Development and growth of family offices in Asia
Families around the world are increasingly looking to Singapore when considering a suitable jurisdiction to set up their family offices. What is driving this trend and what is so special about the laws and regimes in Singapore that sets it apart from the other countries? Other than a stable political regime and strong financial industry, what other elements in the Singapore ecosystem are really attractive to family offices in this regard?
The speaker Stacy Choong, Partner at Withersworldwide, will share her experience and observations on what are the key considerations Asian and international families focus on when selecting the right jurisdiction to set up their family office, how family offices are developing in Asia over the last few years and how has Covid has affected the development. She will also discuss how family offices in Asia and their practices might be similar or different from each other and if the growth of family offices naturally leads to the growth of family philanthropic foundations in Asia.
Hong Kong has been feeling a little left out in this space and as such it is planning to introduce new tax regime to compete with Singapore. The speaker will also compare the tax and regulatory exemption regimes in Singapore and Hong Kong and weigh in on whether Hong Kong will be gaining much ground with the anticipated tax changes.