SINGAPORE, 12 April 2024 — On 2 April 2024, MAS introduced amendments to the Payment Services Act 2019 of Singapore (PS Act) and its subsidiary legislation. Generally, these amendments seek to (1) expand the scope of payment services regulated by MAS which will take effect from 4 April 2024 and (2) impose user protection requirements on digital payment token (DPT) service providers which will take effect from 4 October 2024.
Limited partnerships (LPs) are commonly used globally as fund vehicles for both private equity (PE) and venture capital (VC) funds. In Singapore, LPs were created as a business vehicle by the Limited Partnerships Act in 2008 (the Act), which came into effect on 4 May 2009 as part of Singapore’s efforts to become a fund management hub.
Those efforts have been supplemented by a myriad of other measures including (a) the creation of variable capital companies (VCCs) by the Variable Companies Act 2018, which came into force only on 14 January 2020; (b) the establishment of several classes of fund management licences including the venture capital fund management licence; and (c) a favourable tax environment that includes a one-tier system of taxation of income, no capital gain taxes and an extensive network of double taxation treaties, as well as several incentive schemes and grants. We will discuss these measures in more detail in other articles. Continue reading “Singapore Private Equity and Venture Capital Landscape Series – Limited Partnerships”
MAS Amends Sections 13O and 13U Application Guidelines for Family Offices in Singapore
The Monetary Authority of Singapore (MAS) has amended its requirements for family offices[1] applying for tax incentive schemes pursuant to Sections 13O and 13U of the Income Tax Act 1947 (the Act). The following amended policies apply to all first preliminary submissions received by MAS on or after 18 April 2022 for these schemes, and MAS may require applications that have received no communication from MAS for a span of at least six months to be resubmitted under the amended guidelines. The following applications are not subject to the amended policies:
