Family offices are popular in Singapore, where generations of wealthy families seek comprehensive financial advisory services for their businesses and personal investments. A family office provides wealth management, financial planning, tax advisory, and accounting services tailored to meet the unique needs of high-net-worth individuals (HNWIs) and their families. Here, we explore the essential accounting services that family offices require in Singapore.
TAX & ACCOUNTING SERVICES.
Bookkeeping is the first critical financial service that family offices in Singapore need. Timely, accurate and reliable financial information is crucial to business success. You need to keep accurate financial records correctly when making investment and financial decisions, such as whether to invest in a particular asset or whether to sell a business. Accurate books ensure compliance with regulatory requirements and support the office’s estate or tax planning needs.
Tax planning is another significant aspect of accounting services for family offices in Singapore. Tax laws are highly complex, and staying current with all the updates takes a lot of time and expertise. A competent accounting firm providing tax planning and advisory services can help secure the best tax outcomes while minimizing tax costs. Whether it is tax planning for the family or their business, expert tax advisory can help Singapore-based family offices save money on taxes.
Financial statements and financial report preparation is another crucial accounting service that family offices in Singapore need. A robust financial reporting package is essential as family offices act as investment control and advisory centres responsible for managing family investments. Financial reports inform the family about investment performance, monitor business activities, and provide governance controls. Financial reporting brings clarity to enterprise decisions, helping the family office’s trustees or family members interpret financial information accurately to achieve desirable outcomes.
In addition, compliance services such as reporting to regulatory bodies are yet another crucial service that family offices require. Compliance requirements differ in each country and can be overwhelming, especially for a family office with multiple investments and businesses. Failure to comply with regulatory guidelines can lead to severe financial consequences. Outsourcing accounting functions to a professional firm ensures the family office complies with tax regulation and other regulatory requirements specific to Singapore.
Family offices in Singapore require various accounting services, including financial statement preparation, tax advisory, bookkeeping, regulatory compliance, financial reporting, and audit and assurance services. At Thoi Vang, we offer comprehensive service for Family Office businesses in Singapore. It is therefore prudent for family office managers to outsource these functions to an outside firm for peace of mind and timely information necessary for the family’s business and investment decisions. By partnering with a trusted accounting firm, the family office remains focused on their primary core competencies, while their accounting requirements are handled by capable professionals.
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