is estimated 10 percent below the market average benchmark for comparable AUM tier; engagement-specific quotes are provided in the strategy call.
Does the MAS minimum local business spending of S$200,000 cover the total operating cost at the entry AUM tier?: No. S$200,000 is the regulatory floor for Section 13O funds with AUM under S$50 million per the MAS Section 13O and 13U Infographic. The realistic total annualised operating cost at the entry AUM tier sits in the S$400,000 to S$800,000 market average benchmark range when two Investment Professional compensation, audit and tax, fund administration, and corporate secretarial lines are included.
How much of the MAS local business spending overlaps with substantive operating expense?: In a well-structured 13O, most of the local business spending overlaps with substantive operating expense. Eligible MAS-counted categories per the MAS infographic include local salaries (including Investment Professionals and operational staff), Singapore-based legal, audit, tax, fund administration, corporate secretarial, MAS licensing fees, office rent, and Singapore IT spend. The substantive operating outflow and the MAS-counted spending are the same money for most line items.
What changed under the post-1 January 2025 Section 13O framework that affects cost?: Two Section 13O changes affect cost. First, the framework requires at least two Investment Professionals employed throughout the basis period for Section 13O funds, with a one-year grace period for the second IP when only one is in place at application. Second, the AUM definition was restated to refer to the value of the fund's investments in Designated Investments rather than Net Asset Value. The first change effectively doubles the year-one or year-two personnel cost line; the second affects how the AUM tier is calculated and therefore which minimum local business spending bracket applies.
Are the cost ranges in this article based on Anlian Group client data?: No. All cost ranges in this article are compiled from MAS and ACRA published guidance and from third-party Big4 and global private bank family office benchmark reports issued in 2025 (KPMG, PwC, UBS, Citi Private Bank, Knight Frank). Anlian Group does not publish client engagement data; the only reference to Anlian Group positioning is the "estimated 10 percent below market average benchmark for comparable AUM tier" engagement-scope qualifier, with the actual quote provided in strategy call.
How does Section 13U cost compare to Section 13O at the equivalent AUM tier?: Section 13U applies to funds with AUM at or above S$50 million in Designated Investments at the end of the financial year. The cost differential at equivalent AUM is driven by Section 13U's higher Investment Professional headcount requirement (at least three IPs versus two for 13O), the higher minimum local business spending tier for 13U, and the broader investment mandate that drives higher fund administration cost. For the scheme-by-scheme decision framework see [/insights/section-13u-singapore-family-office-aum](/insights/section-13u-singapore-family-office-aum).
How does Anlian Group quote engagement scope and pricing for a 13O setup and ongoing management?: Anlian Group's Singapore corporate services team, operating under MAS CMS101702 and the firm's ACRA Filing Agent licence, scopes engagement at the [strategy call](/contact/strategy-call). The scope dimensions are AUM tier, asset mix, donor-advised philanthropy layer, trust integration, and the number of fund vehicles and feeder structures. Engagement scope is estimated 10 percent below the market average benchmark for comparable AUM tier as reported in the public 2025 Big4 and global private bank benchmark reports. Annualised cost varies materially with AUM, asset mix, fund administration choice, and engagement scope; final quote is provided in the call.

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